00-8870r
19
RESOLUTION NO. 8870
RESOLUTION ADOPTING A MODIFIED TAX INCREMENT
FINANCING PLAN FOR THE INTERSTATE-LYNDALE..NICOLLET (ILN)
TAX INCREMENT FINANCING DISTRICT WITHIN THE
RICHFIELD REDEVELOPMENT PROJECT AREA.
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 for the City of Richfield (the
"HRA") has heretofore established the Richfield Redevelopment Project Area (the
"Project Area") and adopted the Redevelopment Plan related thereto (the
"Redevelopment Plan") and established the Interstate-Lyndale-Nicollet (ILN) Tax
Increment Financing District (the "District") and adopted a Tax Increment Financing Plan
(the "Plan") thereto. It has been proposed that the City adopt a Modification to the Tax
Increment Financing Plan (the "Modification") for the District; all pursuant to and in
conformity with applicable law, including Minnesota Statutes, Sections 469.001 through
469.047 and 469.174 through 469.179, all inclusive, as amended, all as reflected in the
Modification, and presented for the Council's consideration. Generally, the substantive
changes to the Plan include an administrative modification to the Plan's budget line
items. This modification will not increase the Plan's total budget. The purpose of this
modification is to ensure the Modification's budget accurately reflects the project
expenditures. The boundaries of ILN District are not being modified.
1.02. The Council has investigated the facts relating to the Modification.
1.03. The City has performed all actions required by law to be performed prior to
the adoption and approval of the proposed Modification. Because of the nature of this
Modification, and because this Modification does not entail an enlargement of
geographic area, an increase in the amount of bonded indebtedness, an increase to the
amount of interest on debt, an increase in the portion of the captured net tax capacity,
or an increase in the total estimated tax increment expenditures, this Modification is not
subject to a public hearing requirement.
Section 2. Findings for the Approval of the Modification
2.01. The Council hereby finds that the Modification is intended and, in the
judgment of this Council, the effect of such actions will be: (i) to provide an impetus for
commercial development ; (ii) to increase employment; and (iii) to provide such other
facilities and improvements as shall further the objectives in the Plan and Minnesota
Statutes Sections 469.090 through 469.1081.
2.02. The Council hereby reaffirms the original findings for the ILN District as
modified herein, namely: that the District is in the public interest and is a
"redevelopment district" under Minnesota Statutes, Section 469.174, subd. 10 (a)(1);
that the proposed redevelopment would not occur solely through private investment
within the reasonably 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 projected tax
increments for the maximum duration of the District permitted by the Plan; that 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 District by
private enterprise.
Section 3. Public Purpose.
3.01. The Council hereby finds that the Modification, is intended and, in the
judgment of this Council, the effect of such actions will be, to provide an impetus for
development in the public purpose and accomplish certain objectives as specified in the
Modification, which is hereby incorporated herein.
Section 4. Approval of the Modification: Filinq.
4.01. The Modification for the ILN District is hereby approved, and shall be
placed on file in the Community Development Department at the City of Richfield.
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 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 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 10th day of
April, 2000.
ATTEST:
~/!~
Thomas P. Ferber, City Clerk
EXHIBIT A
BUDGET MODIFICATIONS
Public Improvements Public Improvements
November 9, 1998 as Modified April 10,
2000
Sources of Funds:
Tax increment revenue $0 $0
Bond proceeds $1,000,000 $1,000,000
Total Sources of $1,000,000 $1,000,000
Funds
Uses of Funds:
Land/building $0 $0
acquisition
Site imp.lprep. costs $0 $0
Public Utilities $0 $97,900
Parking facilities $0 $0
Streets and sidewalks $900,000 $802,100
Public park facilities $0 $0
Social/Recreational $0 $0
Interest reduction $0 $0
payments
Loan principal $0 $0
payments
Loan/note int. $0 $0
payments
Bond principal $0 $0
payments
Bond interest $0 $0
Administrative costs $100,000 $100,000
Bond deposit $0 $0
Arbitrage Rebate $0 $0
Total Uses of Funds $1,000,000 $1,000,000