1986-29556
HRA RESOLUTION N0. 295
RESOLUTION APPROVING A MODIFIED REDEVELOPMENT PLAN
AND TAX INCREI'dENT FINANCING PLAN FOR THE
INTERSTATE-LYNDALE-NICOLLET REDEVELOPMENT PROJECT;
REQUESTING THE RICHFIELD CITY COUNCIL TO
CO::DUCT PUBLIC HEARINGS ;THEREON;
RECOMMENDING APPROVAL OF~THE PLANS
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BE IT RESOLVED by the Housing and Redevelopment Authority in
and for the City of Richfield, Minnesota: as follows:
Section I. Recitals.
1.01 The Housing and Redevelopment Authority in and for the City
of Richfield, Minnesota (HRA) adopted a redevelopment plan
(Redevelopment Plan) and a tax increment financing plan (TIF
Plan) for the area of the City generally known as the
Interstate-Lyndale-Nicollet areal (Project Area) on
October 2I, 1985.
1.02 The city council of the City of Richfield (City) held a
public hearing on the Redevelopment Plan and TIF Plan and
approved the Plans on November 12, 1985.
1.03 Changes in the public and private improvements to be
constructed within the Project Ares have occurred and have
necessitated modification of the Plans.
1.04 The HRA has caused to be prepared a modified Redevelopment
Plan and TIF Plan which are contained in a document entitled
"Interstate Lyndale Nicollet Redevelopment and Tax Increment
Financing Plan" dated December 15, 1987, and on file with
the HRA.
I.05 The modified Redevelopment Plan and TIF Plan were referred
for review to the Richfield planning commission and on
November 25, 1986, the planning commission found that the
modified Plans were consistent with general plans for
development of the City.
Section Z. HRA AA~roval.
2.01 The HRA finds that the objectives of the HRA in encouraging
development and redevelopment within the Project Area will
be advanced by adoption of the modified Redevelopment Plan
and TIF Plan.
2.02. The modified Redevelopment Plan and TIF Plan are hereby
approved and adopted by the HRA.
Section 3. Further Proceeding.
3.01 The executive director of the HRA~is hereby authorized and
directed to transmit copies of the modified Redevelopment
Plan and TIF Plan to the school board of Independent School
District No. 280 and the board of commissioners of Hennepin
County for review and comment and to notify said public
bodies of the public hearing to bei;held on the Plans by the
City.
3.02 The HRA requests the City to hold the public hearing on the
modified Plans required by Minn. Stat. Section 462.521 and
Minn. Stat. Section 273.74, bSu d. 3 as soon hereafter as is
practicable and recommends that the modified Plans be
approved by the city.
Section 4. Financing.
4.01 The HRA intends to request that the City assisi~ from time to
time in financing the public redevelopment costs identified
in the TIF Plan by issuance of its'•general obligation bonds
payable from the tax increments of the TIF District.
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4.02 The HRA also intends to request that the city from time to
time consider various other actions`~necessary to the imple-
mentation of the Plans and pledges its cooperation with the
City in achieving the objectives of the Plans.
Passed by the Housing and Redevelopment Authority in and for
the City of Richfield, Diinnesota this 15th day of December, 1986.
Thomas E. Harms, Chairperson
ATTEST:
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Joan Helmberger, Secr ary
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