03-887r
61
HRA RESOLUTION NO. 887
RESOLUTION AMENDING THE TAX INCREMENT FINANCING PLAN FOR THE CITY
BELLA TAX INCREMENT FINANCING DISTRICT (A REDEVELOPMENT DISTRICT)
WITHIN THE RICHFIELD REDEVELOPMENT PROJECT AREA
WHEREAS, The Tax Increment Financing Plan (the "Plan") for the City Bella Tax
Increment Financing District (the "District") was adopted on June 11, 2002, and
WHEREAS, it has been recommended by staff of the Richfield Housing and
Redevelopment Authority in and for the City of Richfield (the "HRA") that certain
amendments to the Plan be made, and
WHEREAS, approval of the proposed amendments does not require the formalities
required for the adoption of the initial Plan, and
WHEREAS, the HRA has received the report and recommendation of staff, and has
been fully advised of the nature and effect of the proposed amendments.
NOW THEREFORE, BE IT RESOLVED by the HRA as follows:
1.
follows:
The first paragraph of Subsection 2-8 of the Plan is amended to read as
Pursuant to M.S.,Section 469.174 Subd. 7 and M.S., Section 469.177, Subd. 1, the
Original Net Tax Capacity (ONTC) as certified for the District will be based on the market
values placed on the property by the assessor in 2002 for taxes payable in 2003.
2. Subsection 2-10 of the Plan is amended to read as follows:
Subsection 2-10. Uses of Funds
Currently under consideration for the District is a proposal to facilitate the integrated
development of housing, commercial, parking and green space elements with pedestrian
paths to adjacent existing uses. The HRA and City of Richfield have determined that it will
be necessary to provide assistance to the project for certain costs. The HRA has studied
the feasibility of the development or redevelopment of property in and around the District.
To facilitate the establishment and development or redevelopment of the District, this Plan
authorizes the use of tax increment financing to pay for the cost of certain eligible
expenses. The estimate of public costs and uses of funds associated with the District is
outlined in the following table.
USES OF FUNDS TOTAL AS TOTAL AS
ADOPTED MODIFIED
Land/Building Acquisition $5,500,000 $4,000,000
Parking Facilities $6,000,000 $6,000,000
Other Public Improvements/Skyway System $2,500,000 $2,500,000
Site Improvements/Plaza $0 $1,500,000
Interest $9,850,000 $9,850,000
Administrative Costs (up to 10%) $2,650,000 $2,650,000
PROJECT COSTS TOTAL $26,500,000 $26,500,000
The above budget is organized according to the Office of State Auditor (OSA) reporting
forms.
Estimated costs associated with the District are subject to change among categories
without a modification to this Plan. The cost of all activities to be considered for tax
increment financing will not exceed, without formal modification, the budget above
pursuant to the applicable statutory requirements. Pursuant to M.S., Section 469.1763,
Subd. 2, no more than 25 percent of the tax increment paid by property within the District
will be spent on activities related to development or redevelopment outside of the District
but within the boundaries of the Richfield Redevelopment Project Area, (including
administrative costs, which are considered to be spent outside of the District) subject to the
limitations as described in this Plan.
Approved by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 18th day of February, 27?J0. 03
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Thomas E. Harms, Chair