12-10662r RESOLUTION NO. 10662
RESOLUTION DENYING APPROVAL OF A MODIFICATION
TO THE REDEVELOPMENT PLAN FOR RICHFIELD REDEVELOPMENT
PROJECT AREA AND ESTABLISHMENT OF 2012-1 HOUSING TAX INCREMENT
FINANCING DISTRICT (PILLSBURY COMMONS) AND A TAX INCREMENT
FINANCING PLAN THEREFOR
WHEREAS, Richfield Properties I, Limited Partnership, a Minnesota limited
partnership (the "Developer") has proposed to acquire and redevelop three parcels of
land owned by the City of Richfield (the "City") and one parcel of land owned by the
Housing and Redevelopment Authority in and for the City of Richfield (the "Authority")
into a 70-unit affordable housing development that includes a 52-unit apartment building
and 18 townhomes; and
WHEREAS, on June 12, 2012, the City Council of the City rejected the
Developer's offer to purchase two of its parcels of land proposed to be redeveloped;
and
WHEREAS, on June 18, 2012, the Board of the Authority rejected the
Developer's request to purchase the parcel owned by the Authority and proposed to be
redeveloped; and
WHEREAS, it has been proposed that the City adopt a Modification to the
Redevelopment Plan (the "Redevelopment Plan Modification") for Richfield
Redevelopment Project Area (the "Project Area") and establish the 2012-1 Housing Tax
Increment Financing District (Pillsbury Commons) (the "District") therein and adopt a
Tax Increment Financing Plan (the "TIF Plan") therefor; 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, all inclusive, as amended, (the "Act"); and
WHEREAS, on June 18, 2012, the Board of the Authority denied approval of the
Redevelopment Plan Modification and the TIF Plan; and
WHEREAS, on the date hereof, the City Council of the City held a duly noticed
public hearing regarding the adoption of the TIF Plan pursuant to Minnesota Statutes,
Section 469.175, subd. 3; and
NOW, THEREFORE, BE IT RESOLVED, by. the City Council of the City of
Richfield, Minnesota as follows:
1. Approval of the Redevelopment Plan Modification and the TIF Plan are
hereby denied because (i) the Authority has previously denied approval of the
Modification to the Redevelopment Plan and the TIF Plan; and (ii) the Developer lacks
the necessary property to complete the housing development as currently contemplated
in the TIF Plan, and therefore, the development contemplated in the TIF Plan is no
longer feasible.
Adopted by the City Council of the City of Richfield, Minnesota this 26th day of
June, 2012.
■ ..1. 1d./
i ebbie Goettel, Mayor
ATTEST:
A/64/)
Nancy Gib , City Clerk