93-8030R78
RESOLUTION NO. 8030
RESOLUTION APPROVING THE REDEVELOPMENT PLAN FOR THE
RICHFIELD REDEVELOPMENT PROJECT AREA AND
MODIFICATION OF CERTAIN REDEVELOPMENT PLANS AND
TAX INCREMENT FINANCING PLANS
BE IT RESOLVED by the City Council of the City of Richfield
Minnesota as follows:
Section 1. Recitals.
1.01 The City Council (the "Council") of the City of
Richfield, Minnesota (the "City") together with the
Housing and Redevelopment Authority (the "HRA") in and
for the City of Richfield, Minnesota, have established
the Lyndale-Hub-Nicollet Redevelopment Project Area ("LHN
Project Area"), the Interstate-Lyndale-Nicollet
Redevelopment Project Area ("ILN Project Area") and the
Interstate-Lyndale-Nicollet Tax Increment Financing
District ("ILN District"), the Cedar Avenue Business Area
Redevelopment Project Area ("CABA Project Area") and the
Cedar Avenue Business Area Tax Increment Financing
District ("CABA District"), the Penn Avenue and Sixty
Sixth Street Redevelopment Project Area ("PASSS Project
Area") and Penn Avenue and Sixty Sixth Street Tax
Increment Financing District ("PASSS District"),
Redevelopment Project Area A and Tax Increment Financing
District A-1 ("District A-1") and Tax Increment Financing
District A-2 ("District A-2"), and Redevelopment Project
Area B and Tax Increment Financing District B-1
("District B-1") and Tax Increment Financing District B-2
("District B-2"), collectively the "Project Areas" and
"Tax Increment Financing Districts").
1.02 The Council and the HRA have adopted and modified from
time to time the Redevelopment Program and Plans and Tai
Increment~Financing Plans (collectively the "Modified
Plans") relating to each of the respective Project Areas
and Tax Increment Financing Districts.
1.03 The Council and HRA have identified blighted areas within
the city as being in need of development and
redevelopment which are not currently within the
boundaries of existing Project Areas.
1.04 The Council and the HRA anticipate that the costs of
financing redevelopment will be reduced through the
sharing of tax increments among existing Project Areas by
means of the Richfield Redevelopment Project Area (the
"Richfield Redevelopment Plan").
1.05 The Council and the HRA have caused to be prepared a
Redevelopment Plan for the Richfield Redevelopment
Resolution No. 8030
Page 2
Project Area which
and also includes
Project Areas and
Plans on file with
redevelopment acti
each Project Area
encompasses all existing Project Areas
reas previously not included in the
ave caused to be prepared Modified
the HRA, which modify the
ities and expenditures budgets for
nd TIF District.
1.06 The executive director of the HRA transmitted copies of
the Richfield Redevelopment Plan and Modified Plans to
the City of Richfield Planning Commission, school boards
of Independent School District No. 280, Intermediate
School District No! 287, and the board of commissioners
of Hennepin County for review and comment and timely
notified-said public bodies of the public hearings to be
held by the City. i,
1.07 The City of Richfield Planning Commission has found that
the Richfield Redevelopment Plan and Modified Plans are
in compliance with the Comprehensive Plan of the City.
1.08 By resolution dated May 17, 1993, the Board of
Commissioners of t~e HRA approved the Richfield
Redevelopment Planland the Modified Plans.
1.09 The Council has on~this date held a public hearing
regarding the Richfield Redevelopment Plan and the
Modified Plans at ~hich the views of all interested
persons were heard;
Section 2.
2.01 The Council finds that the objective of encouraging
development, redevelopment, and new construction within
the Richfield Redevelopment Project Area and Project
Areas will be advanced by adoption of the Richfield
Redevelopment Planland Modified Plans.
2.02 It is further found and determined, and it is the
reasoned opinion of the Council, that the development
proposed in the Richfield Redevelopment Plan and the
Modified Plans could not reasonably be expected to occur
solely through private investment within the reasonably
foreseeable future and that therefore the use of tax
increment financing, and other financial aid sought, is
necessary.
2.03 The Richfield Rede elopment Plan and the Modified Plans
conform to the gen~ral plan of development of the City as
a whole. li
2.04 The Richfield Redevelopment Plan and the Modified Plans
will afford maximum opportunity, consistent with the
sound needs of the City as a whole, for the development
or redevelopment of the Richfield Redevelopment Project
Area and all Project Areas therein by private enterprise.
Resolution No. 8030
Page 3
2.05 The boundaries of the Richfield Redevelopment Project
Area are as described in the Richfield Redevelopment
Plan, which document is incorporated herein by reference.
The Richfield Redevelopment Plan and the Modified Plans
do not change the classification or boundaries of any TIF
District.
2.06 The Council has relied upon the reports and
recommendations of its staff and the HRA and the HRA's
staff as well as the personal knowledge of members of the
Council in reaching its conclusions. regarding the
Richfield Redevelopment Plan and the Modified Plans.
2.07 The Richfield Redevelopment Plan and Modified Plans are
hereby approved and adopted by the Council.
2.08 HRA and City staff are directed to formulate procedures
which will result in implementation of the establishment
of the Richfield Redevelopment Project Area and the
methodology for sharing tax increments among Project
Areas.
2.09 HRA and City staff is directed to forward copies of the
Redevelopment Plan and the Modified Plans to Hennepin
County and the State of Minnesota Department of Revenue,
as outlined in Minnesota Statutes, Section 469.175,
Subdivision 2.
Section 3. Annual Reporting.
3.01 The financial status of each individual tax increment
financing district shall be reported on an annual basis
in the format shown in Appendix C of the Richfield
Redevelopment Plan for the Richfield Redevelopment
Project Area and Modified Plans dated June 14, 1993.
Passed by the City Council of the
day of June, 1993.
City of Richfield this 14th
P
Martin J. Ki sch, Mayor
ATTEST:
~~~ U>U ~ .l2h,.~
Thomas P. Ferber, City Clerk