Loading...
92-7909R61 CITY OF RICHFIELD RESOLUTION NO. 7909 RESOLUTION APPROVING THE~REDEVELOPMENT PLANS AND TAX INCREMENT FINANCING PLANS FOR THE RICHFIELD REDISCOVERED PROGRAM BE IT RESOLVED by the .City Council of the City of Richfield, Minnesota (City) as follows: Section 1. Recitals. 1.01 The Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (Authority) has previously identi- fied areas within the City as being. in need of development, redevelopment and construction of new single family homes in order to provide families and individuals living in a substandard, poor quality environment an opportunity to move to standard housing by establishing a cash market for their existing housing and to provide an opportunity for Richfield to accommodate families currently residing in Richfield or elsewhere who are seeking larger housing units with features popular in today's market. 1.02 The Authority has previously adopted, and the City has previously approved, a Redevelopment Plan for Project Area "A", a Redevelopment Plan for Project Area "B", a Tax Increment Financing Plan for Tax Increment District "A-1" and a Tax Increment Financing Plan for Tax Increment District "B-1", all relating to the Richfield Rediscovered Program (previously, Expanded New Home-Scattered Site Housing Program) (Project),. which plans collectively call for public and private expenditures to encourage develop- ment, redevelopment and new construction of single family homes within the project areas. 1.03 The Authority has adopted a modified Redevelopment Plan for Project Area "A", a modified Redevelopment Plan for Project Area "B", a modified Plan for Tax Increment District "A-1", a modified Plan for Tax Increment District "B-1", a Tax Increment Financing Plan for Tax Increment Financing District "A-2" and a Tax Increment Financing Plan for Tax Increment District "B-2" (collectively, Plans), .dated July 20, 1992, which Plans are on file with the Authority. 1.04 In accordance with the Housing and Redevelopment Authori- ties Act and Tax Increment Financing Act (collectively, Acts), the Plans were referred to the Richfield planning commission which on July 28, 1992 found that they conform 1 to and are not in redevelopment of the 1.05 The Authority on JL referred them to the be held by the City 1.06 Copies of the Plans Independent School I commissioners of Hens estimate of the fisc~ of establishing Tax Tax Increment Financ hearings on the Plan to the school distri conflict with the general plan for City as a whole. ly 20, 1992 approved the Plans and City Council for a public hearing to is required by the Acts. have been forwarded to the board of istrict No. 280, and to the board of epin County along with the Authority's 1 impact on other taxing jurisdictions ncrement Financing District "A-2" and ing District "B-2". Notice of public > to be held by the City was also sent :t and county as required by the Acts. 1.07 This Council has fullly reviewed the contents of the Plans and has this date conducted a public hearing thereon at which the views of a,ll interested persons were heard. Section 2. Findings; Redevelopment Projects; Modified Plans. 2.01 It is hereby found and determined that within the Project there exist conditions of physical deterioration, economic obsolescence and unsafe, unsanitary and other poor housing used or intended to ~e used for living which are injurious to the health, safely, morals and welfare of the citizens of this community. i 2.02 It is further specifically found and determined that: a.) The property in the Project would not be made available for redevelopment without the public intervention and financial assistance described in the Plans; b.) The modified Redevelopment Plans for the Project will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of the Project by private enterprise; and '~ c.) The modified Redevelopment Plans conform to the general redevelopment plan of the City as set forth in the comprehensive municipal plan. 2.03 The findings in thi'S section are made in compliance with Section 469.08, subdivision 2 of the Housing and Redevelop- ment Authorities Act for the. purpose of showing the City's intent to exercise, in conjunction with the Authority, the powers granted to t~e City and the Authority by the Act. 2 Section 3. Findings; Tax Increment Financing Districts "A-1" and "B-1"; Modified Plans. 3.01 It is hereby found that the modified Plans for Tax Incre- ment Financing Districts "A-1" and "B-1" are necessary to permit development and improvement of the Project Areas to their full potential. 3.02 The modified Plans for Tax Increment Financing Districts "A-1" and "B-1" are consistent with the modified Plans for the Project Areas. 3.03 The modified Plans for Tax Increment Financing Districts "A-1" and "B-1" are consistent with the general plans for the development of the City as a whole. Section 4. Findings; Tax Increment Financing Districts "A-2" and "B-2". 4.01 Tax Increment Financing Districts "A-2" and "B-2", which are hereby established in the Project Areas, are redevelop- ment Tax Increment Financing Districts within the meaning of Section 469.174, subd. 10(a)(1) of the TIF Act. 4.02 It is found and determined that it is necessary 'and desirable to the sound and orderly development and redevel- opment of the Project Areas and the City as a whole, and for the protection and preservation of the public health, safety and general welfare that the authority of the TIF Act be exercised by the Authority and the City to provide public financial assistance within the Project Areas. 4.03 It is further found and determined, and it is the reasoned opinion of the Authority and the City, that the redevelop- ment proposed in the Plans for Tax Increment Financing Districts "A-2" and "B-2" could not reasonably be expected to occur solely through private investment within the reasonable foreseeable future and that therefore the use of tax increment financing is necessary. 4.04 The Plans for Tax Increment Financing Districts "A-2" and "B-2" conform to the general plan for redevelopment of the City as a whole. 4.05 The proposed public improvements to be financed largely through tax increment financing are necessary to permit the City to realize the full potential of the Project Areas in terms of development intensity, employment opportunities and tax base. Section 5. Plans Modified; Districts Established; Certifica- tion; Filing. 5.01 The Plans are hereby approved and adopted. 3 5.02 The geographic boundaries of Redevelopment Project Areas "A" and "B" and theTIF districts are as described in the Plans, which documen{{,,s are hereby adopted by reference. No changes have been ma a in the geographic boundaries of the Project Areas or in ax Increment Financing Districts "A-1" or "B-1" as a resul of the Plans hereby approved. 5.03 A copy of the staff report and findings, which was the basis upon which the Authority and City concluded that Tax Increment Financing Districts "A-2" and "B-2" qualified as redevelopment tax i~lcrement financing districts shall be retained by the Authority for the duration of the TIF districts. 5.04 The Authority is requested to file a copy of the Plans with the Minnesota commissioner of revenue as required by the TIF Act. 5.05 The Authority intends to request that the City assist from time to time in financing the public redevelopment costs identified in the TIF Plans by a loan payable from capital proceeds from land sale and tax increment from the TIF districts, and other revenues. 5.0.6 The Authority intendls to pay interest on the borrowed funds if the cash flow from the TIF districts is sufficient after the payment of prin~ipal. 5.07 The Authority also intends to request that the City from time to time consider various other actions necessary to the implementation of the Plans and pledges its cooperation with the City in aciieving the objectives of the Plans. 5.08 The City Clerk is authorized and directed to transmit a certified copy of this resolution to the Authority. Passed this 24th day of August 1992 by the City Council of the City of Richfield, Minnesota. I ~~ ~Y' ~ ~,~ I~ Martin Kir cfh, Mayor ATTEST: Thomas P. Fe City Cler 4