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12-17-90 agendaCITY OF RICHFIELD, MINNESOTA Council Letter No. 313 Agenda December 17, 1990 Issue Statement• Public hearing and approval of Modification No. 6 to the LHN Commercial Improvement. Program. Background• Modification No. 6 places all property bounded by vacated Pillsbury Avenue, West 65th Street, the Soo Line railroad right- of-way and West 66th Street in acquisition status. It would permit the implementation of the Bradley Real Estate Investment Trust (Bradley) concept to be presented at the Council/HRA meeting on December 17. Purchase by either the HRA or Bradley would then be in conformance with the redevelopment plan. The HRA would purchase the Levine property directly. It contains U. S. Swim and Fitness, Great Clips, Snyders and Hauser's. Bradley would negotiate with the owners of Kentucky Fried Chicken, the P & D Investment building at 224 West 66th Street and the Naegele sign. If negotiations were not successful, the HRA power of condemnation could be utilized with Bradley paying HRA Costs. Funding to implement the purchase of the Levine property would be drawn from the LHN tax increment fund. In 1991, when conditions are appropriate, bonds could be sold to finance this transaction and reimburse the tax increment fund. By law, any bonds sold would have to be amortized by the year 2000. Recommended Motion: Hold the public hearing and adopt the attached resolution which approves the LHN Plan Modification No. 6 and makes the necessary funding available. Basis of Recommendation: 1. To redevelop this property, Modification No. 6 must be approved. 2. To implement the .Bradley proposal requires the processing of this modification. 3. Financing is available from the LHN tax increment fund. 4. The HRA. on November 19, 1990 approved the modification and requested City Council approval. 5. The Planning Commission on November 27, 1990 found the modification to be in conformance with the Comprehensive Plan. 6. The notice of public hearing was published in the Richfield Sun Current. 7. The Plan modification was forwarded to the County and school districts. 8. The City Council agreed on December 10, 1990 to hold a public hearing at a special December 17, 1990 meeting. Alternative Recommendation: 1. Refuse to modify the Plan. 2. Delay modifying the Plan. Decision/Discussion Mode: The regular HRA meeting is scheduled for December 17, 1990. Action by the Council on the 17th would facilitate the redevelopment process with the HRD at their meeting. Respect lly submitted, Jame Prosser City Manager JDP:ds RESOLUTION N0. RESOLUTION APPROVING MODIFICATION NO. 6 TO THE LYNDALE/HUB/NICOLLET COMMERCIAL IMPROVEMENT PROGRAM AND PLAN RELATING THERETO 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 (HRA) approved a redevelopment plan for an urban renewal project for the "Lyndale/Hub/NiCOllet Commercial Imp~Qvement Program" (Plan) on October 15, 1975. 1.02. The1)-City Council of the City of Richfield, Minnesota (City) held a public hearing on the Plan and approved the Plan on November 24, 1975. 1.03. The Plan has been previously modified. 1.04. The need for further redevelopment and property acquisition has prompted the HRA to prepare a modified Plan. 1.05. It has been determined that the acquisition of the property described in Attachment A is necessary to implement the Plan and to carry out the purposes of the Plan. 1.06. The monies for the purchase of this property are available in the LHN tax increment fund. 1.07. On November 19, 1990, the HRA approved the modified Plan contingent upon review and a favorable finding by the Richfield Planning Commission, and referred the Plan to the .City for public hearing and consideration as provided by Minn. Stat., Sections 469.001 to 469.047 (HRA Act) and Minn. Stat., Sections 469.174 to 469.179 (TIF Act). 