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96-8392r 67 RESOLUTION NO. 8392 RESOLUTION APPROVING MODIFICATION NO.3 TO THE CEDAR AVENUE BUSINESS AREA TAX INCREMENT FINANCING DISTRICT AND APPROVING AND ADOPTING TAX INCREMENT FINANCING PLAN 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 Council of the City of Richfield previously adopted a Redevelopment Plan ("Redevelopment Plan"), and a Tax Increment Financing Plan ("TIF Plan") for the area of the City generally known as the Cedar Avenue Business Area (CABA Project Area) on February 22,1988 and modified the TIF Plan on October 15, 1990; 1.02. Due to changes in the distribution of tax increment revenues generated by and property to potentially be acquired in the Richfield Redevelopment Project Area and the CABA Project Area, it has been proposed that the City modify the TIF Plan for the CABA Tax Increment Financing District ("CABA TIF District") and approve and adopt the Tax Increment Financing Plan relating thereto, all pursuant to and in accordance with Minnesota Statutes, Sections 469.001 to 469.047, inclusive, as amended, and Minnesota Statutes, Sections 469.174 to 469.179, inclusive, as amended. 1.03. The Council has investigated the facts and has caused to be prepared the Modification NO.3 to the Tax Increment Financing Plan for the CABA Tax Increment Financing District (the "Plan"). 1.04. The City has performed all aCtions required by law to be performed prior to the modification of the CABA Tax Increment Financing District and the adoption of the Plan relating thereto, including, but not limited to, notification of Hennepin County and School Districts Nos. 280 and 287 having taxing jurisdiction over the property included in the CABA Tax Increment Financing District, a review by the City Planning Commission of the modified Plan and the holding of a public hearing upon published notice as required by law. Section 2. Findings for the Establishment of the CABA Tax Increment Financing District 2.01. The Council hereby finds that the CABA Tax Increment Financing District and the modified Plan are intended and, in the judgment of this Council, the effect of such actions will be, to provide an impetus for redevelopment in the public purpose and accomplish certain objectives as specified in the Plan, which are hereby incorporated herein. 2.02. The Council hereby reaffirms its finding of February 22, 1988 that the CABA Tax Increment Financing District is an economic development district under Minnesota Statues, Section 469.174, Subd. 12. Resolution No. 8392 -2- 2.03. The Council hereby finds that the redevelopment proposed in the modified TIF Plan and Redevelopment Plan, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future, that the modified Plan conforms to the general plan for the development or redevelopment of the City as a whole; and that the modified Plan will afford maximum opportunity consistent with the sound needs of the City as a whole, for the development of the CABA Tax Increment Financing District by private enterprise. 2.04. The Council further finds, declares and determines that the City made the above findings stated in this Section and has set forth the reason and supporting facts for each determination in writing, attached hereto as Exhibit A. 2.05. The Council hereby reaffirms its election for February 22, 1988 calculate fiscal disparities for this District in accordance with Minnesota Statutes, Section 469.177, subdivision 3, clause b, which means the fiscal disparities contribution would be taken from within the District. Section 3. Approval of the Plans: Certification: Filing. 3.01. The Modification No.3 of the TIF Plan for the CABA Tax Increment Financing District is hereby approved and adopted, and shall be placed on file in the office of the Community Development Director. Approval of the modification to the Tax Increment Financing Plan does not constitute approval of any project or a Redevelopment Agreement with any developer. 3.02. The City staff of the City are authorized to file the modified Plan with the State Department of Revenue. 3.03. The City staff of the City, the City's advisors and legal counsel are authorized and directed to proceed with the implementation the modified Plan 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 September, 1996. ATTEST: ~r~ Thomas P. Ferber, City Clerk EXHIBIT A Attachment to Approving Mod 3 CABA Area The reasons and facts supporting the findings for the adoption of the Tax Increment Financing Plan for the CABA Tax Increment Financing District as required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3 are as follows: Resolution No. 8392 1. Reaffirming the finding that the CABA Tax Increment Financing District is an economic development district as defined in Minnesota Statutes, Section 469. 174, Subdivision 12. The development consists of a redevelopment project which the HRA finds to be in the public interest because it will result in increased employment in the municipality and it will result in preservation and enhancement of the tax base of the municipality. This will be achieved through the construction of a commercial, corporate office building and related parking structure on underutilized land. Thus, the tax increment district meets the statutory requirement of an economic development district and will henceforth be referred to as a tax increment economic development district. 2. The finding that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and that 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 plan. The proposed development in the modified Plan requires certain necessary land acquisitions and assembly and other improvements without which the developer could not construct the commercial development project; and without the use of tax increments as a source of revenue to assist with the financing of the land acquisition, assembly and other improvements, the developer would not construct this development in the City. 3. The finding that the Tax Increment Financing Plan for the CABA Tax Increment Financing District conforms to the general plan for the development or redevelopment of the municipality as a whole. The Plan conforms to the general plan for the development of the City as a whole as it will result in the new construction of a commercial structure. 4. Finding that the Tax Increment Financing Plan for the CABA Tax Increment Financing District will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the CABA Redevelopment Project Area by private enterprise. The commercial/industrial development to be assisted by the CABA Tax Increment Financing District will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the development of the redevelopment project by private enterprise as it will enable the HRA to provige the necessary commercial development for the City and a suitable site for development.