05-28 Resolution No. 11626
RESOLUTION NO. 11626
RESOLUTION ADOPTING A MODIFICATION TO THE TAX INCREMENT
FINANCING PLAN FOR THE LYNDALE GARDENS TAX INCREMENT
FINANCING DISTRICTS WITHIN THE RICHFIELD REDEVELOPMENT
PROJECT AREA
WHEREAS
, the City of Richfield (the “City”) has established the Richfield
Redevelopment Project Area and adopted the Redevelopment Plan therefor and established
therein the Lyndale Gardens Tax Increment Financing District and adopted a Tax Increment
Financing Plan (the Plan) therefor. It has been proposed that the City of Richfield adopt a
Modification to the Tax Increment Financing Plan (the "Modification") for the Lyndale Gardens
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 Plans and presented for the
City Council's consideration; and
WHEREAS
, the City of Richfield has investigated the facts relating to the Modification
and has caused the Modification to be prepared; and
WHEREAS
, the City of Richfield has performed all actions required by law to be
performed prior to the adoption and approval of the proposed Modification. Because of the
nature of this modification, and because this Modification does not entail an enlargement of
geographic area, an increase in the amount of bonded indebtedness, an increase to the amount
of interest on debt, an increase in the portion of the captured net tax capacity, or an increase in
the total estimated tax increment expenditures, this modification is not subject to a public
hearing requirement.
NOW, THEREFORE, BE IT RESOLVED
by the City Council as follows:
1. The City of Richfield 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 (a)(2); that the proposed redevelopment would not occur solely
through private investment within the reasonably foreseeable future, that the
increased market value on 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
Lyndale Gardens TIF District permitted by the Tax Increment Financing Plan; that the
Modified Plan conforms to the general plan for the development or redevelopment of
the City as a whole; and that the Modified Plan will afford maximum opportunity
consistent with the sound needs of the City as a whole, for the development of the
Lyndale Gardens TIF District by private enterprise.
2. The City of Richfield further finds that the Modifications 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.
Resolution No. 11626
3. Conditioned upon the approval thereof by the City Council, the Modification, as
presented on this date, is hereby approved and adopted and shall be placed on file
in the office of the Community Development Director.
4. Upon approval of the Modifications 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.
5. The Community Development Director is authorized and directed to forward a copy
of the Modification to the Hennepin County Auditor and request that the Auditor
certify the original tax capacity of the District as described in the Modifications, all in
accordance with Minnesota Statutes 469.177.
Adopted by the City Council of the City of Richfield, Minnesota this 28th day of May,
2019.
Maria Regan Gonzarez, Mayor
ATTEST: /
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(-674, r if —
Elizabeth Van oose, City Clerk
Resolution No. 11626
Exhibit A
Budget
Adopted Modified Modified
Use of Tax Increment FundsAugust 9, 2011October 17, 2011
May 28, 2019
Land / Building Acquisition3,000,0003,200,0003,466,559
Site Improvements / Preparation351,0002,416,0002,159,441
Utilities0080,000
Other Qualifying Improvements15,00015,0000
Costs Outside District2,340,00075,0000
Administrative Costs (up to 10%)1,560,0001,560,0001,560,000
Project Cost Total7,266,0007,266,0007,266,000
Interest8,334,0008,334,0008,334,000
Project and Interest Costs Total15,600,00015,600,00015,600,000
Resolution No. 11626