07-10014r
RESOLUTION NO. 10014
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT
PLAN FOR THE RICHFIELD REDEVELOPMENT PROJECT AREA AND THE
MODIFICATIONS OF THE CITY BELLA, INTERSTATE-LYNDALE-
NICOLLET, INTERCHANGE, GRAMERCY, URBAN VILLAGE,
INTERCHANGE WEST/LYNDALE GATEWAY, RICHFIELD
REDISCOVERED, RICHFIELD REDISCOVERED II, AND L YNDALE
GATEWAY WEST TAX INCREMENT FINANCING DISTRICTS.
(REDEVELOPMENT DISTRICTS)
BE IT RESOLVED by the City Council (the "Council") of the City of Richfield, Minnesota (the
"City"), as follows:
Section 1.
Recitals.
1.01. The Board of Commissioners (the "Board") of the Richfield Housing and Redevelopment
Authority (the "HRA") has heretofore established Richfield Redevelopment Project Area and adopted 'the
Redevelopment Plan therefor and established the City Bella, Interstate-Lyndale-Nicollet, Interchange,
Gramercy, Urban Village, Interchange West/Lyndale Gateway, Richfield Rediscovered, Richfield
Rediscovered II, and Lyndale Gateway West Tax Increment Financing Districts and adopted Tax
Increment Financing Plans therefor. It has been proposed that the City adopt a Modification to the
Redevelopment Plan (the "Redevelopment Plan Modification") for Richfield Redevelopment Project Arca
and adopt a Modification to the Tax Increment Financing Plans (the "Tax Increment Plan Modifications"
or together with the Redevelopment Plan Modification, the "Modifications") for the City Bella, Interstatc-
Lyndale-Nicollet, Interchange, Gramercy, Urban Village, Interchange West/Lyndale Gateway, Richfield
Rediscovered, Richfield Rediscovered II, and Lyndale Gateway West Tax Increment Financing Districts
(the "Districts"), 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, inclusive as amended (the "Act"), all as
reflected in the Modifications, and presented for the Council's consideration.
1.02. The Council has investigated the facts related to the Modifications and has caused the
Modifications to be prepared.
1.03. The City has performed all actions required by law to be performed prior to the adoption
and approval of the proposed Modifications, including, but not limited to, notification of Hennepin
County and Independent School District No. 280 having taxing jurisdiction over the property included in
the District, and the holding of a public hearing upon published notice as required by law.
1.04. The City is not modifying the boundaries of Richfield Redevelopment Project Area.
1.05. The City is not modifying the boundaries nor term of any of the Districts.
Section 2. Findings for the Tax Increment Plan Modification
2.01. The Council hereby reaffirms the original findings for the Districts, namely that the when
the Districts were established, they were established as "redevelopment districts" under Minnesota
Statutes, Section 469.174, subd. 10 (a)(1).
In addition, the City makes the following findings:
a. The Tax Increment Plan Modifications conform to the general plan for development or
redevelopment of the City as a whole. The reason for supporting this finding is that the
Tax Inc~ement Plan Modifications will generally complement and serve to implement
policies adopted in the City's comprehensive plan.
b. The Tax Increment Plan Modifications will afford maximum opportunity, consistent with
the sound needs of the City as a whole, for the development or redevelopment of
Richfield Redevelopment Project Area by private enterprise. The reason for sUPPOliing
this finding is that the development activities are necessary so that development and
redevelopment by private enterprise can occur within Richfield Redevelopment Project
Area.
c. The development and redevelopment efforts, in the opmlon of the City, would not
reasonably be expected to occur solely through private investment within the reasonably
foreseeable future and therefor the use of tax increment financing is deemed necessary.
Section 3.
Public Purpose
3.01. The adoption of the Modifications conforms in all respects to the requirements of the Act
and will help fulfill a need to develop an area of the State which is already built up, to provide
employment opportunities, to improve the tax base and to improve the general economy of the State and
thereby serves a public purpose.
Section 4.
Approval and Adoption of the Modifications; Filing.
4.01. The Modifications are hereby approved, and shall be placed on file in the office of the
Community Development Director. Approval of the Modifications does not constitute approval of any
project or a development agreement with any developer.
4.02. The staff of the City are authorized to file the Modifications with the Commissioner of
Revenue, the Office of the State Auditor and the Hennepin County Auditor.
4.03. The staff of the City, the City'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 Council for its consideration all further modifications, resolutions, documents and contracts
necessary for this purpose.
Dated: November 13,2007
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ATTEST:
Debbie Goettel, Mayor
EXHIBIT A
MAP OF THE RICHFIELD REDEVELOPMENT PROJECT AREA AND THE CITY BELLA,
INTERSTATE-LYNDALE-NICOLLET, INTERCHANGE, GRAMERCY, URBAN VILLAGE,
INTERCHANGE WESTILYNDALE GATEWAY, RICHFIELD REDISCOVERED, RICHFIELD
REDISCOVERED II, AND LYNDALE GATEWAY WEST TAX INCREMENT FINANCING
DISTRICTS.
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EXHIBIT B
STATEMENT OF FACTS SUPPORTING FINDINGS
The reasons for the Modifications are solely to recognize the modifications to the budgets of each
TIF District. The Modifications are line item budget modifications, which bring each District into
compliance with Office of the State Auditor reporting requirements.
The Richfield Redevelopment Project Area is not being modified.
Finally, the City reaffirms the findings that without the tax increment, the City has no reason to
expect that significant "development would occur or will occur without assistance similar to that provided
in the Tax Increment Plans. Therefore, the City determines that the increased market value of the sites
that could reasonably be expected to occur without the use of tax increment financing ($0 Or a modest
amount due to a small development) would be less than the increase in the market value estimated to
result from the developments after subtracting the present value of the projected tax increments for the
maximum duration of the Districts permitted by the TIF Plans.