04-9559r
RESOLUTION NO. 9559
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR THE RICHFIELD REDEVELOPMENT
PROJECT AREA AND A MODIFICATION TO THE TAX INCREMENT
FINANCING PLANS FOR THE INTERSTATE-LYNDALE-NICOLLET,
RICHFIELD REDISCOVERED A-1, A-2, A-3, A-4, A-5, B-1, B-2, B-3, B-
4, B-5 AND INTERCHANGE TAX INCREMENT FINANCING DISTRICTS.
BE IT RESOLVED by the City Council (the "Council") of the City of Richfield,
Minnesota (the "City"), as follows:
Section 1. Recitals.
1.01. The Board of Commissioners (the "Board") of the Housing and
Redevelopment Authority (the "HRA") in and for the City of Richfield (the "City") has
heretofore established the Richfield Redevelopment Project Area and adopted the
Redevelopment Plan therefor and established the I nterstate-Lyndale-Nicollet (the
"ILN"), Richfield Rediscovered A-1, A-2, A-3, A-4, A-5, B-1, B-2, B-3, B-4, B-5 and the
Interchange Tax Increment Financing Districts and adopted the Tax Increment
Financing Plans therefor. It has been proposed by the HRA and the City that the City
adopt a Modification to the Redevelopment Plan for the Richfield Redevelopment
Project Area (the "Redevelopment Plan Modification") and adopt the Modifications to
the Tax Increment Financing Plans (the "Tax Increment Plan Modifications" or together
with the Redevelopment Plan Modification, the "Modifications") for the ILN, Richfield
Rediscovered A-1, A-2, A-3, A-4, A-5, B-1, B-2, B-3, B-4, B-5 and the Interchange Tax
Increment Financing Districts (the "Districts"), 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
Modifications, and presented for the Council's consideration.
1.02. The HRA and City have investigated the facts related to the Modifications
and have caused the Modifications to be prepared.
1.03. The HRA and City have performed all actions required by law to be
performed prior to the adoption and approval of the proposed Modifications, including,
but not limited to, notification of Hennepin County and Independent School District No.
280 having taxing jurisdiction over the property included in the Districts, and the holding
of a public hearing upon published notice as required by law.
1.04. The City is not modifying the boundaries of the Richfield Redevelopment
Project Area.
1.05. The City is not modifying the boundaries nor term of the Districts.
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Section 2. FindinQs for the Tax Increment Plan Modifications
2.01. The Council hereby reaffirms the original findings for the Districts, namely
that the Districts were established as "redevelopment districts" under Minnesota
Statutes, Section 469.174, subd. 10 (a)(1). In addition, the City makes the following
findings:
1. The Tax Increment Plan Modifications, under Minnesota Statutes, Section
469.1763, Subd. 6, are necessary to solve deficits due to rate
compression between 1997 and 2001. The reason for supporting this
finding is that the Tax Increment Plan Modification will allow for increment
from the Richfield Rediscovered A-1, A-2, A-3, A-4, A-5, B-1, B-2, B-3, B-
4, B-5 and the Interchange Tax Increment Financing Districts to be used
to pay the $2,460,000 Taxable General Obligation Tax Increment
Refunding Bonds, Series 2002B in the Interstate-Lyndale-Nicollet Tax
Increment Financing District pursuant to M. S., Section 469. 1763, Subd. 6.
2. The Tax Increment Plan Modifications conform to the general plan for
development or redevelopment of the City as a whole. The reason for
supporting this finding is that the Tax Increment Plan Modifications will
generally complement and serve to implement policies adopted in the
City's comprehensive plan.
3. The Tax Increment Plan Modifications will afford maximum opportunity,
consistent with the sound needs of the City as a whole, for the
development or redevelopment of the Richfield Redevelopment Project
Area by private enterprise. The reason for supporting this finding is that
the development activities are necessary so that development and
redevelopment by private enterprise can occur within the Richfield
Redevelopment Project Area.
4. The development and redevelopment efforts, in the opinion of the City,
would not reasonably be expected to occur solely through private
investment within the reasonably foreseeable future and therefor the use
of tax increment financing is deemed necessary.
Section 3. Public Purpose
3.01. The adoption of the Modifications conforms in all respects to the
requirements of the Act and will help to provide to preserve and enhance the tax base
and provide employment opportunities in the City and thereby serves a public purpose.
Section 4. Approval and Adoption of the Modifications; FilinQ.
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4.01. The Modifications are>hereby approved, and shall be placed on file in the
office of the City Clerk. Approval of the Modifications does not constitute approval of
any project or a development agreement with any developer.
4.02. The staff of the City are authorized to file the Modifications with the
Commissioner of the Minnesota Department of Revenue and the Hennepin County
Auditor.
4.03. The staff of the City, the City'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 this Council for its consideration all
further modifications, resolutions, documents and contracts necessary for this purpose.
Adopted by the City Council of the City of Richfield, Minnesota this 14th day of
December, 2004.
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Martin J. Kirsc, ayor
ATTEST:
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Nancy Gibbs,
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