89-7557R~. 7
RESOLUTION NO. 7557
THE CITY COUNCIL OF THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION APPROVING A MODIFIED REDEVELOPMENT PLAN
AND MODIFIED TAX INCREMENT FINANCING PLAN FOR THE
INTERSTATE/LYNDALE/NICOLLET REDEVELOPMENT PROJECT
HE 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 (HRA) adopted a redevelopment plan
(Redevelopment Plan) in accordance with Minn. Stat. Sections
469.001 through 469.047 (Redevelopment Act) and a tax increment.
financing plan (TIF Plan) (collectively, the Plans) in accordance
with Minn. Stat. Sections 469.174 through 469.179 (TIF Act) for
the Interstate/Lyndale Nicollet/area (Project Area) on October
21, 1985, and said Plans were approved by the City on November
12, 1985.
1.02. The Plans for the Project Area were first modified in
1985 and the modified Plans were approved by the HRA on November
18, 1985, and by the City on November 25, 1985._
1.03. Changes in the nature of the public and private
improvements to be constructed in the Project Area have again
prompted the HRA to prepare modified Plans.
1.04. The modified Plans are contained in a document
entitled "Interstate Lyndale Nicollet Redevelopment Plan and Tax
Increment District Plan, Modification No. 2" dated September 18,
1989, now on file with the city clerk.
1.05. The modified Plans have been referred to the
Richfield Planning Commission which on September 26, 1989, 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.
1.06. On September 18, 1989, the HRA approved the modified
Plans for the Project Area and referred them to the City Council
for public hearing and consideration as provided by the Acts.
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.
Resolution No. 7557
Page 2
1.08. The City has fu~ly 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.
Section 2. Findings; redevelopment Project..
2.01. It is hereby found and determined that within the
Project Area there exist conditions of economic obsolescence,
physical deterioration, underutilization and inappropriate uses
of land.
2.02. It is further determined that physical deterioration
of buildings and structures in the Project Area is so extensive
to meet the standards of a edevelopment tax increment financing
district set forth in the T~IF act.
2.03. It is further s'~pecifically found and determined that:
a) the land i~~n the Project Area would not be made
available for redevelopment without the public
interventijon and financial aid described in the
modified Plans;
b) the modified Redevelopment Plan for the Project
Area will afford maximum opportunity, consistent
with the slound needs of the City as a whole, for
the redevelopment of the Project Area by private
enterprise,;
c) the modified Redevelopment Plan conforms to the
general development plan of the .City as set
forth in the comprehensive municipal plan.
2.04. The findings iri this section are made in compliance
with the Redevelopment Actfor the purpose of showing the City's
intent to exercise, in conjunction with the HRA, the powers
granted to the City and th HRA by the Act in order to achieve
the objectives of the Act.
Section 3. Findings;
District.
3.01. It is found an
desirable to the sound and
of the Project Area and th
protection and preservatio
general welfare, that the
by the HRA and the City to
the Project Area.
3.02. It is further
reasoned opinion of the H
the Project Area as outli
reasonably be expected wi
determined that it is necessary and
orderly development and redevelopment
City as a whole, and for the
of the public health, safety, and
uthority of the TIF Act be exercised
provide public financial assistance to
ound and determined, and it is the
and the City, that redevelopment of
d in the modified Plans could not
in the reasonably foreseeable future
Page 3
and that therefore the use of tax increment financing is
necessary.
3.03. 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 Area in
terms of development intensity, employment opportunities and tax
base.
3.04. The modified TIF Plan conforms to the general plans
for development of the City as a whole.
3.05. The modified TIF Plan will afford maximum
opportunity, consistent with the sound needs of the City as a
whole, for the redevelopment of the Project Area by private
enterprise.
Section 4. Modified Redevelopment Plan and TIF Plan Adopted.
4.01. The modified Redevelopment Plan is approved.
4.02. The modified TIF Plan is approved.
4.03. The geographic boundaries of the Project Area and the
TIF District are not coterminous but are as described in the
modified Plans, which documents are hereby adopted by reference.
Modification No. 2 will not result in any change in the
boundaries of the Project Area of TIF District.
4.04. The HRA is requested to file a copy of the modified
Plans with the Minnesota commissioner of revenue as required by
the TIF Act.
4.05. The City may at the appropriate time and at the
request of the HRA take action to issue and sell its general
obligation bonds pursuant to the TIF Act to finance public
redevelopment costs identified in the modified TIF Plan.
4.06. The city clerk is authorized and directed to transmit
a certified copy of the resolution to the HRA.
Passed by the City .Council of the City of Richf~i
Minnesota this 23rd day of October, 1989 . /~/
Steven J. Qu~ ~ Mayor
ATTEST:
/~~Z~3~~1~.~
Thomas P. Ferber City Clerk