1.08. The modified Plan was referred to the Richfield Planning Commission which on November 27, 1990 found the Plan to conform and not be in conflict with the general plans for the development or redevelopment of the city as a whole. 1.09. Copies of the modified Plan have been forwarded to Independent School District No. 280, Intermediate School District No. 287, and Hennepin County along with a notice of the public hearing as required by the TIF Act. 1.10. The City Council has fully reviewed the contents of the modified Plan and has this date conducted a public hearing thereon at which the views of all interested persons were heard. Section 2. Modified Lvndale/Hub/Nicollet Commercial Improvement Program and Plan adopted. 2.01. Except for the modification stated herein, and as required by Section 469.179 of the TIF Act, the City reaffirms its findings and conclusions as approved on November 24, 1975 and in subsequent modifications and reaffirms its intention that the LHN continue to be regulated as a TIF project approved prior to August 1, 1979. 2.02. Modification No. 6 to the Lyndale/Hub/Nicollet Commercial Improvement Program and Plan is hereby approved including the method proposed for financing. 2.03. The HRA is requested to file a copy of the modified Plan with the Minnesota Commissioner of Revenue as required by the TIF Act. 2.04. The City Clerk is authorized and directed to transmit a certified copy of the Resolution to the HRA. Passed by the City Council of the City of Richfield, Minnesota this 17th day of December, 1990. Mayor ATTEST: Thomas P. Ferber, City Clerk [LHN]LHN-Resolution Attachment A (1 of 2) s ~~ l! \_~ ~ . s s '. I ~ • ~ I ~ i,;l II; I r ~~ lrrwooo ( 1 1~ .[ ;' ~Y ~ ~ i1 ` 1 O ~r . ~. ~. ,;~~ I '~' I ;II~ I~ IiIIII~~. " ~trt/{or wt. ~~L~IIIIII~I~ I ~o"' I I I I ,~~. ,I:I~I 6 l NN/rT w[. ~I II!I - III I / car^^ w[. I I ~I' i I I x '1 _ ' I~1 r~- o• ~ ~.. ~ ~ I i 1 C ~ ~~ 0,1 ~p ~ I purr w[.' '1`1'. - E ,,~1i~~~~~~l,il 1 i :1.~ i1 ~. -.•Q~.~ ~ ± I i ~li~ l , ,~ I I f~ ~ -1 ~ ~ i t s I~: i l l j l I I ~ I I ~` .~-f ~r unno wt ~ ~~ i I ~~ j r`~; I i i I, j ~~ I h ~~ ~ - i_~_1i -~ ~1 r~i , j ~ - ~ ~ ~ I I 1 L__ it ~ ~ ~ _ ~ ~ ~ i l l i 1"I wnln - tv[ /~.~ll-I111I] I ~ -- I -t III1.1_ "~;, __ ~ ~;-, ;11TH ~ i.i ~ ~-i " ~~'-~ - Ill-~ ~~-1~~~- 1 I I ~~ l~ll~ l ~~ . __. ~~ '_~ -o O -~~itIIIIII~. .~ _. I ~_ 1 .~ ^i[ -~ ~~ fl[Ytrf tY[. I~ ~~ t N 1Yt. wt{tarT /vt. '~~ I I - -1 ~I.1_~ I I N _~ C> > l wa{YMY .Yt. l'i -N~.i.,.Ii~PL h I II' " I I Ill III' ~''il~ II I I~ I],~ 'I~ 0 z S ° LYNDALE /HUB / NICOLL.ET ~ " COMMERCIAL IMPROVEMENT PROGRAM RICHFIELD, MN Attachment A (2 of 2) ATTACHMENT A GENERAL PROPERTY DESCRIPTIONS 224 West 66th Street (PIN No. 27-028-24-24-0009): South 183 feet of East 47 9/10 feet of West 72 9/10 feet of Southeast 1/4 of Northwest 1/4, except road, Section 27, Township 28, Range, 24, Hennepin County,. Minnesota. 220 West 66th Street (PIN No. 27-028-24-24-0058): South 150 feet of East 255 feet of that part of Southeast 1/4 of Northwest 1/4 lying West of Richfield Plaza, except road, Section 27, Township 28, Range, 24, Hennepin County, Minnesota. 6520 Pillsbury Avenue South (PIN No. 27-028-24-24-0062): Lot 3, Block 1, Richfield HUB Superblock, Hennepin County, Minnesota.