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10-15-07 Agenda . . . CITY OF RICHFll;lD, MINNESOTA MONDAY, OCTOBER 15,.2007 REGULAR HOUSING AND REDEVELOPMENT AUTHORITY MEETING RICHFIELD CITY HAll COUNCil CHAMBERS 6700 PORTLAND AVENUE 7:00P.M. AGENDA Call to order Roll call 1. Approval. of minutes of:.(1) Special HRAlCityCouncil/F>lanning.Commission.Meeting of September 11, 2007 and (2) Regular HRAMeeting of September 17, 2007 2. HRA approval of agenda 3. Consideration of resolution adopting modificationstoCity Bella,lnterstate-Lyndale- Nicollet,lnterchange, Gramercy, Urban Village, InterchangeWestlLyndale Gateway, Richfield Rediscovered, RichfieldRediscovered II, and Lyndale Gateway Westtax increment financing districts, all redevelopment districts located with Richfield Redevelopment Project Area - Staff Report No.43 Notes: 4. Executive Director report 5. Claims and payroll Adjournment Auxiliary aids for individuals withdisabilities are available upon request. Requests must be made at least 96 hours in advance tothe City Clerk at612-861-9738. . . . AGENDA ITEM # REpORT # 3 43 ...... STAFFREpQRT RICHFIELD HOUSING ANnREnEVELOPMENT AUTHORITY MEETING O~TOBER 15, 2007 . REpORT PREPARED By: MYRT LINK, COMMUNITY DEVELOPMENT ACCOUNTANT NAME, TITLE REpORT PRESENTER: BRUCE PALMBORG, COMMUNITY DEVELOPMENT DIRECTOR DEPARTMENT DIRECTOR REVIEw: NAME, TITLE REVIEWED BY EXECUTIVE DIRECTOR: ITEM FOR HRACONSIDERATION: Approve a resolution adopting the Modifications to the City Bella, I nterstate-Lyndale-Nicollet, Interchange, Gramercy, Urban Village, InterchangeWestlLyndale Gateway, Richfield Rediscovered, Richfield Rediscovered II, and LyndaleGatewayWest Tax Increment Financing Districts,all redevelooment districts located within the Richfield Redevelopment Proiect Area. I. RECOMMENDEI> ACTION: By Motion: Approve a resolution adopting the Modiffcations to the City Bella, Interstate-Lyndale-Nicollet, Interchange, Gramercy, Urban Village,lnterchangeWestlLyndale Gateway, Ri~hfield Rediscovered, Richfield Rediscovered 11, and Lyndale Gateway West Tax Increment Financing'Districts, all redevelOPment districts located within the RiChfield Redevelopment Project Area. I II. BACKGROUND I Every year the Housing and Redevelopment Authority (HRA) completes an annual Tax IncrementReport, which is required by State Statue, for each Tax Increment District with activity. This Report is sent to the Office of the State Auditor (QSA) for review and comment. · 101507 TIF Mods . These Reports contain a section that presents by line item the proposed district budgets and compares them to the actual district r~venues and expenditures. The Reports present thefinancialactivitystarting from the creation of the District and ending in the last budget year. . The.OSA has given guidelines as to how the budgetand accounting sections should be reported. The objective of the Modifications is to adjust the line item district budgets and the actual district revenues andexp~nditures, so they reflect the current OSA guidelines. The Modifications do not increase most,of the Tax Increment Districts' budgets revenues or expenditures; except the budget for the Richfield Rediscovered (1255 and 1257) is being increasedto bring it into compliance with the expenses to date. They also do not increase the term or size of any of the Districts. It is a technical modification. The Richfield Rediscovered Districtis a Scattered Site District. When it was initially reportedto the OSA, a single report was prepared. OSA ruled that separate reports need to be done for eachgr9up of parcels certified, so now a tota I. of 12 reports are done. In order to accomplish this, the original budget needed to be allocated amongst all 12 reports. The bUdget line items were under allocated for Richfield Rediscovered (1255 and 1257), thus the increase to the budget of this single report. . I III. BASIS OF RECOMMENDATION I I A. POLICY I · It has been the. direction and policy of the HRA and City Council to follow any and aU oftheOSApolicies and guidelines. · The City Council set a public hearing date of November 13, 2007. · The PlanningCommissionwill review the. Modifications at the October 22, 2007, meeting. I B. CRITICAL ISSUES I · By not modifying the line item budgets, revenues or expenditures of the Tax Increment Districts, it may result in a finding of noncompliance from the OSAinthe future. . ID. I C.. FINANCIAL I · The HRA and City's financial advisor, Ehlers and Associates, has reviewed the proposed Modifications and has stated that the approval of the Modifications will not have any financialimpact on the HRA or City. LEGAL . . I . · The HRAand City's legalcounsel, Kennedy & Graven, has reviewed the proposed Modifications and has stated that the approval of the Modifications willnot have any legal impact on the HRA or City. . . . I IV. ALTERNATIVE RECOMMEl'IT)ATION(S) . 