95-8261r
34
RESOLUTION NO. 8261
RESOLUTION APPROVING THE REDEVELOPMENT PLANS AND TAX
INCREMENT FINANCING PLANS FOR THE RICHFIELD REDISCOVERED
PROGRAM
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota (City)
as follows:
Section 1. Recitals.
1.01 The Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (Authority) has previously identified areas within the City as being in
need of development, redevelopment and construction of new single family
homes in order to provide families and individuals living in a substandard, poor
quality environment an opportunity to move to standard housing by establishing
a cash market for their existing housing and to provide an opportunity for
Richfield to accommodate families currently residing in Richfield or elsewhere
who are seeking larger housing units with features popular in today's market.
1.02 The Authority has previously adopted, and the City has previously approved, a
Redevelopment Plan for Project Area "A", a Redevelopment Plan for Project
Area "B", a Tax Increment Financing Plan for Tax Increment District "A-1" and a
Tax Increment Financing Plan for Tax Increment District "B_1", all relating to the
Richfield Rediscovered Program (Project), which plans collectively call for public
and private expenditures to encourage development, redevelopment and new
construction of single family homes within the project areas.
1.03 The Authority has previously adopted, and the City has previously approved a
modified Redevelopment Plan for Project Area "A", a modified Redevelopment
Plan for Project Area "B", a modified Plan for Tax Increment District "A-1", a
modified Plan for Tax Increment District "B-1", a Tax Increment Financing Plan
for Tax Increment Financing District "A-2" and a Tax Increment Financing Plan
for Tax Increment District "B-2 (collectively, Plans), dated July 20, 1992, which
plans are on file with the Authority.
1.04 The Authority has adopted a modified Redevelopment Plan for Project Area "A",
a modified Redevelopment Plan for Project Area "B", a modified Plan for Tax
Increment District "A"-2", a modified Plan for Tax Increment District "B-2", a Tax
Increment Financing Plan for Tax Increment Financing District "A-3" and a Tax
Increment Financing Plan for Tax Increment Financing District "B_3", (collectively,
Plans), dated June 20, 1994, which Plans are on file with the Authority.
1.05 The Authority has adopted a modified Redevelopment Plan for Project Area "A',
a modified Redevelopment Plan for Project Area "B", a modified Plan for Tax
Increment District "A"-3", a modified Plan for Tax Increment District "B-3", a Tax
Increment Financing Plan for Tax Increment Financing District "A-4" and a Tax
Increment Financing Plan for Tax Increment Financing District "B-4", (collectively,
Plans), dated May 15,1995, which Plans are on file with Authority.
Resolution No. 8261
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1.06 In accordance with the Housing and Redevelopment Authorities Act and Tax
Increment Financing Act (collectively, Acts), the Plans were referred to the
Richfield Planning Commission which on May 23, 1995 found that they conform
to and are not in conflict with the general plan for redevelopment of the City as a
whole.
1.07 The Authority on May 22, 1995 approved the Plans and referred them to the City
Council for a public hearing to be held by the City as required by the Acts.
1.08 Copies of the Plans have been forwarded to the board of Independent School
District No. 280, Intermediate School District No. 287, the board of
commissioners of Hennepin County, and individually to the Hennepin County
Board Commissioner representing the City of Richfield along with the Authority's
estimate of the fiscal impact on other taxing jurisdictions of establishing Tax
Increment Financing District "A-4" and Tax Increment Financing District "8-4".
Notice of public hearing on the Plans to be held by the City was also sent to the
school districts and county as required by the Acts.
1.09 This Council has fully reviewed the contents of the Plans and has this date
conducted a public hearing thereon at which the views of all interested persons
were heard.
Section 2. Findings: Redevelopment Proiects: Modified Plans.
2.01 It is hereby found and determined that within the Project there exist conditions of
physical deterioration, economic obsolescence and unsafe, unsanitary and other
poor housing used or intended to be used for living which are injurious to the
health, safety, morals and welfare of the citizens of this community.
2.02 It is further specifically found and determined that:
a.) The property in the Project would not be made available for
redevelopment without the public intervention and financial assistance
described in the Plans:
b.) The modified Redevelopment Plans for the Project will afford maximum
opportunity, consistent with the sound needs of the City as a whole, for
the redevelopment of the Project by private enterprise; and
c.) The modified Redevelopment Plans conform to the general
redevelopment plan of the City as set forth in the comprehensive
municipal plan.
2.03 The findings in this section are made in compliance with Section 469.08,
subdivision 2 of the Housing and Redevelopment Authorities Act for the purpose
of showing the City's intent to exercise, in conjunction with the authority, the
powers granted to the City and the Authority by the Act.
Resolution No. 8261
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Section 3 Findings: Tax Increment Financing Districts "A-3" and "B-3": Modified
~.
3.01 It is hereby found that the modified Plans for Tax Increment Financing Districts
"A-3" and "B-3" are necessary to permit development and improvement of the
Project Areas to their full potential.
3.02 The modified Plans for Tax Increment Financing Districts "A-3" and "B-3" are
consistent with the modified Plans for the Project Areas.
3.03 The modified Plans for Tax Increment Financing Districts "A-3" and "B-3" are
consistent with the general plans for the development of the City as a whole.
Section 4. Findings: Tax Increment Financing Districts "A-4" and "B-4".
4.01 Tax Increment Financing Districts "A-4" and "B'4", which are hereby established
in the Project Areas, are redevelopment Tax Increment Financing Districts within
the meaning of Section 469.174, subd. 10 (a) (1) of the TIF Act.
4.02 It is found and determined that it is necessary and desirable to the sound and
orderly development and redevelopment of the Project Areas and the City as a
whole, and for the protection and preservation of the public health, safety and
general welfare that the authority of the TIF Act be exercised by the Authority
and the City to provide public financial assistance within the Project Areas.
4.03 It is further found and determined, and it is the reasoned opinion of the Authority
and the City, that the redevelopment proposed in the Plans for Tax Increment
Financing Districts "A-4" and "B-4" could not reasonably be expected to occur
solely through private investment within the reasonable foreseeable future and
that the increase in market value of each site that could reasonably be expected
to occur without the use of tax increment financing would be less than the
increase in market value estimated to result from teh proposed redevelopment of
each site, after subtracting the present value of the projected tax increment for
the 25 year duration of the TIF District. The basis for this conclusion is a report
prepared by staff analyzing each site with regard to this matter therefore the use
of tax increment financing is necessary.
4.04 The Plans for Tax Increment Financing Districts "A-4" and "B-4" conform to the
general plan for redevelopment of the City as a whole.
4.05 The proposed public improvements to be financed largely through tax increment
financing are necessary to permit the City to realize the full potential of the
Project Areas in terms of development intensity, employment opportunities and
tax base.
Resolution No. 8261
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Section 5. Plans Modified: Districts Established: Certification: Filing.
5.01 The Plans are hereby approved and adopted.
5.02 A copy of the staff report and findings, including the report required to comply
with Minnesota Statutes, Section 469.175, subd. 3 and the finding which was the
basis upon which the Authority and City concluded that Tax Increment Financing
Districts "A-4" and "8-4" qualified asredevelopment tax increment financing
districts shall be retained by the Authority for the duration of the TIF districts.
5.03 The Authority is requested to file a copy of the Plans with the Minnesota
commissioner of revenue as required by the TIF Act.
5.04 The Authority intends to request that the City assist from time to time in financing
the public redevelopment costs identified in the TIF Plans from capital proceeds
from land sale, tax increment from the TIF districts, development account fund
revenue, and other revenues.
5.05 The Authority also intends to request that the City from time to time consider
various other actions necessary to the implementation of the Plans and pledges
its cooperation with the City in achieving the objectives of the Plans.
5.06 The City Clerk is authorized and directed to transmit a certified copy of this
resolution to the Authority.
Passed this 10th day of July, 1995 by the City Council of the City or Richfield,
Minnesota.
ATTEST:
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Thomas P Ferber, City Clerk