1985-26727
HRA RESOLUTION N0.
RESOLUTION APPROVING A REDEVELOPMENT PLAN AND TAX INCREMENT
FINANCING PLAN FOR THE INTERSTATE-LYNDALE-NICOLLET REDEVELOPMENT
PROJECT: REQUESTING THE RICHFIELD CITY COUNCIL TO CONDUCT
PUBLIC HEARINGS THEREON: AND RECOMMENDING APPROVAL OF THE PLANS
BE IT RESOLVED by the Housing and Redevelopment Authority of
the City of Richfield (Authority) as follows:
Section 1. Back~round._ The Authority finds as follows:
1.01. The Authority on its own initiative has prepared a
redevelopment plan and program (Redevelopment Plan) for the area
in the City of Richfield generally known as the Interstate
Lyndale Nicollet Area (Study Area) in accordance with Minnesota
Statutes Sections u62.~11 to X62.716 (Redevelopment Act) and has
prepared a tax increment financing plan (TIF Plan) in accordance
with Minnesota Statutes, Sections 273.71 to 273.78 (TIF Act).
1.02. The Redevelopment Plan and TIF Plan are contained in
a document entitled "Interstate Lyndale Nicollet Redevelopment
Plan and Tax Increment District Plan" dated October 21, 1885,
now on file with the Authority.
1.03. The Redevelopment Plan and TIF Plan have been, in
accordance with the Acts, referred to the City of Richfield
Planning Commission which by action taken on October 8, 1985,
Resolution Number 52, has commented on the Redevelopment Plan
and TIF Plan and found them to conform to and not be in conflict
with the general plan for the development of the City as a
whole.
Section 2. Referrals.
2.01. The Authority finds and determines that the
objectives of the Redevelopment Act and TIF Act and the City's
and Authority's objectives for the redevelopment of the Study
Area will be accomplished by the adoption and implementation
of the Redevelopment Plan and TIF Plan.
2.02. The Redevelopment Plan and the TIF Plan are approved
and adopted by the Authority.
2.03. The Executive Director is authorized and directed to
transmit copies of the Plans to the governing body of
Independent School District No. 280 and the Board of
Commissioners of Hennepin County for their review and comment as
provided by the TIF Act.
Section 3. Establishment of TIF District.
3.01. The Authority respectfully requests the City Council
to conduct the public hearings required by Section X62.521 of
the Redevelopment Act and Section 273.74 of the TIF Act as soon
as convenient, and further recommends to the City Council that
it approve the Redevelopment Plan and TIF Plan.
3.02. The Executive Director is authorized and directed to
transmit a certified copy of the resolution and the Plans to the
City Council.
Section 4. Further Action: Financing..
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4.01. The Authority intends to request the City Council
from time to time to assist in the financing of the public
redevelopment costs identified in the TIF Plan by the issuance
of general obligation bonds of the City payable from tax
increments from the TIF District.
4.02. The Authority also intends to request the City
Council from time to time to consider various other actions
necessary to the implementation of the Plans including but not
limited to, rezoning of property, the use of eminent domain
authority, the execution of point and cooperative agreements,
and the use of other powers which the City is authorized to
exercise on behalf of and in conjunction with the Authority
pursuant to the Redevelopment Act and the TIF Act.
4.03• The Authority pledges its cooperation to the City
Council in carrying out the Redevelopment Plan.
Passed by the Housing and Redevelopment Authority of
Richfield this 21st day of Octo , 1985.
omas E. Harms, Chairman
ATTEST:
,b n e m 'erger , ecre ry
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