94-8134r91
RESOLUTION NO. 8134
A RESOLUTION APPROVING MODIFICATION TO
RICHFIELD REDEVELOPMENT PROJECT PLAN, CONSISTING
OF MODIFICATION N0. 4 TO THE REDEVELOPMENT PLAN
AND TAX INCREMENT FINANCING PLAN FOR THE
INTERSTATE/LYNDALE/NICOLLET REDEVELOPMENT PROJECT
BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota as follows:
Section 1. Recitals.
1.01 The Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "HRA") adopted a Redevelopment Plan
(the "Redevelopment Plan") and a Tax Increment Financing Plan
(the "TIF Plan") for the area of the City generally known as the
Interstate/Lyndale/Nicollet area (the "Project Areas") on
October 21, 1985.
1.02 The City Council of the City of Richfield (the "City") had a
public hearing on the Redevelopment Plan and TIF Plan
(collectively, the "Plans") and approved the Plans on November
12, 1985.
1.03 Corrections to property identification numbers and boundary
lines and changes in the public and private improvement proposed
to be constructed within the Project Area occurred thereafter
and necessitated adopting Modification No. 1 to the Plans in
1985 and Modification No. 2 to the plans in 1989.
1.04 On May 17, 1993 the HRA adopted a Redevelopment Plan for the
Richfield Redevelopment Project Area, which consisted, in part,
of the Project Area and which Redevelopment Plan included
Modification No. 3 to the Plans.
1.05 Additional acquisitions and changes in the public and private
improvements proposed to be constructed within the Project Area
have occurred thereafter and have necessitated the consideration
of this Modification No. 4 to the Plans.
1.06 The HRA has caused to be prepared modified. Plans which are
contained in a document entitled "Interstate Lyndale Nicollet
Redevelopment and Tax Increment Financing plan, Modification No.
4" dated March 21, 1994, and on file with the HRA.
1.07 On March 21, 1994, the HRA adopted Modification No. 4 to the
Plans.
1.08 On April 12, 1994, the Planning Commission considered
Modification No. 4 to the Plans and determined that the modified
Plans are consistent with the general plans for development of
Richfield as a whole.
1.09 The City has thoroughly reviewed the Plans and, following notice
as required by law, has held a public hearing on the Plans, at
which time all persons wishing to express an opinion about
Modification No. 4 were allowed to do so.
Resolution No. 8134
Page 2
Section 2. Findings Relating to Modification No. 4.
2.01 It is found and determined that it is necessary and desirable
for the sound and orderly development of the Project Area and
the City as a whole, and for the protection and preservation of
the public health, safety, and general welfare, that the
author y of the TIF Act be exercised by the HRA to modify the
Plans.
2.02 It is found that adopting Modification No. 4 will preserve and
enhance the .tax base of the state.
2.03 It is further found and determined, and it is the reasoned
opinion of the City, that the proposed retail uses could not
reasonably be expected to occur solely through private
investment within the reasonably foreseeable future and that
therefore the use of tax increment financing is necessary to
assist development of the Project Area.
2.04 The expenditures proposed to be financed through tax increment
financing are necessary to permit the HRA and the City to
realize the full potential of the Project Area in terms of
development intensity and tax base.
2.05 The modified Plans will afford maximum opportunity, consistent
with the sound needs of the City as a whole, for the development
of the Project Area by private enterprise.
2.06 As determined by the Planning Commission, the modified Plans
conform to the general plans for development of the City as
specified in the City's Comprehensive Plan.
Section 3. Ado_.ption of Modification No. 4
3.01 Modification No. 4 is hereby approved.
3.02 The City Clerk is hereby authorized and directed to transmit a
certified copy of this Resolution along with a copy of
Modification No. 4 to the Minnesota Department of Revenue and to
send a copy of this Resolution to the HRA.
3.03 The City will consider from time to time requests made by the
HRA to implement the modified Plans.
Adopted by the City Council of the City of Richfiel Minnesota
this 25th day of April, 1994.
Martin J. it ch, Mayor
ATTEST:
~~~Q ~ ~G
Thomas Ferber, i y er