1998 HRA Resolution 0688
HRA RESOLUTION NO. 688
RESOLUTION MODIFYING THE INTERSTATE-LYNDALE-NICOLLET
(ILN) TAX INCREMENT FINANCING DISTRICTWITHIN THE
RICHFIELD REDEVELOPMENT PROJECT AREA AND ADOPTING
THE MODIFICATION TO THE TAX INCREMENT FINANCING PLAN
RELATED THERETO
WHEREAS
, it has been proposed that the Housing and Redevelopment
Authority in and for the City of Richfield (the "HRA”) modify the Redevelopment Plan for
the Richfield Redevelopment Project Area and modify the Tax Increment Financing
Plan (collectively, the "Modifications") for the Interstate-Lyndale-Nicollet (ILN) Tax
Increment Financing District, to clarify the budgets and to expand the budget to
authorize expenditures for public improvements, 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 or will perform 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 included in the Districts, a request for review of and written comment on the
Modifications by the City Planning Commission, and a request that the City Council
schedule a public hearing on the Modifications upon published notice as required by
law.
NOW, THEREFORE, BE IT RESOLVED
by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1.The HRA is not modifying the boundaries of the ILN Tax Increment
Financing District.
2.The HRA reaffirms the findings previously made with respect to the ILN
Tax Increment Financing District.
3.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 and adopted and shall be placed on file in the Community
Development Department at the City.
4.Upon approval of the Modifications by the City Council and the Planning
Commission, the staff, the HRA's advisors and legal counsel are authorized and
directed to proceed with the implementation of the Modifications 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.
HRA Resolution No. 688-2-
5.Upon approval of the Modifications by the City Council, the Executive
Director of the HRA is authorized to forward a copy of the Modifications to the
Hennepin County Auditor and the Minnesota Department of Revenue pursuant to
Minnesota Statutes 469.175, subdivision 2.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota, this 19th day of October, 1998.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary