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96-8405r 80 RESOLUTION NO. 8405 RESOLUTION APPROVING THE MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE RICHFIELD REDEVELOPMENT PROJECT AREA AND APPROVING THE MODIFICATIONS TO THE TAX INCREMENT FINANCING PLANS FOR THE ILN AND LHN TAX INCREMENT FINANCING DISTRICTS. LOCATED 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 Richfield Housing and Redevelopment Authority (the "Authority") has heretofore established the Richfield Redevelopment Project Area (the "Redevelopment Project") and adopted the Redevelopment Plan with respect thereto and has heretofore established the ILN and LHN Tax Increment Financing Districts and adopted the Tax Increment Financing Plans with respect thereto. 1.02. Due to changes in the distribution of tax increments generated by the ILN and LHN Tax Increment Financing Districts, it has been proposed that the Council modify the Redevelopment Project and the ILN and LHN Tax Increment Financing Districts and approve and adopt the Modified Redevelopment Plan (the "Modification") and the Modified Tax Increment Financing Plans therefor (the "Modified Plans"); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 through 469.047 (the "HRA Act") and 469.174 through 469.179 (the "TIF Act"), inclusive. as amended; all as reflected in the Modified Plans, and presented for the Council's consideration 1.03. The Council has investigated the facts relating to the Modified Plans. 1.04. The City has performed all actions required by law to be performed prior to the modification of the ILN and LHN Tax Increment Financing Districts and the adoption and approval of the proposed Modification and Modified Plans relating thereto. including, but not limited to, notification of Hennepin County and School District No. 280 and Intermediate School District No. 287 having taxing jurisdiction over the property. included in the ILN and LHN Tax Increment Financing Districts, a review of and written comment on the Modified Plans by the City Planning Commission, and the holding of a public hearing upon published notice as required by law. 1.05. Certain written reports (the "Reports") relating to the Modified Plans and to the activities contemplated therein have heretofore been prepared by staff and submitted to the Council and/or made a part of the City or Authority files and proceedings on the Modified Plans. The Reports include data, information and/or substantiation constituting or relating to (I ) the "studies and analyses" on why the modified Tax Increment Districts meet the so-called "but for" test: and (2) the bases for the other findings and determinations made in this resolution. The Council hereby confirms. ratifies and adopts the Reports, which are hereby incorporated into and made as fully a part of this resolution to the same extent as if set forth in full herein. Resolution No. 8405 -2- Section 2. Findin!:!s for the Approval of the Modification and the Modified Plans. 2.01. The Council hereby finds that the Modification and the Modified Plans. are intended and. in the judgement 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 Modified Plans. which are hereby incorporated herein. 2.02. The Council hereby reaffirms its finding of October 21. 1985 that the ILN Tax Increment Financing District is a redevelopment district and hereby reaffirms its finding of October 15. 1975 that the LHN Tax Increment Financing District is a tax increment financing district under the predecessor statute to the HRA Act. 2.03. The Council further finds that the proposed redevelopment. in the opinion of the Council. would not occur solely through private investment within the reasonably foreseeable future; that the Modified Plans conform to the general plan for the development or redevelopment of the City as a whole: and that the Modified Plans will afford maximum opportunity consistent with the sound needs of the City as a whole. for the development of the ILN and LHN Tax Increment Financing Districts 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 reasons and supporting facts for each determination in writing. attached hereto as Exhibit A. Section 3. Approval of the Modification and Modified Plans. 3.01. The Modification and the Modified Plans. as presented to the Council on this date. including without limitation the findings and statements of objectives contained therein. are hereby approved. ratified. and adopted and shall be placed on file in the office of the City Clerk. 3.02. The staff of the City. the City's advisors and legal counsel are authorized and directed to proceed with the implementation of the Modified Plans and to negotiate. draft. prepare and present to this Council for its consideration all further plans. resolutions. documents and contracts necessary for this purpose. 3.03 The City staff of the City are authorized to file the Modified Plans with the County and the State Department of Revenue. Adopted by the City Council of the City of Richfield this 25th day of November, 1996. ~~ Martin J. Kir h ~A~.-A Mayor ATTEST: ;f~ P!::k Thomas P. Ferber City Clerk EXHIBIT A RESOLUTION # 8405 The reasons and facts supporting the findings for the adoption of the Modified Tax Increment Financing Plans for the ll..N and LHN Tax Increment Financing Districts as required pursuant to Minnesota Statutes. Section 469.175. Subdivision 3 are as follows: J. Reaffirming the findings that the ILN and LHN Tax Increment Financing Districts are a redevelopmellt district and a "pre-I979" tax increment financing district. respectively. as defined ill Minnesota Statlltes. Section 469.174. The development consists of redevelopment projects which the City Council finds to be in the public interest. The ll..N Tax Increment Financing District meets the statutory requirements of a redevelopment district as previously found by the City and described in the original adopting resolution and original Tax Increment Financing Plan for the ll..N Tax Increment Financing District. The LHN Tax Increment Financing District remains a district certified prior to August 1, 1979 under the predecessor statute to the HRA Act. In accordance with Section 469.179, Subd. 2 of the TIF Act, the TIF Act applies to this district only with regard to any new development or redevelopment activity that extends beyond the scope of the district's redevelopment plan after May 1, 1988. 2. Finding that the proposed development. in the opinion of the Council. would not occur solely through private investment within the reasonably foreseeable future and therefore the use of tax increment financing is deemed necessary. The proposed developments in the Modified Plans require certain necessary land acquisitions and other improvements without which the developers could not construct the projects; and without the use of tax increments as a source of revenue to assist with the financing of the land acquisition and other improvements. the developers would not construct these developments in the City. 3. Finding that the ILN and LHN Tax Increment Financing Districts conform to the general plan for the development or redevelopment of the municipality as a whole. The Modified Plans have been reviewed by the Planning Commission and been found to confonn to the general development plan of the City. 4. Finding that the ILN and LHN Tax Increment Financing Districts will afford maximum opportunity, consistent with the sound neects of the City as a whole. for the development of Richfield Redevelopment Project Area by private enterprise. The commerciaVindustrial development to be assisted by the ll..N and LHN Tax Increment Financing Districts 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 provide the necessary projects for the City.