00-8865r
14
RESOLUTION NO. 8865
RESOLUTION ADOPTING THE MODIFICATION TO THE REDEVELOPMENT PLAN
FOR THE RICHFIELD REDEVELOPMENT PROJECT AREA; AND ADOPTING THE
MODIFICATION TO THE TAX INCREMENT FINANCING PLAN FOR THE ILN TAX
INCREMENT FINANCING DISTRICT RELATED THERETO
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 has heretofore established the Richfield Redevelopment Project
Area and adopted the Redevelopment Plan related thereto. It has been proposed that the
City adopt the Modification to the Redevelopment Plan for the Richfield Redevelopment
Project Area and adopt the Modification to the tax Increment Financing Plan for the ILN
Tax Increment Financing District (collectively, the "Modifications"); all pursuant to and in
conformity with applicable law, including Minnesota Statutes, Sections 469.001 through
459.047 and 469.174 through 469.179, all inclusive, as amended, all as reflected in the
Modifications, and presented for the Council's consideration. Generally, the substantive
changes to the current Modification a budget modification to authorize the issuance of
bonds whose funds will be used for activities related to the Lyndale Gateway Project.
Specifically, funds will be used for land acquisition, site clearance, and relocation activities.
1.02 The Council has investigated the facts relating to the Modifications.
1.03 The City has performed all actions required by law to be preformed prior to
the adoption and approval of the proposed Modifications, including, but not limited to,
notification of Hennepin County and School District No. 280 having taxing jurisdiction over
the property to be included in Modifications, notice of the proposed modification of an
existing redevelopment district to the local county commissioner, a review of and written
comment on the Modifications 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 Modifications.
2.01 The Council hereby finds that the Modifications are intended and, in the
judgment of this Council, the effect of such actions will be to provide such
other facilities and improvements as shall further the objectives in the Plan
and Minnesota Statutes Sections 469.001 through 469.047.
2.02 The Council hereby reaffirms the original findings for the ILN Tax Increment
Financing District as modified herein, namely: that Modifications 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 reasonable
foreseeable future, that the increased market value on 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 project
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tax increments for the maximum duration of Modifications permitted by the
Tax Increment Financing Plan; that the Modifications conforms to the general
plan for the development or redevelopment of the City as a whole; and that
the Modifications will afford maximum opportunity consistent with the sound
needs of the City as a whole, for the development of Modifications by private
enterprise.
Section 3. Findings for the Modifications.
3.01 The Council hereby finds that the Modifications, are intended and, in the
judgment of the Council, the effect of such actions will be, to provide an impetus for the
development in the public purpose and accomplish certain objectives as specified in the
Modifications, which are hereby incorporated herein.
Section 4. Approval of the Modifications; Filing.
4.01 The Modification to the Redevelopment Plan for the Richfield
Redevelopment Project Area and the Modification to the Tax
Increment Financing Plan for the ILN Tax Increment Financing District
are hereby approved, and shall be placed on file in the office of the
HRA 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 is authorized to file the Modifications with the State
Department 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 Modifications and for this
purpose to negotiate, draft, prepare and present to this Council for its
consideration all further plans, resolutions, documents an contracts necessary
for this purpose.
Adopted by the City Council of the City of Richfield, Minnesota this 13th day of
March, 2000.
ATTEST:
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Thomas P. Ferber, City Clerk