01-26 Resolution No. 11822RESOLUTION NO. 11822
RESOLUTION APPROVING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR THE
RICHFIELD REDEVELOPMENT PROJECT; AND APPROVING A TAX INCREMENT
FINANCING PLAN FOR THE 2020-2 TAX INCREMENT FINANCING DISTRICT: EMI
WHEREAS, the City of Richfield, Minnesota (the "City") and the Housing and
Redevelopment Authority in and for the City of Richfield, Minnesota (the "Authority") have
established, and the Authority administers, the Richfield Redevelopment Project (the
"Redevelopment Project") located within the City and have created a Redevelopment Plan (the
"Redevelopment Plan") therefor, pursuant to Minnesota Statutes, Sections 469.001 through
469.047, as amended (the "HRA Act"); and
WHEREAS, within the Redevelopment Project the City and the Authority have created
certain tax increment financing districts pursuant to the HRA Act and Minnesota Statutes,
Sections 469.174 through 469.1794, as amended (the "TIF Act"); and
WHEREAS, the City and the Authority have determined to modify the Redevelopment Plan
and approve a tax increment financing plan (the "TIF Plan") relating to the creation of a new tax
increment financing district within the Redevelopment Project designated as the 2020-2 Tax
Increment Financing District: Emi (the "TIF District'), a redevelopment district, all as described in a
plan document presented to the City Council of the City (the "City Council") on the date hereof; and
WHEREAS, pursuant to Section 469.175, subdivision 2a of the TIF Act, notice of the
proposed TIF District was provided to the county commissioner who represents the area included
in the TIF District on or about October 9, 2020; and
WHEREAS, pursuant to Section 469.175, subdivision 2 of the TIF Act, the proposed TIF
Plan and the estimates of the fiscal and economic implications of the TIF Plan were presented to
the Clerk of the Board of Education of Richfield Public Schools and to the Taxpayer Services
Division Manager, as the County Auditor, of Hennepin County, Minnesota (the "County") on or
about October 23, 2020; and
WHEREAS, on January 19, 2021, the Board of Commissioners of the Authority approved
the modified Redevelopment Plan and the TIF Plan for the TIF District and referred such plans to
the City Council for consideration; and
WHEREAS, on the date hereof, the City Council conducted a duly noticed public hearing
relating to the approval of the modified Redevelopment Plan and the TIF Plan for the TIF District,
and the views of all interested parties were heard at the public hearing; and
WHEREAS, the City Council has reviewed the contents of the modified Redevelopment
Plan and the TIF Plan; and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota as follows:
Section 1. Findings: Redevelopment Project. The City Council hereby finds that (a) the
land in the Redevelopment Project would not be made available for development or redevelopment
without the use of tax increment financing; and (b) the modified Redevelopment Plan is intended to
Resolution No. 11822
and, in the judgment of the City Council, the effect of such actions will be to (i) afford maximum
opportunity, consistent with the needs of the City as a whole, for the development of the
Redevelopment Project by private enterprise; and (ii) conform to the general plan for development
of the City as a whole.
Section 2. Findings; TIF District.
2.01. It is found and determined that it is necessary and desirable for the sound and
orderly development of the Redevelopment Project, and for the protection and preservation of the
public health, safety, and general welfare of the City and its residents, that the authority of the TIF
Act be exercised by the City to provide public financial assistance to the TIF District and the
Redevelopment Project.
2.02. It is further found and determined, and it is the reasoned opinion of the City, that the
development proposed in the TIF Plan could not reasonably be expected to occur solely through
private investment within the reasonably foreseeable future and 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 expected to result from the proposed development after
subtracting the present value of the projected tax increments for the maximum duration of the
district permitted by the TIF Plan.
2.03. The proposed public improvements to be financed in part through tax increment
financing are necessary to permit the City to realize the full potential of the TIF District in terms of
development of housing, renovation of substandard properties, development intensity, and tax
base.
2.04. The TIF Plan conforms to the general plan for development of the City as a whole.
2.05. The TIF Plan will afford maximum opportunity, consistent with the sound needs of
the City as a whole, for the development of the TIF District and the Redevelopment Project by
private enterprise.
2.06. The TIF District is a redevelopment district under Section 469.174, subdivision 10 of
the TI F Act.
2.07. The reasons and facts supporting all the above findings are set forth in the TIF Plan
and are incorporated herein by reference. The City Council has also relied upon the reports and
recommendations of its staff and consultants, as well as the personal knowledge of members of
the City Council, in reaching its conclusions regarding the TIF Plan.
Section 3. Public Purpose. The adoption of the TIF Plan conforms in all respects to
the requirements of the TIF Act. The TIF Plan will help facilitate redevelopment that will create
additional rental housing, create new commercial uses, and improve the tax base. The City
expressly finds that the tax increment assistance is provided solely to make the development
financially feasible and thus produce the public benefits described. Therefore, the City finds that
the public benefits of the TIF Plan exceed any private benefits.
Resolution No. 11822
Section 4. Approvals: Further Proceedings
4.01. The modified Redevelopment Plan is hereby approved.
4.02. The TIF Plan for the TIF District is hereby approved and adopted in substantially the
form on file at City Hall.
4.03. Authority staff and consultants are authorized and directed to file a request for
certification of the TI F District with the Taxpayer Services Division Manager, as the County Auditor,
of the County and to file a copy of the modified Redevelopment Plan and the TIF Plan with the
Minnesota Commissioner of Revenue and the State Auditor as required by the TIF Act.
Adopted by the City Council of the City of Richfield, Minnesota this 26th day of
January, 2021.
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Maria Regan Gonzalez, Mayor
ATTEST:
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Elizabeth VanHoose, City Clerk
Resolution No. 11822 3