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01-9003r 35 RESOLUTION NO. 9003 RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR THE RICHFIELD REDEVELOPMENT PROJECT AREA AND MODIFYING THE TAX INCREMENT FINANCING PLANS FOR THE GRAMERCY TAX INCREMENT FINANCING DISTRICT; URBAN VILLAGE TAX INCREMENT FINANCING DISTRICT; RICHFIELD REDISCOVERED 1999 TAX INCREMENT FINANCING DISTRICT; A-5 TAX INCREMENT FINANCING DISTRICT; AND B-5 TAX INCREMENT FINANCING DISTRICT 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 Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (the "HRA") has heretofore adopted the Modification to the Redevelopment Plan for the Richfield Redevelopment Project Area, Modification to the Tax Increment Financing ("TIF") Plan for the Gramercy TIF District, Modification to the TIF Plan for the Urban Village TIF District, Modification of the TIF Plan for the Richfield Rediscovered 1999 TIF District, Modification of the TIF Plan for the A-5 TIF District, Modification of the TIF Plan for the 8-5 TIF District (collectively, the "Plans"), all pursuant to and in conformity with existing law, including Minnesota Statutes, Sections 469.001 through 469.047, and Sections 469.174 to 469.179, inclusive, as amended, all as reflected in the Plans and presented for the Council's consideration. 1.02 The Council has investigated the facts relating to the Plans. 1.03 The City and HRA have performed all actions required by law to be performed prior to the adoption and approval of the Plans, including, but not limited to, notification of Hennepin County and School District No. 280 having taxing jurisdiction over the property in the Gramercy, Urban Village, Richfield Rediscovered 1999, A-5, and 8-5 TIF Districts, notice of the modifications to the local county commissioner, a request for review of and written comment on the Plans by the City Planning Commission, and the holding of a public hearing upon published notice as required by law. 1.04. The A-5 and 8-5 TIF Plans are modified solely to clarify that certain identified parcels are not included in those districts, but are instead added to the Richfield Rediscovered 1999 TIF District. Section 2. Findinos for the Adoption of the Modified Plans for Richfield Redevelopment Proiect Area. Gramercv TIF District. Urban Villaoe TIF District. Richfield Rediscovered 1999 TIF District. A-5 TIF District. and 8-5 TIF District 2.01. In connection, with the Plans, the Council hereby finds that (a) each TIF District remains a "redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10 (a)(1) based on the findings made upon adoption of each original TIF Plan, (b) the proposed development as described in each TIF Plan, as modified by the Plans, in the opinion of the City Council would not reasonably be expected to occur solely through private investment within the reasonably foreseeable future and the increased market value of the site that could reasonably be expected to occur without the use of tax increment financing would be less than the increase in the market value estimated to result from the proposed development after subtracting the present value of the projected tax increments for the maximum duration of the district permitted by the respective TIF Plans, (c) each TIF Plan, as modified by the Plans, conforms to the general plan for the development or redevelopment of the City as a whole, and (d) each TIF Plan, as modified by the Plans, will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of the Redevelopment Project by private enterprise. 2.02. The Council further specifically finds that each parcel added to the Richfield Rediscovered TIF District meets all the requirements for establishing a redevelopment district under Minnesota Statutes, Section 469.174, subd. 10(a)(1). 2.03. The reasons and facts supporting the findings in this resolution are described in the Plans and are incorporated herein by reference. Section 3. Approval and Adoption of the Plans 3.01 The Plans, as presented to the Council on this date, including without limitation the findings and statements of objectives contained therein, are hereby approved and shall be placed on file in th~ office of the City Clerk. 3.02. The geographic boundaries of the Richfield Rediscovered TIF District are expanded to add the parcels identified in the TIF Plan for that district; and the A-5 and 8-5 TIF Districts are modified to remove the identified parcels from those districts for inclusion in the Richfield Rediscovered 1999 TIF District. The Redevelopment Project boundary and the boundaries of all the other referenced TIF Districts are not changed by this action. 3.03. City staff are authorized and directed to forward a copy of the Plans to the Hennepin County Director of Property Taxation, together with a request to certify the original tax capacity of the parcels added to the Richfield Rediscovered TIF District, and to remove the identified parcels from the A-5 and 8-5 TIF Districts; and to file the Plans with any other governmental bodies as required by law. Adopted by the City Council of the City of Richfield, Minnesota this 22nd day of January, 2001. ATTEST: