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Edina HRA approves resolution to amend SPARK spending plan for three TIF districts
Summary
The Edina HRA voted to approve Resolution 25-08 to amend the SPARK spending plan for Southdale 2, Pentagon Park and Wood Dale/Valley View TIF districts, recognizing about $775,000 in interest earnings and extending the program timeline to allow pledged projects more time to draw funds.
The Edina Housing and Redevelopment Authority voted to approve Resolution 25-08 on Sept. 25 to amend the spending plan for three tax increment financing (TIF) districts, a step that will trigger a public hearing before the city council.
Economic development manager Bill Neuendorf told the HRA the change would recognize roughly $775,000 in interest earnings on previously collected but unspent TIF dollars and extend the SPARK program created under 2021 state legislation. Neuendorf said the amendment would increase the program’s budget to about $10.3 million and would allow staff to continue allocating funds to previously pledged projects and to a streamlined small-business capital…
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