98-8639r
97
RESOLUTION NO. 8639
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
469.047 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 include the authority to spend tax increments generated
from the ILN Tax Increment Financing District in the Richfield Redevelopment Project Area
on eligible development costs.
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 performed 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 reasonably foreseeable future, that the increased market value on the site that
Resolution No. 8639
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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
dev~lopmentafter subtraGting the present value of the projected 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 thatthe 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 2. Findings for 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 an impetus for
development in the public purpose and accomplish certain objectives as specified in the
Modifications, which are hereby incorporated herein.
Section 3. Approval of the Modifications; Filing.
3.01. The Modification to the Redevelopment Plan for the Richfield Redevelopment
Project Area and the ModifiGation to the Tax Increment Financing Plan for the ILN Tax
Increment Financing Oistrict 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.
3.02. The staff of the City are authorized to file the Modifications with the State
Department of Revenue and the Hennepin County Auditor.
3.03. 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 and contracts necessary for this purpose.
Adopted by the City Council of the City of Richfield, Minnesota this 9th day of
November, 1998. .- -.. \ / ' J
~~~~
Martin J. Kirs ayor
ATTEST:
"ik-mc.LJ p,~
Thomas P. Ferber, City Clerk