--- ## title: Resolution 2026-04 Decertify 66 West TIF District ## author: Douglas Shumway date: D:20240501220600Z --- ## HOUSING AND REDEVELOPMENT AUTHORITY Resolution 2026-05 Approving the Decertification of 66 ## West Tax Increment Financing District Whereas on April 5, 2016 the City of Edina (the “City”) and its Housing and Redevelopment Authority (the “HRA”) approved the establishment of the 66 West Tax Increment Financing District (the “District”), a housing district, within its Southeast Edina Redevelopment Project Area (the “Project Area”) all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to 469.047 and Sections 469.174 to 469.1794, inclusive, as amended (the "Act"); and Whereas, this financing District served as a method for the HRA to provide a limited amount of gap financing that was essential to complete the construction of the 66 West Apartments which includes 39 units of affordable rental housing for young adults that had previously experienced homelessness; and Whereas by Resolution 2017-03 duly adopted April 4, 2017 the HRA approved an interfund loan authorizing the advance of up to $300,000 from the Southdale 2 Tax Increment Financing Fund payable from the available tax increment of the District in accordance with the Act (the “Interfund Loan”); and Whereas the outstanding balance of the Interfund Loan is prepayable in a total payoff amount of $169,037 (the “Interfund Loan Payoff Amount”); and Whereas together with tax increments collected from the Amundson Tax Increment Financing District (the “Amundson District”), a housing district established to support affordable housing in Edina, the HRA anticipates having sufficient funds available to provide for payment of the Interfund Loan Payoff Amount; and Whereas the HRA is the administrative authority for the District; and Whereas as of the date hereof the HRA anticipates that all bonds and obligations to which tax increment from the District have been pledged will be paid in full or defeased and sufficient money has been set aside to pay all other costs authorized under the Tax Increment Financing Plan for the District; and Whereas the HRA desires by this resolution to cause the decertification of the District after which all property taxes generated by property within the District will be distributed in the same manner as all other property taxes beginning January 1, 2027. Now therefore be it resolved by the Board of Commissioners of the HRA as follows: 1. HRA staff is authorized to take such action as is necessary to coordinate for the prepayment of the Interfund Loan and utilize tax increment from the Amundson District fund as necessary to provide for the Interfund Loan Payoff Amount. 2. HRA staff is further authorized to take such action as is necessary to cause the decertification of the District, inclusive of filing a copy of this resolution in the City's District files, filing a copy of this resolution with the County Auditor of Hennepin County along with instructions to adjust the records for the District accordingly, and filing a copy of the resolution with the Minnesota Department of Revenue and the Minnesota Office of the State Auditor. 3. HRA staff is authorized and directed to return any surplus tax increment revenue remaining in the District TIF Fund in excess of the costs authorized by the Tax Increment Financing Plan to Hennepin County for distribution to the taxing jurisdictions in which the District is located. Dated: August 13, 2026