02-9264r
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Attachment B
RESOLUTION NO. 9264
RESOLUTION MODIFYING THE TAX INCREMENT PLAN FOR THE
INTERCHANGE WEST AND L YNDALE GATEWAY
TAX INCREMENT FINANCING DISTRICT (A REDEVELOPMENT DISTRICT)
WITHIN THE RICHFIELD REDEVELOPMENT PROJECT AREA
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 Housing and Redevelopment Authority in
and for the City of Richfield (the "HRA") that the City modify the Lyndale Gateway Tax
Increment Financing Plan (the "Plan") for the Lyndale Gateway Tax Increment
Financing District (the "District") by eliminating certain parcels therefrom, all pursuant to
and in conformity with applicable law, including Minnesota Statutes, 469.174 to
469.179, all inclusive, as amended, (the "Act") all as reflected in the "Modification to the
Tax Increment Financing Plan for the Interchange West and Lyndale Gateway Tax
Increment Financing Plan" (the "Modified Plan"), and presented for the Council's
consideration.
1.02. The HRA and City have investigated the facts relating to the Plan and
have caused the proposed Modified Plan 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 Modified Plan, including,
but not limited to, notification of Hennepin County and Independent School District No.
280 having taxing jurisdiction over the property to be included in the District, a review of
and written comment on the Modified Plan, and the holding of a public hearing upon
published notice as required by law.
Section 2. Findings for the Adoption and Approval of the Modifications to the Plan.
2.01. The Council hereby finds that the Modified Plan, 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 Plans, which are hereby incorporated herein.
2.02. The Council hereby confirms and ratifies all of the findings and
determinations made by it upon the original approval of the Plan and the establishment
of the District.
3.02. The staff of the City, the City's advisors and legal counsel are authorized
and directed to proceed with the implementation of the Modified Plan and to negotiate,
draft, prepare and present to this Council for its consideration all further plans,
resolutions, documents and contracts necessary for this purpose.
3.03. The Auditor of Hennepin County is requested to certify the original net tax
capacity of the District, as modified in the Modified Plan, and to certify in each year
thereafter the amount by which the original net tax capacity has increased or
decreased.
3.04. The Community Development Director is further authorized and directed
to file a copy of the Modified Plan with the Commissioner of the Minnesota Department
of Revenue pursuant to Minnesota Statutes 469.175, Subd. 4a.
Adopted by the City Council of the City of Richfield, Minnesota, this 10th day of
December, 2002.
ATTEST:
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