01-9029r
61
RESOLUTION NO. 9029
RESOLUTION AUTHORIZING THE MODIFICATION TO THE
TAX INCREMENT FINANCING PLAN FOR THE
INTERST A TE-L YNDALE-NICOLLET (ILN)
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 (the "HRA")
and the Council and have heretofore adopted a Redevelopment Plan for the Richfield
Redevelopment Project Area (the "Redevelopment Plan") and adopted a Tax Increment
Financing Plan (the "TIF Plan") for the Interstate-Lyndale-Nicollet (the "ILN") Tax
Increment Financing District (the "ILN District").
1.02 Due to changes in the project budgets in the ILN District, it has been
proposed that the HRA modify the TIF Plan for the ILN District, all pursuant to and in
accordance with Minnesota Statutes, Sections 469.001 through 469.047, inclusive, as
amended, and Minnesota Statutes, Sections 469.174 to 469.179, inclusive as amended
(the "Act"). Generally the substantive changes to the ILN District TIF Plan include the
modification of the Sources and Uses of Funds.
1.03 The HRA investigated the facts and caused the preparation of the
Modification to the TIF Plan for the ILN District (the "Modification").
1.04 The HRA performed all actions required by law to be performed prior to
the adoption and approval of the proposed Modification.
1.05 The HRA approved the Modification on April 16, 2001.
1.05 The Council has investigated the facts of the Modification.
1.06 The City has performed all actions required by law to be performed prior to
the adoption and approval of the proposed Modification.
Section 2. Findings for the Approval of the Modification.
2.01. The Council is not modifying the boundaries of the Richfield
Redevelopment Project Area.
2.02. The Council is not modifying the boundaries of the ILN District.
2.03. The Council hereby reaffirms the original findings for ILN District as
modified herein, namely that the ILN District is in the public interest and is a
"redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10 (a)(1)
and that the proposed development would not occur solely through private investment
within the reasonably foreseeable future and therefore the use of tax increment
financing is deemed necessary; the Modification conforms to the general plan for the
development or redevelopment of the City as a whole; and that the Modification will
afford maximum opportunity consistent with the sound needs of the city as a whole, for
the development of the Richfield Redevelopment Project Area by private enterprise.
2.04. The reasons supporting these findings are that private investment will not
finance these development activities due to prohibitive costs, and therefore it is
necessary to finance these redevelopment activities through the use of tax increment
financing so that other development by private enterprise will occur within the Richfield
Redevelopment Project Area; the ILN District is properly zoned; the Tax Increment
Financing Plan conforms to the City's comprehensive plan for redevelopment and
development; and the development activities are necessary so that development and
redevelopment by private enterprise can occur within the Richfield Redevelopment
Project Area.
Section 3. Public Purpose.
3.01. The Council hereby finds that the Modification conform in all respects to
the requirements of the Act and are intended and, in the judgement of this Council, the
effect of such actions will be to help fulfill a need to develop an area of the City which is
already built up, to provide employment opportunities, to improve the tax base and to
improve the general economy of the State and hereby serves a public purpose.
Section 4. Approval of the Modification: Filing.
4.01. The Modification is hereby approved, and shall be placed on file in the
office of the Community Development Director. Approval of the Modification 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 Modification with the
Commissioner of Revenue 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 Modification and for this purpose
to negotiate, draft, prepare and present to this Council for its consideration all further
plans, resolutions, documents and contracts necessary for this purpose.
Adopted by the City Council of the City of Richfield, Minnesota this 23rd day of
April,2001.
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Martin J. Kirsc ,Mayor
ATTEST: