90-7592R52
CITY OF RICHFIELD
RESOLUTION NO. 7592
RESOLUTION APPROVING A REDEVELOPMENT PLAN AND
TAX INCREMENT FINANCING PLAN FOR THE
PENN AVENUE AND SIXTY-SLYTH STREET AREA
REDEVELOPMENT PROJECT
BE PI' 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 (Authority) has identified the area surrounding Penn Avenue and Sixty-
Sixth Street (Project) as being in need of redevelopment in order to provide a fuller
range of goods and services to residents of the City.
1.02. The Authority has adopted a redevelopment plan and tax increment
financing plan (Plan) for the Project which calls for public and private expenditures
to encourage redevelopment of the area.
1.03. The Plan is contained in a document entitled "The Penn Avenue and
Sixty-Sixth Street Redevelopment Project - Redevelopment Plan and Tax
Increment Financing Plan, City of Richfield", dated December 18, 1989, and on
fie with the city clerk.
1.04. In accordance with the Housing and Redevelopment Authorities Act
and Tax Increment Financing Act (collectively, Acts), the Plan was referred to the
Richfield planning commission which on November 28, 1989, found that it conforms
to and is not in conflict with the general plan for redevelopment of the City as a
whole.
1.05. The Authority on December 18, 1989, approved the Plan and referred
it to the city council for a public hearing and consideration as provided by the
Acts.
1.06. Copies of the Plan have been forwarded to Independent School
District No. 280 and Hennepin County along with s notice of a public hearing to be
held by the City as required by the Acts.
1.07. This council has fully reviewed the contents of the Plan and has this
date conducted a public hearing thereon at which the views of all interested
persons were heard.
Resolution No. 7592
Page 2
Section 2. Findings; Redevelopment Proiect.
2.01.. It is hereby found and determined that within the Project there exist
conditions of economic obsolescence, physical deterioration, underutilization and
inappropriate uses of land.
2.02. It is further specifically found and determined that:
a) the land in the Project would not be made available for
redevelopment without the public intervention and financial
assistance described in the Plan;
b) the Redevelopment Plan 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;
c) the Redevelopment Plan conforms to the general development
plan of the City as set forth in the comprehensive municipal
plan. ',
2.03. The findings in this section are made in compliance with Section
469.028, subdivision 2 of the Housing a d Redevelopment Authorities Act for the
purpose of showing the City's intent to~exercise, in conjunction with the Authority,
the powers granted to the City and the Authority by the Act.
Section 3. Findings; Tax Increment Financing District.
3.01. The tax increment financi I'I g district hereby established in the Project
is a redevelopment tax increment financing district within the meaning of section
469.174, subd. 10(x)(2} of the TIF Act.
3.02. It is found and determined 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 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.
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 Plan 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 Plan conforms to, the general plan for redevelopment of the
City as a whole.
3.05. The proposed public imprdvements 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 Plan will afford ~~,maximum opportunity, consistent with the
sound needs of the City as a whole, for the redevelopment of the Project by private
enterprise.
Resolution No. 7592
Page 3
Section 4. Project and District Established; Certification; Filing.
4.01. The Plan is hereby approved and adopted.
4.02. The geographic boundaries of the Redevelopment District and the TIF
District are as described in the Plan, which document is 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 district
qualified as a redevelopment tax increment financing district, shall be retained by
the Authority for the duration of the TIF district.
4.04. The City hereby elects the method of tax increment computation set
forth in section 469.17?, subd. 3(b) of the TIF Act.
4.05. The Authority is requested to file a copy of the Plan with the
Minnesota commissioner of trade and economic development as required by the TIF
Act.
4.06. The City may at the appropriate time take action to issue and sell its
general obligation bonds pursuant to the TIF Act to finance public redevelopment
costs identified in the Plan.
4.07. The city clerk is authorized and directed to transmit a certified copy
of this resolution to the Authority.
Passed this 8th day of January, 1990, by the City Council of the City of
Richfield, Minnesota.
ATTEST:
~~~iB~Yt~ ~!1
/ ~'~~
Thomas Ferber, City Clerk