02-871r
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HRA RESOLUTION NO. 871
RESOLUTION ESTABLISHING THE L YNDALE GATEWAY WEST TAX INCREMENT
FINANCING DISTRICT (A REDEVELOPMENT DISTRICT) WITHIN THE
RICHFIELD REDEVELOPMENT PROJECT AREA AND ADOPTING A
TAX INCREMENT FINANCING PLAN THEREFORE
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of
the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (the
"Authority") that the Authority establish the Lyndale Gateway West Tax Increment
Financing District (the "District") and adopt a Tax Increment Financing Plan (the "Plan")
therefore; and
WHEREAS, the Authority has investigated the facts related to the establishment of
the District and the adoption of the Plan, and has caused the appropriate documents to be
prepared; and
WHEREAS, the Authority finds that the Plan contains all of the elements required
by Minnesota Statutes, Section 469.175 subd. 1; and
WHEREAS, the Authority has caused to be prepared a report establishing the
qualification of the area as a redevelopment tax increment financing district, which report is
hereby adopted by the Authority, and is kept on file in the office of the Executive Director;
and
WHEREAS, the Authority has performed all the actions required to be taken by it
prior to creation of the District and the adoption of the Plan.
NOW, THEREFORE, BE IT RESOLVED by the Authority as follows:
1. Creation of the District is hereby approved.
2. The Plan is hereby adopted.
3. The Executive Director is instructed to transmit the approved Plan to the City of
Richfield for consideration by it in accordance with the provisions on Minnesota
Statutes, Section 469.175 Subd. 3. The Executive Director is further instructed to
provide the City with information necessary to assist it in making the findings called for
in paragraph (1) thereof.
4. Upon approval by the City, the documents shall be placed on file in the office of the
Community Development Director for the City.
5. Upon approval by the City, the Community Development Director is authorized and
directed to forward a copy of the documents to the Minnesota Department of Revenue
pursuant to Minnesota Statutes, Section 469.175, Subd. 4a., and to forward a copy to
the Hennepin County Auditor and request that the Auditor certify the original tax
capacity of the District, all in accordance with Minnesota Statutes, Section 469.177.
Adopted by the Board of Commissioners of the Housing and Redevelopment Authority
in and for the City of Richfield, Minnesota this 18th day of November, 2002.
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