08-20 HRA Resolution No. 1308
HRA RESOLUTION NO. 1308
RESOLUTION ADOPTING A 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 a Modification to the Tax Increment Financing Plan (the
"Modification") for Cedar Avenue Tax Increment Financing District (the "District"), all pursuant
to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to
469.047, and Sections 469.174 to 469.1799, inclusive, as amended (the "Act"), all as reflected
in the Modification and presented for the Board's consideration; and
WHEREAS
, the HRA has investigated the facts relating to the Modification and has
caused the Modification to be prepared; and
WHEREAS
, the HRA has performed all actions required by law to be performed prior to
the adoption of the Modification. The HRA has also requested the City Planning Commission to
provide for review of and written comment on the Modification and that the Council schedule a
public hearing on the 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" as defined in the Laws of Minnesota 2005, Chapter
152, Article 2, Section 25.
2. The HRA further finds that the Modification 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. Conditioned upon the approval thereof by the City Council following its public
hearing thereon, the Modification, 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 Community Development
Director.
4. Upon approval of the 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 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 Modification does not constitute approval of any project or a Development
Agreement with any developer.
5. Upon approval of the Modification by the City Council, the Community
Development Director is authorized and directed to forward a copy of the Modification to the
Minnesota Department of Revenue and Office of the State Auditor pursuant to Minnesota
Statutes 469.175, Subd. 4a.
HRA Resolution No. 1308
6. The Community Development Director is authorized and directed to forward a
copy of the Modification to the Hennepin County Auditor all in accordance with Minnesota
Statutes 469.177.
Approved by the Board of Commissioners of the Richfield Housing and Redevelopment
Authority this 20th day of August, 2018.
Mary/Supple, Ch- r
ATTEST:
1(//'
Erin Vrieze C anielsSecreta
rY
HRA Resolution No. 1308