11-1109r HRA RESOLUTION NO. 1109
RESOLUTION APPROVING MODIFICATION TO THE TAX INCREMENT FINANCING
PLAN FOR LYNDALE GARDENS TAX INCREMENT FINANCING DISTRICT
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "Authority") and the City of Richfield, Minnesota (the "City") have
previously established the Richfield Redevelopment Project Area (the "Redevelopment
Project") pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as amended
(the "HRA Act"); and
WHEREAS, on July 25, 2011, the Board of the Authority approved a Tax Increment
Financing Plan (the "TIF Plan") for the Lyndale Gardens Tax Increment Financing District
(the "TIF District") located within the Redevelopment Project pursuant to the HRA Act and
Minnesota Statutes, Sections 469.174 to 469.1799, as amended (collectively, the "TIF
Act"); and
WHEREAS, the Authority has determined a need to modify the TIF Plan in order to
amend the budget contained therein and such amendment is consistent with the
redevelopment program for the Redevelopment Project; and
WHEREAS, pursuant to Section 469.175, subd. 4(b) of the TIF Act, a tax increment
financing plan may be modified without public hearing or the findings required to be made
for the original tax increment financing plan if the modification does not include (i) any
reduction or enlargement of the geographic area of the project or tax increment financing
district; (ii) an increase in the amount of bonded indebtedness; (iii) a determination to
capitalize interest on debt if that determination was not a part of the original plan; (iv) an
increase in the portion of the captured net tax capacity to be retained by the City; (v) an
increase in the estimated cost of the project, including administrative expenses, to be paid
or financed with tax increment from the district; or (vi) the designation of additional property
to be acquired by the authority; and
WHEREAS, by this resolution, the Authority proposes to modify the public costs
and uses of funds table located at Section 2, Subsection 2-10 (Uses of Funds) of the TIF
Plan in order to amend the costs of Site Improvements/Preparation and Costs Outside of
District, as set forth in Exhibit A, attached hereto and made a part hereof.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The TIF Plan for the TIF District, as amended by this resolution, conforms to
the general plan of redevelopment of the City as a whole.
2. The approval of the TIF Plan, as amended by this resolution, is intended,
and in the Authority's judgment its effect will be, to promote the public purposes and
accomplish the objectives specified in the TIF Plan.
•
3. The proposed modification to the TIF Plan may be made without public
hearing or the findings required for the original TIF Plan since the modification does not
include (i) any reduction or enlargement of geographic area of the Redevelopment Project
or the TIF District; (ii) an increase in the amount of bonded indebtedness; (iii) a
determination to capitalize interest on debt; (iv) an increase in the portion of the captured
net tax capacity to be retained by the City; (v) an increase in the estimated cost of the
project to be paid or financed with tax increment from the TIF District; or (vi) the
designation of additional property to be acquired by the Authority.
4. The amended TIF Plan is hereby approved and adopted.
5. The Community Development Director is authorized and directed to file a
copy of this resolution with the Minnesota Commissioner of Revenue and the Taxpayer
Services Division Manager of Hennepin County as required by the TIF Act.
Approved by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 17th day of October, 2011.
v/f ' iii a_"6,411(117
AV
i - . : , -- Chair
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ATTEST:
eyr-vi A742 J n Helmberger, Secretary (