Public Hearing: Modification to the Redevelopment Plan for the Southeast Edina Redevelopment Project Area, establishment of the 4040 West 70th Street Tax Increment Financing District, and the adoption of a Tax Increment Financing Plan
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This proposal was approved at the City Council meeting on August 17, 2021.
The proposal includes the adoption of a Modification to the Redevelopment Plan (the “Redevelopment Plan Modification”) for the Southeast Edina Redevelopment Project Area (the "Project Area"), (2) establishment of the 4040 West 70th Street Tax Increment Financing District (a special housing tax increment financing district) within the Project Area, and (3) adoption of a Tax Increment Financing Plan (the "TIF Plan") for the 4040 West 70th Street Tax Increment Financing District (the Redevelopment Plan Modification and TIF Plan are collectively referred to herein as the "Plans"), pursuant to Minnesota Statutes, Sections 469.001 to 469.047, Sections 469.174 to 469.1794, and Minnesota Session Laws 2014, Chapter 308, Article 6, Section 8, all inclusive, as amended.
The property to be included in the 4040 West 70th Street Tax Increment Financing District is located within the Project Area and the City of Edina. A map of the Project Area and 4040 West 70th Street Tax Increment Financing Districts therein is included in the documents section. Subject to certain limitations, tax increment from the 4040 West 70th Street Tax Increment Financing District may be spent on eligible uses within the boundaries of the Project Area.
This proposal was approved at the City Council meeting on August 17, 2021.
The proposal includes the adoption of a Modification to the Redevelopment Plan (the “Redevelopment Plan Modification”) for the Southeast Edina Redevelopment Project Area (the "Project Area"), (2) establishment of the 4040 West 70th Street Tax Increment Financing District (a special housing tax increment financing district) within the Project Area, and (3) adoption of a Tax Increment Financing Plan (the "TIF Plan") for the 4040 West 70th Street Tax Increment Financing District (the Redevelopment Plan Modification and TIF Plan are collectively referred to herein as the "Plans"), pursuant to Minnesota Statutes, Sections 469.001 to 469.047, Sections 469.174 to 469.1794, and Minnesota Session Laws 2014, Chapter 308, Article 6, Section 8, all inclusive, as amended.
The property to be included in the 4040 West 70th Street Tax Increment Financing District is located within the Project Area and the City of Edina. A map of the Project Area and 4040 West 70th Street Tax Increment Financing Districts therein is included in the documents section. Subject to certain limitations, tax increment from the 4040 West 70th Street Tax Increment Financing District may be spent on eligible uses within the boundaries of the Project Area.
