01-9004r
36
RESOLUTION NO. 9004
RESOLUTION ADOPTING THE MODIFICATION TO THE
TAX INCREMENT FINANCING PLAN FOR THE INTERCHANGE WEST
AND LYNDALE GATEWAY 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 City Council and the Housing and Redevelopment Authority in and for
the City of Richfield (the "HRA") have heretofore adopted a Tax Increment Financing
Plan (UTIF Plan") for the Interchange West and Lyndale Gateway Tax Increment
Financing District (the "TIF District").
1.02 Due to changes in the Statement of Objectives, Project Budgets and the
Estimated Impact on Other Taxing Jurisdictions in the TIF Plan, the City and HRA have
proposed to modify the TIF Plan for the TIF District, all pursuant to and in accordance
with Minnesota Statutes, Sections 469.174 to 469.179, inclusive as amended (the
"Act").
1.03. The Council has investigated the facts and has caused to be prepared the
modification to the TIF Plan on file in City Hall (the "Modification").
1.04. The City has performed all actions required by law to be performed prior to
the adoption and approval of the proposed Modification, including, but not limited to,
notification of Hennepin County and School District No. 280 having taxing jurisdiction
over the property to in the TIF District, notice of the proposed modification of an existing
redevelopment district to the county commissioner who represents the area in the
district, a review of and written comment on the Modification by the City Planning
Commission, and the holding of a public hearing upon published notice as required by
law.
Section 2. Findinas for the Approval of the Modification
2.01. In connection, with the Modification, the Council hereby finds that (a) the
TIF District remains a "redevelopment district" under Minnesota Statutes, Section
469.174, subd. 10 (a}(1) based on the findings made upon adoption of the original TIF
Plan, (b) the proposed development (as revised by the Modification) 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 TIF Plan, (c) the
TIF Plan, as modified by the Modification, conforms to the general plan for the
development or redevelopment of the City as a whole, and (d) the TIF Plan, as modified
by the Modification, will affQrd 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 reasons and facts supporting the findings in this resolution are
described in the Modifioation and are incorporated herein by reference.
Section 3. Approval of the Modification: Filinq.
3.01. The Modification is hereby approved, and shall be placed on file in the
office of the HRA Director.
3.02. City staff are authorized and directed to file the Modification with the
appropriate governmental bodies as required under law.
Adopted by the City Council of the City of Richfield, Minnesota this 22nd day of
January, 2001.
ATTEST: