Public Hearing: Southdale 2 TIF Plan- Proposed Modification #4

This TIF District was created in 2012 using special statewide legislation intended to help commercial areas recover and re-emerge from the Great Recession of 2009. This 208-acre District began to collect revenue in 2013 and is scheduled to de-certified on December 31, 2021.

Incremental property taxes from this District have supported the initial redevelopment of the Southdale Center mall. This initial investment was the catalyst to encourage more than $397 million in additional private investment in the immediate area.

Using special legislation approved for Edina, incremental taxes from this District have also been used to support affordable housing developments in Edina. These other projects include:

• 66 West Apartments (completed)
• 7008 Sandell - preservation of affordable units (completed)
• Amundson Flats (completed)
• Sound on 76^th Apartments (under construction)
• Cornelia View Senior Apartments (under development)

Modification #4 proposes to update the budget contained in Sections 2-9 and 2-10 of the TIF Plan to align with recent changes in Minnesota legislation. These changes potentially allow additional TIF monies to be used to support affordable housing in Edina.

There are no other changes proposed. The boundaries and expiration of the District are not changed. The general purpose and anticipated outcomes are not changed. A Public Hearing will be held to collect local input before the City Council makes a decision regarding this proposed modification.