88-7402R/L
RESOLUTION NO. 7402
THE CITY OF RICHFIELD, MINNESOTA
Resolution approving the Cedar Avenue Business Area
Redevelopment Project, Establishing of a Tax Increment'
Financing Economic Development District Located Within
The Redevelopment Project; and Approving the Redevelopment
Plan and Tax Increment Financing Plan Relating Thereto
Be It Resolved By the City Council (the "Council") of the
City of Richfield, Minnesota (the."City") as follows:
Section 1. Background The City finds as follows:
1.01 The Housing and Redevelopment Authority in and for the
City of Richfield, Minnesota (the "HRA") on .its own initiative
has prepared a Redevelopment Plan (the "Redevelopment Plan") for
the Cedar Avenue Business Area Redevelopment Project (the
"Redevelopment-Project") in accordance with Minnesota Statutes,
Sections 46.9.001 to 469.047, inclusive, (the "Redevelopment
Act"), and has prepared a Tax Increment Financing Plan (the "Tax
Increment Plan") for the Tax Increment Economic Development
District (the "Tax Increment District") located within the
Redevelopment Project, in accordance with Minnesota Statutes,
Sections 469.174 to 469.179, inclusive, (the "Tax Increment
Financing Act").
1.02 The Redevelopment Plan and Tax Increment Plan, dated
January l9, 1988 are now on file with the City Clerk.
1.03 The Redevelopment Plan a
been, in accordance. with the Acts,
Commission by which action taken on
commented on the Redevelopment Plan
has found that they conform to and
general plan for the development or
a whole.
L.04 The HRA
the undertaking of
the Tax Increment
Tax Increment Plan
Council for public
Acts.
nd Tax Increment Plan have
referred to the City Planning
January 19, 1988, has
and Tax Increment Plan and
are not in conflict with the
redevelopment of the City as
by resolution of January 19, 1988 has approved
the Redevelopment Project, establishment of
district, approved the Redevelopment Plan and
relating thereto, and referred them to this
hearing and consideration as provided by the
1.05 This Council on the date hereof conducted the required
public hearing at which the views of all interested parties were
heard. Copies of the Redevelopment Plan and Tax Increment Plan
have been forwarded to the school boards of Independent School
District No. .280 and Hennepin Technical Institute (Intermediate
District No. 287), and the County Board of Commissioners of
Hennepin County as required by the Tax Increment Act.
Resolution 7402
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1.06 This Council has fully reviewed the contents of the
Redevelopment Plan and Tax. ncrement Plan.
Section 2. FindinQS; Redevelopment Project.
2.01 It is hereby found and determined that within the.
Redevelopment Project:
a) the public interest requires the replanning,
reconstruction, and rehabilitation of neighborhoods;
b) that in order to protect the overall economic stability
of the community, particularly its commercial areas, it is
necessary to redevelop and emedy conditions of underutilized
land; and
c) that in order to cteate an economic environment which
fosters the growth of a healthy commercial base and facilitates
the redevelopment of land, ~t is~necessary to encourage private
enterprise to engage in red velopment to be constructed in
accordance with a comprehensive community plan.
2.02 It is further specifically found and determined that:
a) the land in the Redevelopment Project would not be made
available for redevelopment without the public intervention and
financial aid described in the Redevelopment Plan and Tax
Increment Plan; ~
b) the Redevelopment Flan for. the Redevelopment Project
will afford maximum opportunity, consistent with the sound needs
of the City as a whole, for~the redevelopment of the
Redevelopment Project by pr vate 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 Redevelopment Act for
the purpose of showing the City's intent to exercise, in
conjunction with the HRA, tt~e powers granted to the City and the
HRA by that Act in order to achieve the objectives of that Act.
Section 3. Findin
Development District.
Tax Increment Financina Econom
3.01. It is found and
desirable to the sound and ~
of the Redevelopment Projec
protection and preservation
general welfare, that the a~
Financing Act be exercised l
public financial assistance
determined that it is necessary and
irderly development and redevelopment
and the City as a whole, and for the
of the public health, safety, and.
~thority of the Tax Increment
iy the .HRA and the City to provide
to the Redevelopment Project.
Resolution 7402 -3-
3.02. It is further found and determined that the Tax
Increment Financing District is an economic development district
pursuant to Minnesota~Statutes, Section 469.174, subdivision 12.
It has been determined that the proposal for development consists
of a Redevelopment Project which tfi a HRA finds to be in the
public interest because it will result in increased employment in
the municipality and it will result in preservation and
enhancement of the tax base of the municipality. This wit=1 be
achieved through the construction of a commercial, corporate
office building and related parking structure on underutilized
land.
3.03. It is further found and determined, and it is the
reasoned opinion of the HRA and this Council, that the proposed
development would not reasonably be expected to occur solely
through private investment within the reasonably foreseeable
future and, therefore, the use of tax increment financing is
deemed necessary since the proposed development requires certain
necessary land acquisitions and assembly and other improvements
without which the developer could not construct the commercial
development project; and without the use of tax increment as a
source of revenue to assist with the financing of the land
acquisition, assembly and other improvements, the .developer would
not construct this development in the City.
.3.04. The proposed public improvements to be financed
through tax increment financing are necessary to permit the City
to realize the full potential of the Redevelopment Project in
terms of development intensity, employment opportunities and tax
base.
3.05. -The tax increment financing plan conforms to the
general plan for the development of the City as a whole as it
will result in the new construction of a commercial structure.
The Planning Commission of the City has submitted its written
comments to this Council to that effect.
3.06. The Tax Increment Financing Plan will afford maximum
opportunity, consistent with the sound needs of the City as a
whole, for the development of the Redevelopment Project by
private enterprise as it will enable the HRA to provide the
necessary commercial development for the City and a suitable site
for this development.
3.07. The City elects clause (b) of Minnesota Statutes,
Section 469.177, subdivision 3, relative to the assessed value
within the Tax Increment District for contribution to the fiscal
disparity pool.
3.08. The Tax Increment Financing Plan for the
Redevelopment Project will afford maximum opportunity, consistent
with the sound needs of the City as a whole, for the
redevelopment of the Redevelopment Project by private interprise._
Resolution 7402
Section 4. R
Establishment and
velopm~nt~P
roval:l Cer
-4-
and Tax Increment Distri
ion_ and Filing.
4.01. Redevelopment Pan relating to the Redevelopment.
Project is hereby approved.
4.02. The Tax Increment District located within the
Redevelopment Project is hereby established. The Tax Increment
Plan relating to the Tax In~rement District is hereby approved.
4.03. The geographic '~oundaries of the Redevelopment
Project and the Tax Increme t District are not coterminous as
each is described in the Re evelopment Plan and Tax Increment
Plan which document is adop~ed herein by reference.
4.04. The HRA is requ sued to transmit a certified copy of
this resolution together wi h a copy of the Redevelopment Plan
and Tax Increment Plan and a copy of the HRA resolution approving
the Plans to the Director of Property Taxation of Hennepin County
with a request that the on final assessed value of the property
within the Tax Increment Oi~trict be certified to the HRA
pursuant to Section 469.177,1 subdivision 1 of the Tax Increment
Act. The HRA is further requested to file a copy of the
Redevelopment Plan and Tax increment Plan with the Minnesota
Department of Trade and Economic Development as required by the.
Tax Increment Act.
4.05. The 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 Richfiel¢,this 22n
ATTEST:
~~~~ ! ` e
Thomas Ferber, City Clerk
even ~. Qua
0
yor
bruary, 1988,