11-20 HRA Resolution No. 1275 HRA RESOLUTION NO. 1275
RESOLUTION ADOPTING THE MODIFICATION TO THE TAX INCREMENT
FINANCING PLAN FOR THE CEDAR AVENUE TAX INCREMENT FINANCING
DISTRICT WITHIN THE RICHFIELD REDEVELOPMENT PROJECT AREA
WHEREAS, it has been proposed by the Board of Commissioners (the "Board") of the
Richfield Housing and Redevelopment Authority (the "HRA") and the City of Richfield (the
"City") .that the HRA adopt the Modification to the Tax Increment Financing Plan (the "TIF Plan
Modification") for the Cedar Avenue Tax Increment Financing District (the "District"), pursuant to
and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to.
469.047, and Sections 469.174 to 469.1794, inclusive, as amended (the "Act"), as well as
Minnesota Laws 2005, Chapter 152, Article 2, Section 25 and Minnesota Laws 2017, First
Special Session, Chapter 1, Article 6, Section 18, all as reflected in the TIF Plan Modification
and presented for the Board's consideration; and
WHEREAS, the proposed TIF Plan Modification will remove 31 parcels from the District
and extend the duration of the District;
WHEREAS, the HRA has investigated the facts relating to the TIF Plan Modification and
has caused the TIF Plan Modification to be prepared; and
WHEREAS, the HRA has performed all actions required by law to be performed prior to
the adoption of the TIF Plan Modification. The HRA has also requested the City Planning
Commission to provide for review of and written comment on the TIF Plan Modification and that
the Council schedule a public hearing on the TIF Plan Modification upon published notice as
. required by law.
NOW, THEREFORE, BE IT RESOLVED by the Board as follows:
1. The HRA hereby reaffirms that the District as modified herein is in the public interest
and is a "redevelopment district" under Minnesota Statutes, Section 469.174, subd.
10 and finds that the TIF Plan Modification conforms in all respects to the
requirements of the Act and will help fulfill a need to develop an area of the State of
Minnesota which is already built up and that the adoption of the proposed TIF Plan
Modification will help provide employment opportunities in the State and in the
preservation and enhancement of the tax base of the City and the State because it
will discourage commerce and industry from moving their operations to another state
or municipality and thereby serves a public purpose.
2. The HRA reaffirms the original findings that the proposed development would not
occur solely through private investment within the reasonably foreseeable future, 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 as permitted by the TIF Plan Modification, that the TIF Plan Modification
conforms to the general plan for the development or redevelopment of the City as a
whole; and that the TIF Plan Modification will afford maximum opportunity consistent
with the sound needs of the City as a whole, for the development or redevelopment
of the District by private enterprise.
3. Conditioned upon the approval thereof by the City Council following its public hearing
thereon, the TIF Plan Modification, as presented to the HRA on this date, is hereby
approved, established and adopted and shall be placed on file in the office of the
Community Development Director.
4. Upon approval of the TIF Plan Modification by the City Council, the staff, the HRA's
advisors and legal counsel are authorized and directed to proceed with the
implementation of the TIF Plan Modification and for this purpose to negotiate, draft,
prepare and present to this Board for its consideration all further plans, resolutions,
documents and contracts necessary for this purpose. Approval of the TIF Plan
Modification does not constitute approval of any project or a Development
Agreement with any developer.
5. Upon approval of the TIF Plan Modification by the City Council, the Community
Development Director is authorized and directed to forward a copy of the TIF Plan
Modification to the Minnesota Department of Revenue and Office of the State Auditor
pursuant to Minnesota Statutes 469.175, Subd. 4a.
6. The Community Development Director is authorized and directed to forward a copy
of the TIF Plan Modification to the Hennepin County Director of Resident and Real
Estate Services in accordance with Minnesota Statutes 469.177.
Approved by the Board of Commissioners of the Richfield Housing and Redevelopment
Authority this 20th day of November, 2017.
2 . SUIgI1M
ATTEST:
,Secretary