85-7101R46
CITY OF RIC3FIr~D
RESaLIITION X70 . ~ 101
_._._,.
RE50LIITION APPROVING A .REDEVEZOP~~ENT PLAN
AND TAX IVC2Ez`~i.~'~7'3' r INANCI~IG DLAN FOR THE
I~RSTp,2'~' LYNDaLE NIGOLLET REDEVELOPMENT
PRQJECT; ESTABLISHING A REDEVELOPMENT
PI20:'''ECT: ESTABLIS$I~TG A REDEVELOPMENT
T.~.X NC~T FN:c~~7CZNG DISTRICT
3E Ifi RESOLVED `By the City Council of the City of Rcnield,
Minnesota (City} as follows:
Section ?. 5ackcround. The City minds as Follows:
1.01. The Housing and Redevelopment Authority of the City
o€ Ric~ield tAui~hority) on its own initiative has prepared a
redevelopment. plan and procraia (Redevelopment Dian) for that area
of the City of 2i.ch~ield generally ;shown as the Interstate
L_vrdale Viccllet Area (Project Area) 1„n accordance with ~iinnescta
Statutes, Sections 4bZ.411 to 4b2.715 (Redevelopment Act), and
has prepared a tax iaerement Financing plan (TIF Plan} in accor-
dance with ui_~znesata Statutes, Sections 273.71 to 2'3.78 (TIF
Act) .
i.02. The Redevelopment Plan ar.d TIF Plan are contained in
a docuaaent entitled "interstate Lyndale ~Ticollet Redevelopment
Plan and Ta.~ Increment District Plan" dated October 21,1985, now
ca ~ile wit:*~ *..he City Cler:~.
1.03. The Aes3eveiopment Plan ar.d TIF Plan have been, zn
accordance w_t_h the. Acts, re`er_-ed to t.:e City Planning Commis-
sion which by action taken October. 8, 1985, has commented an
the Redevelopment Plan and TIF Plan and has `ourd that they
con_o~ to aAd are. not in candlict with t.e general plan for the
development o= redevelopment. of the City as a whole.
1..04. The Authority by resolution of October 21, 1985 has
approved t.~e Redevelopment P_an and t.':~ TIF ?la_*~ `or a redevelop-
.uent taX i.nCr?Alent ~:'-: aI1C+.ic,* distr~.Ct ~ ~'.:~ Dist.:~Ct) and re:erred
*~em to this Council `or public hearing anti consideration as
provided by the Acts.
1.05. This Council ;zas t:~is date conducted t_re reauirad
public hearing at which t.~^.s dews o= all interested parties were
heard. Copies of the TIF Plan have beer. =or:varded to. Indenender_t
Sc:~ool Distract vo. 280 and =ennepin County as _equired by tte ~-
~,
1 CSC. ~. .
? . O 6 . T'1ZS CotL'! ~..~? 11aS LR.Zi.1. Y i G~.~'~? efil~e~ r L:~. Cr~nt°nt Jr Q G L ~ p
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Redevelopment Plan and TIF ?lap.
Section 2.
t
2.01. It is hereby found and determined that within the
Project Area-there existCOnditions of economic obsolescence,
physical deterioration, underutilization and inappropriate uses
of land.
2.02. It i5 further determined that physical deterioration
of buildings and strtxctures~ in the Project Area is so extensive
as 7.ater described herein as to meat the standards of a Redevel-
opment District set forth is the TIF Act.
2.03. It is further specifically found and determined that:
a) the Land in ''the Project Area would not be
made avalab~.e for redevelopment without the
public intervention and financial. aid de-
scribed in the Redevelopment Plan and TIF
Plan;
b) the Redevelopment Plan for the Project Area
will afford maximum opportunity, consistent
with the sound needs of the City a a whole,
for the redevelopment of the Project Area by
private enterprise;
c ) the RedevelG~pment P lan conforms to the
general development plan of the City as set
forth in the (comprehensive raur~icipal plan.
2.04:' The- findings in'ithis section are made in compliance
with Section 4b2.521, Subdivision 2 of the Redevelopment Act for
the purpose of showing the C'',~ity's intent to exercise, in conjure-
tion with the Authority, the powers granted to the Gity and the
Authority by that Act in order to achieve the objectives of that
Act.
Section 3.
District.
t
t
3.01. It is found and', detenn_ned that it is necessary ar_d
desirable to the sound and orderly 8e~ielopment and redevelopment
of the Project Area and the City as a whole, and for the pro-
tection and preservation bf 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 assis-
tance to the Redevelopment Project.
3.02. It is further 'found and determined that the TIF
District is a redevelopment district, and that the following
conditions are reasonably distributed throughout the TIF Dis-
trict:
a) at least 70 percent of the parcels of land in
the TIF District are occupied by buildings.,
streets, or utilities or other improvements;
and
b) at least 20 percent of the buildings are
structurally substandard; and
c) an additional 30 percent of the buildings
require substantial renovation or clearance
in order to remove such existing conditions
as inadequate street layout, incompatible
land use relationships, overcrowding of
buildings on the land, excessive dwelling
unit density, obsolete buildings not suitable
for improvement or conversion, and other
hazards. to health and safety identified in
the TIF Plan and Redevelopment Plan.
3.03. It is further found and determined, and it is the
reasoned opinion of the Authority and this Council, that the
redevelopment .proposed by the Redevelopment Plan and the TIF Plan
could not reasonably be expected to occur safely through private
investment within the reasonably foreseeable future and that
therefore the use of tax increment financing is necessary.
3.04. 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
tams of development intensity, employment opportunities and tax
base.
3.05. The TIF Plan will conform to the general plan of
development of the City as a whole when the City modifies the
Transportation Element o.f its Comprehensive Plan. The Planning
Commission of the City has submitted its written comments to this
Council to that effect.
3.06. The TIF Plan will afford maximum opportunity, consis-
tent with the svurd needs of the City as a whole for the redevel-
opment of the TIr^ District by private enterprise.
3.07. The City elects the method of tax increment
computation set forth in Section 273.76, Subdivision 3, clause
(b) of the TIF Act.
Section 4. Project and District Established: Certification:
Fi1~ng•
4.01. The Redevelopment P lan is approved. The Redevelop-
ment Project is approved. The Project Area is established.
4.02. The 2'IF Plan) is approved. The TIF District is
established.
4.03. The geographic boundaries of the Project Area and tre
TIF District are not cotezzninous as each is described in the
Redevelopment Plan and TZFIPIan which document is adopted herein
by reference .
4.04. The Authority
copy of •th.s resolution t
Redevelopment P3an and T7
Taxation of Hennepin. Coun
assessed valuation of the
Authority pursuant to Sect
Act. The Authority is fug
Rede~elopm+ent Plan and TIC
Econo~aic Development Author
.s requested to transmit a certified
tether with a certified copy of the
Plan to the Director of Property
with a request that the original
TIF District be certified to the
on 273.76, Subdivision 1 of the TIF
:her requested to file a copy of the
Plan with .the Minnesota Energy and
ty as required by the TIF Act.
4.05. This Council shall at the appropriate time and at the
request of the Authority 'take action to issue and sell its
gene=al obligation bends pursuant to the TIF Act to finance
pu~alic redeneiopment costs identified in the TIF Plan.
4.06. The Clerk is authorized and directed to transmit a
certified copy of the resolution to the Authority.
Passed by the City Council of the City of Rich eld, Minn at this 12th day
of November, 1985. /~
r~ , ^~ayor
ATTEST:
,~' ~'
Thomas Ferber, City Clerk