2000 HRA Resolution 0784
HRA RESOLUTION NO. 784
RESOLUTION MODIFYING THE RICHFIELD REDEVELOPMENT PROJECT AREA
AND ADOPTING THE MODIFICATION TO THE REDEVELOPMENT PLAN RELATING
THERETO; MODIFYING THE TAX INCREMENT FINANCING PLAN FOR THE
GRAMERCY TAX INCREMENT FINANCING DISTRICT; MODIFYING THE TAX
INCREMENT FINANCING PLAN FOR THE URBAN VILLAGE TAX INCREMENT
FINANCING DISTRICT; MODIFYING THE TAX INCREMENT FINANCING PLAN FOR
THE RICHFIELD REDISCOVERED 1999 TAX INCREMENT FINANCING DISTRICT;
MODIFYING THE TAX INCREMENT FINANCING PLAN FOR THE A-5 TAX
INCREMENT FINANCING DISTRICT; AND MODIFYING THE TAX INCREMENT
FINANCING PLAN FOR THE B-5 TAX INCREMENT FINANCING DISTRICT
WHEREAS,
it has been proposed that the Housing and Redevelopment Authority in
and for the City of Richfield, Minnesota (the "HRA") adopt the Modification to the
Redevelopment Plan for the Richfield Redevelopment Project Area, Modification to the Tax
Increment Financing Plan for the Gramercy Tax Increment Financing District, Modification
to the Tax Increment Financing Plan for the Urban Village Tax Increment Financing
District, Modification to the Tax Increment Financing Plan for Richfield Rediscovered 1999
District; Modification to the Tax Increment Financing Plan for the A-5 District; and
Modification to the Tax Increment Financing Plan for the B-5 District (collectively, the
"Modifications"), all pursuant to and in conformity with existing law, including Minnesota
Statutes, Sections 469.001 through 469.047, and Sections 469.174 to 469.179, inclusive,
as amended, all as reflected in the Modifications and presented for the HRA's
consideration; and
WHEREAS,
the HRA has investigated the facts relating to the Modifications and
has caused the Modifications to be prepared; and
WHEREAS,
the proposed developments as described in the Modifications, in the
opinion of the HRA, would not reasonably be expected to occur solely through private
investment within the reasonable foreseeable future, and therefore the use of tax
increment financing is deemed necessary; and
WHEREAS,
the HRA has performed all actions required by law to be performed
prior to the adoption of the Modifications, but not limited to, notification of Hennepin County
and School District No. 280 having taxing jurisdiction over the property to be included in
Gramercy, Urban Village, and Richfield Rediscovered 1999, A-5 and B-5 Tax Increment
Financing (TIF) Districts, notice of the modifications to the local county commissioner, a
request for review of and written comment on the Plans by the City Planning Commission,
and a request that the City Council schedule a public hearing on the Plans upon published
notice as required by law; and
WHEREAS,
the HRA is not modifying the boundaries of the Richfield
Redevelopment Project Area; and
WHEREAS,
the HRA is not modifying the boundaries of the Gramercy TIF District,
the Urban Village TIF District, the Richfield Rediscovered 1999 TIF District, the A-5 TIF
District nor the B-5 TIF District.
NOW, THEREFORE, BE IT RESOLVED
by the Housing and Redevelopment
Authority in and for the City of Richfield as follows:
1)The HRA hereby approves the modification to the Richfield Redevelopment Project
Area Plan.
2)The HRA is modifying the list of parcels to be acquired in the Gramercy TIF District, the
Urban Village TIF District and the Richfield Rediscovered 1999 TIF District to include
11 additional parcels and state the City’s intent to acquire additional parcels when
necessary.
3)The HRA is modifying the sources of funds to include an interfund loan to cover project
expenses in the Gramercy TIF District and a second loan to purchase certain
properties, and to include language stating the City’s intention to pay back the interfund
loans with tax increment funds.
4)The HRA is modifying the Original Tax Capacity and Tax Rate, the Estimated Captured
Net Tax Capacity Value/Increment, and the Estimated Impact on Other Taxing
Jurisdictions of the Gramercy TIF District to include current values.
5)The HRA is modifying the Sources of Revenue/Bonded Indebtedness and the Uses of
Funds in the Gramercy TIF District to include an increase budget due to the addition
and identification of the construction of a mixed-use commercial/housing component
referred to as City Bella.
6)The HRA is modifying the sources of funds in the Urban Village TIF District to allow for
interfund loans to cover project expenses and to include language stating the City’s
intention to pay back the interfund loans with tax increment funds.
7)The HRA is modifying the Statement of Goals and Objectives and the Legal Description
of Property for the A-5 TIF District and the B-5 TIF District to remove parcels from the
Districts and identifying them as parcels to be acquired using tax increment from the
Richfield Rediscovered 1999 TIF District.
8)The HRA hereby approves the modifications to the Tax Increment Financing Plans for
the Gramercy TIF District, Urban Village TIF District, Richfield Rediscovered TIF
District, the A-5 TIF District, and B-5 TIF District.
9)Conditioned upon the approval thereof by the City Council following its public hearing
thereon, the Modifications, as presented to the HRA on this date, are hereby approved,
established and adopted and shall be placed on file in the Community Development
Department at the City of Richfield.
10)City staff, the HRA's advisors and legal counsel are authorized and directed to proceed
with the implementation of the Modifications upon approval of the Modifications by the
City Council and for this purpose to negotiate, draft, prepare and present to the HRA for
its consideration all further plans, resolutions, documents and contracts necessary for
this purpose. Approval of the Plans does not constitute approval of any project or any
Development Agreement with any developer.
11)Upon approval of the Plans by the City Council, the Executive Director is authorized to
forward a copy of the Plans to the Hennepin County Auditor and the Minnesota
Department of Revenue pursuant to Minnesota Statutes 469.175, subdivision 2.
Approved by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 16th day of October, 2000.
_______________________________
Joan Helmberger, Vice-Chair
ATTEST:
__________________________
Michael Sandahl, Secretary