06-997r
HRA RESOLUTION NO. 997
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT
PLAN FOR THE RICHFIELD REDEVELOPMENT PROJECT AREA,
ESTABLISHING THE CEDAR AVENUE TAX INCREMENT FINANCING
DISTRICT THEREIN AND ADOPTING A TAX INCREMENT FINANCING PLAN
THEREFOR.
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the
Richfield Housing and Redevelopment Authority (the "HRA") and the City of Richfield (the
"City") that the HRA adopt a Modification to the Redevelopment Plan for the Richfield
Redevelopment Project Area (the "Redevelopment Plan Modification") and establish the Cedar
Avenue Tax Increment Financing District and adopt a Tax Increment Financing Plan (the "TIF
Plan") therefor (the Redevelopment Plan Modification and the TIF Plan are referred to
collectively herein as the "Plans"), all pursuant to and in conformity with applicable law,
including Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469.1799,
inclusive, as amended (the "Act"), all as reflected in the Plans and presented for the Board's
consideration; and
WHEREAS, the HRA has investigated the facts relating to the Plans and has caused the
Plans to be prepared; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to
the adoption of the Plans. The HRA has also requested the City Planning Commission to
provide for review of and written comment on the Plans and that the Council schedule a public
hearing on the Plans upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The HRA hereby finds that the Cedar Avenue Tax Increment Financing District is
in the public interest and is a "redevelopment district" under the Laws of Minnesota 2005,
Chapter 152, Article 2, Section 25, and finds that the adoption of the proposed Plans conform in
all respects to the requirements of the Act and will help fulfill a need to develop an area of the
State of Minnesota which is already built up and that the adoption of the proposed Plans will
help provide employment opportunities in the State and in the preservation and enhancement of
the tax base of the City and the State because it will discourage commerce and industry from
moving their operations to another state or municipality and thereby serves a public purpose.
2. The HRA further finds that the Plans will afford maximum opportunity, consistent
with the sound needs for the City as a whole, for the development or redevelopment of the
project area by private enterprise in that the intent is to provide only that public assistance
necessary to make the private developments financially feasible.
3. Conditioned upon the approval thereof by the City Council fOllowing its public
hearing thereon, the Plans, as presented to the HRA on this date, are hereby approved,
established and adopted and shall be placed on file in the office of the Community Development
Director.
4. Upon approval of the Plans by the City Council, the staff, the HRA's advisors and
legal counsel are authorized and directed to proceed with the implementation of the Plans and for
this purpose to negotiate, draft, prepare and present to this Board 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 a Development Agreement with any developer.
5. Upon approval of the Plans by the City Council, the Community Development
Director is authorized and directed to forward a copy of the Plans to the Minnesota Department of
Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a.
6. The Community Development Director is authorized and directed to forward a copy
of the Plans to the Hennepin County Auditor and request that the Auditor certify the original tax
capacity of the District as described in the Plans, all in accordance with Minnesota Statutes
469.177.
Approved by the Board of Commissioners of the Richfield Housing and Redevelopment
Authority this 18th day of September, 2006.
ATTEST:
PAM-<-#1.
M. Sandahl,Chair
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Donna Drummond, Secretary