08-20 HRA Resolution No. 1307
HRA RESOLUTION NO. 1307
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT
PLAN FOR THE RICHFIELD REDEVELOPMENT PROJECT AREA,
ESTABLISHING TAX INCREMENT FINANCING DISTRICT NO. 2018-1
THEREIN, AND ADOPTING A TAX INCREMENT FINANCING PLAN
THEREFOR
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 a Modification to the Redevelopment Plan (the "Redevelopment Plan
Modification") for the Richfield Redevelopment Project Area (the "Project Area") and establish
Tax Increment Financing District No. 2018-1 (the "District") and adopt a Tax Increment
Financing Plan (the "TIF Plan") therefor (the Redevelopment Plan Modification and the TIF Plan
are referred to collectively herein as the "Plans"), all 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"), all as reflected in the Plans and
presented for the Board's consideration; and
WHEREAS
, the HRA has investigated the facts relating to the Plans and has caused the
Plans to be prepared; and
WHEREAS
, the HRA has performed all actions required by law to be performed prior to
the adoption of the Plans. The HRA has also requested the City Planning Commission to
provide for review of and written comment on Plans and that the Council schedule a public
hearing on the Plans upon published notice as required by law.
NOW, THEREFORE, BE IT RESOLVED
by the Board as follows:
1. The HRA hereby finds that the District is in the public interest and is a "housing district"
under Minnesota Statutes, Section 469.174, Subd. 11, and finds that the adoption of the
proposed Plans conform in all respects to the requirements of the Act, will help fulfill a
need to develop an area of the State of Minnesota for affordable and high quality
housing, assist in the enhancement of the tax base of the City and the State, thereby
serving a public purpose.
2. The HRA further finds that the Plans will afford maximum opportunity, consistent with the
sound needs for the City as a whole, for the development or redevelopment of the
Project Area by private enterprise in that the intent is to provide only that public
assistance necessary to make the private developments financially feasible.
3. The boundaries of the Project Area are not being expanded.
4. The reasons and facts supporting the findings in this resolution are described in the
Plans.
5. The HRA elects to calculate fiscal disparities for the District in accordance with
Minnesota Statutes, Section 469.177, Subd. 3, clause b, which means the fiscal
disparities contribution would be taken from inside the District. It is not anticipated that
HRA Resolution No. 1307
the District will contain commercial/industrial property. As a result, there should be no
impact due to the fiscal disparities provision on the District.
6. Conditioned upon the approval thereof by the City Council following its public hearing
thereon, the Plans, as presented to the HRA on this date, are hereby approved,
established and adopted and shall be placed on file in the office of the Executive
Director of the HRA.
7. Upon approval of the Plans by the City Council, the staff, the HRA's advisors and legal
counsel are authorized and directed to proceed with the implementation of the Plans 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 Plans does not constitute approval of any project or a
Development Agreement with any developer.
8. Upon approval of the Plans by the City Council, the Executive Director of the HRA is
authorized and directed to forward a copy of the Plans to the Minnesota Department of
Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175,
Subd. 4a.
9. The Executive Director of the HRA is authorized and directed to forward a copy of the
Plans to the Hennepin County Auditor and request that the Auditor certify the original tax
capacity of the District as described in the Plans, all in accordance with Minnesota
Statutes 469.177.
Approved by the Board on August 20, 2018.
Mary Supple, Chair
ATTEST:
Erin /(eitrize VILS)Cretary
HRA Resolution No. 1307