01-815r
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HRA RESOLUTION NO. 815
RESOLUTION ADOPTING THE MODIFICATIONS
TO THE TAX INCREMENT FINANCING PLAN
FOR THE INTERSTATE-LYNDALE-NICOLLET (ILN)
TAX INCREMENT FINANCING DISTRICT
WHEREAS, it has been proposed that the Board of Commissioners (the "Board")
of the Housing and Redevelopment Authority (the "HRA)" for the City of Richfield (the
"City") adopt the Modifications to the Tax Increment Financing Plan for the Interstate-
Lyndale-Nicollet ("ILN") Tax Increment Financing District (the "Modifications"), all
pursuant to and in conformity with existing law, including Minnesota Statutes, 469.001
through 469.047, and Sections 469.174 to 469.179, inclusive, as amended, all as
reflected in the Modifications and presented for the Board's consideration; and
WHEREAS, the HRA has investigated the facts relating to the Modifications and
has caused the Modifications to be prepared; and
WHEREAS, the proposed developments as described in the Modifications, in the
opinion of the HRA, would not reasonably be expected to occur solely through private
investment within the reasonable foreseeable future and, therefore, the use of tax
increment financing is deemed necessary; and
WHEREAS, the HRA has performed all actions required by law to be performed
prior to the adoption of the Modifications.
NOW, THEREFORE, BE IT RESOLVED as follows:
1. The HRA hereby finds that the ILN Tax Increment Financing District as
modified herein is in the public interest and is a "redevelopment district" under
Minnesota Statutes, Section 469.174, subd. 10 (a)(1), and finds that the adoption of the
proposed Modifications will advance the HRA's and City's objectives of encouraging
development within the Richfield Redevelopment Project Area.
2. Conditioned upon the approval thereof by the City Council, the
Modifications, as presented to the HRA on this date, are hereby approved and adopted
and shall be placed on file in the office of the Community Development Director.
3. Upon approval of the Modifications by the City Council, the staff, the
HRA'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 Board for its consideration all further plans, resolutions, documents and
contracts necessary for this purpose. Approval of the Modifications does not constitute
approval of any project or a Development Agreement with any developer.
4. Upon approval of the Modifications by the City Council, the Community
Development Director is authorized to forward a copy of the Modifications to the
Minnesota Department of Revenue pursuant to Minnesota Statutes 469.175,
subdivision 2.
5. The Community Development Director is authorized and directed to
forward a copy of the Modifications to the Hennepin County Auditor as described in the
Modifications, all in accordance with Minnesota Statutes 469.177.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 16th day of April, 2001.
, A TT~E~T: d
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l ichael sa~~~t; Secretary
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