90-7681R42
RESOLUTION NO. 7681
RESOLUTION APPROVING A MODIFIED REDEVELOPMENT PLAN
AND TAX INCREMENT FINANCING PLAN FOR THE
CEDAR AVENUE BUSINESS AREA PROJECT
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 (HRA) adopted a redevelopment
plan (Redevelopment Plan) and a tax increment financing plan (TIF
Plan) for the area of the City generally known as the Cedar
Avenue Business Area (Project Area) on January 19, 1988.
1.02. The city council of the City of Richfield (City) held
a public hearing on .the Redevelopment Plan and TIF Plan and
approved the Plans on February 22, 1988.
1.03. Changes in the distribution of tax increment revenue
generated by the Project Area have prompted the HRA to prepare
modified Plans.
1.04. The modified Plans are contained in a document
entitled "Modification No. 1 to the Redevelopment Plan for the
CABA Redevelopment Project Area and Tax Increment Financing Plan
for the Tax Increment Economic Development District," dated
October 15, 1990, now on file with the HRA. All relating to the
Cedar Avenue Business Area Redevelopment Project.
1.05. On October 15, 1990, the HRA approved the modified
Plans for the Project Area contingent upon review and approval by
the Richfield Planning Commission, and referred them to the City
Council for public hearing and consideration as provided by the
Acts.
1.06. The modified Plans have been referred to the
Richfield Planning Commission which on October 23, 1990, found
that they conform to and are not in conflict with the general
plans for the development or redevelopment of the City as a
whole.
1.07. Copies of the modified Plans have been forwarded to
Independent School District No. 280, Intermediate School District
No. 287, and Hennepin County along with a notice of the public
hearing as required by the TIF Act.
1..08. The City Council has fully reviewed the contents of
the modified Plans and has this date conducted a public hearing
thereon at which the views of all interested persons were heard.
Resolution No. 7681
-2-
Section 3. Modified Redevelopment Plan and TIF Plan
Adopted.
3.01. Except for the modification stated herein the City
reaffirms its finding and conclusions as approved on February 22,
1988 in the original Plan dated January 19, 1988.
3.02. The modified Redevelopment Plan and TIF Plan is
approved. 'i
3.03. The HRA is requested to file a copy of the modified
Plans with the Minnesota Commissioner of Revenue as required by
the TIF Act.
3.04. The City Clerk is authorized and directed to transmit
a certified copy of the resolution to the HRA
Passed by the City Co
Minnesota this 26th day of
it of +t,o r; +~, ~,~ u; rt,f; of .a
ATTEST:
Thomas Ferber, City Clerk ',