'Donotapprovethe Moqifications. I V. ATTACHMENTS . Resolution . Modifications to the Tax lilcrement Financing Plans IVI. PRINCIPAL PARTIES EXPECTED AT MEETING . Rebecca Kurtz, Ehler~&A~sociates. . . . 3-1 RICHFIELD HOUSING AND REDEVELOPMENT AUTHORITY CITY OF RICHFIELD COUNTY OF HENNEPIN STATE OF MINNESOTA RESOLUTION NO. RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE, RICHFIELD REDEVELOPMENT PR.O~.ECT AREA AND THE MODIFICATIONS OF THE CITY BELLA, INTERST A TE..L YNDALE-NICOLLET, INTERCHANGE, ',GRAMERCY, URBAN VILLAGE, INTERCHANGE WEST/L YNDALE GATEWAY,RICHFIELD REDISCOVERED, RICHFIELD REDISCOVERED II, AND >LYNDALEGATEWAYWEST TAX INCREMENT FINANCING DISTRICTS. ,(REDEVELOPMENT DIStRICTS) , WHEREAS, it has been, proposed by the Board of Commissioners (the. "Board") of the Richfield Housing and Redevelopment Authority (the "HRA") and the City of Richfield (the "City") that the HRA adopt a Modification "to the Redevelopment Plan (the "Redevelopment Plan Modification") for the Richfield Redevelopment Project Area (the "Project Area") and a Modification to the Tax Increment Financing Plans (the "TIF Plan Modifications") for the City Bella, Interstate- Lyndale-Nicollet, Interchange, Gramercy, Urban Village, Interchange WestlLyndale Gateway, Richfield Rediscovered, Richfield Rediscovered H, and LyndaleGateway West Tax Increment Financing Districts (the Redevelopment, Plan Modification and the TIF Plan Modifications are referred to collectively herein as the "Modifications"), all pursuant to and in conformity with applicable law, including Minnesota Stat LItes , Sections 469.001 to 469.047, and Sections 469,174 to 469.1799, inclusive, as amended (the "Act"), alias reflected in the Modifications and presented for the Board's consideration; and . WHEREASithe HRA has investigated the facts relating to the Modifications and has caused the Modifications to be prepared; and WHEREAS, the. HRA has performed all actions required by law to be performed prior to the adoption of the. Modifications. The HRA has also requested the City Planning Commission to provide for review of and written comment on Modifications and that the City Council schedule a public hearing on the Modifications upon published notice as required by law. NOW, THEREFORE, BE ITRESOLVED by the Board as follows: 1. The HRA hereby finds that the Modifications, are intended and, in the judgment of this Board, the effect of such actions will be, to provide an impetus for development in the public pu~poses and accomplish certain objectives as specified in the Modifications, which are hereby incorporated herein. 2; The HRA hereby reaffirms the original findings for the City Bella, Interstate-Lyndale- Nicollet, Interchange, Gramercy, Urban Village, Interchange WestlLyndaleGateway, Richfield Rediscovered, Richfield Rediscovered II, and Lyndale Gateway West Tax Increment Financing Districts, established as "redevelopment districts". 3. The HRA further finds that the Modifications will afford, maximum opportunity, consistent with the sound needs for the City as a whole, forthe development orredevelopment 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. / ~-;L 4. The boundaries of the Project Area are not being expanded. .. 5. The reasons and facts sUPPOrting the findings in this resolution are described inthe T1F Plan and in the exhiM attached to the City resolution approVing the MOdifications, on file in City Hall. 6. Condifioned upon the approval thereof by the City Council following its public hearing thereon, the MOdifications, as presente<t to the H~ on this date, are hereby apprOVed, established and adopted and shall be placed on file in 'the office of the Executive Director of the HRA. 7. Upon approval of the MOdifications by the City Council, the staff, the HM's advisors and legal COunsel are authorized . ancj directed to prot:eed With the implementation of the MOdifications and for thispurposeton~gotiate, draft, prepare and present to this Board for its conSide",tion all further plans, resolutions,documents and <;ontracts necessary for this purpose, Approval of the MOdifications does not constitute approval of any project or a Development Agreement with any developer. 8. . Upon approval of the MOdifi~!iOnsby the City Council, the Community Development Director is autholized and directed to forward a ""py of the MOdifrcationsto the Minnesota Department of Revenue and the Office'of the state Auditor pursuant to Minnesota Statutes 469.175, Subd. 4a. . . 9. The Community Development Directc:ir is autholized and directed to forward a copy of the MOdifications to the Hennepin County Auditor and requeSt that the Auditor certify the original tax capacity of the District as descnbed in the MOdifications, all in accordance with Minnesota Statutes 469: 177. Approved by the Board of Commissioners of the Richfield Housing and Redevelopment Authority this 15th day of October, 2007. ATTEST: Suzanne M. Sandahl, Chair Steven L Devich, Executive Director --~