Loading...
90-7656R1/ CITY OF RICHFIELD RESOLUTION NO. 7656 RESOLUTION APPROVING THE REDEVELOPMENT PLANS AND TAX INCREMENT FINANCING PLANS FOR THE EXPANDED NEW NOME - SCATTERED SITE HOUSING PROGRAM BE IT RESOLVED by the City Council of the City of Richfield, Minnesota as follows: Section 1. Recitals. 1.01 The Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (Authority) has identified the Expanded New Home - Scattered Site Housing Program project areas (Project) 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 On July 16, 1990, the Authority adopted a Redevelopment Plan for Project Area "A", Redevelopment Plan for Project Area "B", Tax Increment Financing Plan for Tax Increment District "A-1" and Tax Increment Financing Plan for Tax Increment District "B-1", all relating to the Expanded New Home - Scattered Site Housing Program (collectively, Plans), which call for public and private expenditures to encourage development, redevelopment, and new construction of single family homes within the project areas. 1.03 The Plans, dated July 16, 1990, are on file with the city clerk. 1.04 In accordance with the Housing and Redevelopment Authorities Act and Tax Increment Financing Ac:t (collectively, Acts), the Plans were referred to the Richfield planning commission which on June 26, 19x0, found that they conformed to and were not in conflict with the general plan for redevelopment of the city as a whole. 1.05 The Authority on July 16, 1990, approved the Plans and referred them to the city council for public hearings to be held by the City as required by the Acts. 1.06 Copies of the Plans have been forwarded to the school boards of Independent School District No. 280, Intermediate School District No. 287, and the board of Resolution No. 7656 Page 2 commissioners of Hennepin County along with the Authority's estimate of the fiscal impact on other taxing jurisdictions of establishing the TIF districts, and notice of public hearings on the Plans to be held by the City as required by the Acts. 1.07 This council has fu~ly reviewed the contents of the Plans and has this date conducted public hearings thereon which the views of all interested persons were heard. Section 2. Findings' RedPVP~Anmont Drn~e~+~ 2.01 It is hereby found a'~,nd determined that within the Project there exist conditions of physical deterioration, economic obsolescence, and unsafe, unsanitary and other poor housing used or inte''Inded to be used for living which are injurious to the health, safety, morals and welfare of the citizens of this community. 2.02 It is further specifjically found a.) The property ink, the Project available for r',edevelopment intervention an!d financial in the Plans; ', and determined that: would not be made without the public assistance described b.) The Redevelopme'~,nt Plans for the Project will afford maximum .,opportunity, consistent with the sound needs of 'ithe City as a whole, for the redevelopment oilf the Project by private enterprise; and~i c.) The Redevelopme';nt Plans conform to the general development pla'~n of the City as set forth in the comprehensive m~~,unicipal plan. 2.03 The findings in this Section 469.08, subd Redevelopment Author the City's intent to Authority, the power Authority by the Act Section 3. Findings; Tax I section are made in compliance with vision 2 of the Housing and ties Act for the purpose of showing exercise, in conjunction with the granted to the City and the 3.01 The tax increment financing districts hereby established in the Project are r~,edevelopment tax increment financing districts within the'~meaning of section 469.174, subd. 10(a)(1) of the TIF !ct. 3.02 It is found and dete,~mined that it is necessary and desirable to the sound and orderly development and redevelopment of the~Project and the City as a whole, and for the protection a'nd preservation of the public health, Resolution No. 7656 Page 3 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. 3.03 It is further found and determined, and it is the reasoned opinion of the Authority and the City, that the redevelopment .proposed in the 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 is necessary. 3.04 The TIF Plans conform to the general plan for redevelopment of the City as a whole.. 3.05 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 in terms of development intensity,, employment opportunities and tax base. 3.06 The TIF Plans will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment of the Project by private enterprise. Section 4. Proiect and District Established; Certification• Filing, 4.01 The Plans are hereby approved and adopted. 4.02 The geographic boundaries of the Redevelopment Project Areas and the TIF Districts are as described in the Plans, which documents are hereby adopted by reference. 4.03 A copy of the staff report and findings, which was the basis upon which the Authority and City concluded that the tax increment financing districts qualified as redevelopment tax increment financing districts, shall be retained by the Authority for the duration of the TIF districts. 4.04 The Authority is requested to file a copy of the Plans with the Minnesota commissioner of trade and economic development as required by the TIF Act. 4.05 The HRA 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. 4.06 The HRA intends to pay interest on the borrowed funds if the cash flow from the TIF Districts is sufficient after the payment of principal. Resolution No. 7656 Page 4 4.07 The HRA also intends to request that the City from time to time consider variou~ other actions necessary to the implementation of the Plans and pledges its cooperation with the City in achieving the objectives of the Plans. 4.08 The city clerk is authorized and directed to transmit a certified copy of this resolution to the Authority. Passed this 23rd day of July, 1990, by the City Council of the City of Richfield, Minnesota. ATTEST: Thomas P. Ferber, City Clerk