03-9339r
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RESOLUTION NO. 9339
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RESOLUTION ADOPTING ivlbblFICA TION NO.1 TO THE
TAX INCREMENT FINANCING PLAN FOR THE
L YNDALE GATEWAY WEST TAX INCREMENT FINANCING DISTRICT
BE IT RESOLVED by the City Council (the "Council") of the City of Richfield,
Minnesota (the "City"), as follows:
Section 1. Recitals.
1.01. It has been proposed by the HRA that the City adopt a Modification to the
Tax Increment Financing Plan (the "Modification") for the Lyndale Gateway West Tax
Increment Financing District (the "District"); all pursuant to and in conformity with
applicable law, including Minnesota Statutes, 469.174 to 469.1799, all inclusive, as
amended, (the "Act") all as reflected in the Modification, and presented for the Council's
consideration.
1.02. The City has investigated the facts relating to the Modification and has
caused the Modification to be prepared.
1.03. The City has performed all actions required by law to be performed prior to
the adoption and approval of the proposed Modification, including, but not limited to,
notification of Hennepin County and Independent School District No. 280 having taxing
jurisdiction over the property in the District, a review of and written comment on the
Modification, and the holding of a public hearing upon published notice as required by law.
1.04. The Council hereby ratifies and reaffirms all of the findings previously made
with respect to the District.
Section 2. Findings for the Adoption and Approval of the Modification.
2.01. The Council hereby finds that the Modification, is intended and, in the
judgment of this Council, the effect of such actions will be, to provide an impetus for
development, serve a public purpose and accomplish certain objectives as specified in the
Modification, which are hereby incorporated herein.
2.02. The Modification includes the authority to loan tax increments generated from
the ILN District to the Lyndale Gateway West Tax Increment Financing District in order to
acquire land.
Section 3. Public Purpose
3.01 The adoption of the Modification conforms in all respects to the requirements
of the Act and will afford maximum opportunity, consistent with the sound needs of 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, and thereby primarily serves a public purpose.
Section 4. Approval and Adoption of the Modification.
4.01. Conditioned upon the approval thereof by the Council following its public I
hearing thereon, the Modification, as presented to the Council on this date, is hereby
approved, established and adopted and shall be placed on file in the office of the City
Clerk.
4.02. Upon approval of the Modification by the Council, the staff, the City's
advisors and legal counsel are authorized and directed to proceed with the implementation
of the Modification 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. Approval of the Modification does not constitute approval of
any project or a Development Agreement with any developer.
4.03 Upon approval of the Modification by the Council, the City Clerk is authorized
and directed to forward a copy of the Modification to the Minnesota Department of
Revenue pursuant to Minnesota Statutes 469.175, Subd. 4a.
4.04. The City Clerk is authorized and directed to forward a copy of the
Modification to the Hennepin County Auditor.
Adopted by the City Council of the City of Richfield, Minnesota, this 13th day of
May, 2003.
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Martin J. Kirsc yor
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ATTEST:
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