1989-357119
RESOLUTION NO. 357
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION APPROVING A MODIFIED REDEVELOPMENT PLAN
AND TAX INCREMENT FINANCING PLAN FOR THE
INTERSTATE/LYNDALE/NICOLLET REDEVELOPMENT PROJECT;
REQUESTING THE RICHFIELD CITY COUNCIL TO
CONDUCT A PUBLIC HEARING THEREON:
RECOMMENDING APPROVAL OF THE PLANS
BE IT RESOLVED by the Housing and Redevelopment Authority in
and for the City of Richfield, Minnesota as follows:
Section 1. 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 area (Project
Area) on October 21, 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 proposed
to be constructed within the Project Area have occurred
since the time of the adoption of the Plans 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
September 18, 1989, and on file with the HRA.
Section 2. HRA Approval.
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, subject to review and
approval by the Richfield Planning Commission.
Section 3. Further Proceedinct.
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 Hoard of
Commissioners of Hennepin County for review and comment
and to notify said public bodies of the public hearing
to be held on the Plans by the City.
HRA Resolution No. 357
Page 2
3.02. The HRA requests that the Richfield Planning Commission
review the modified Redevelopment Plan and TIF Plan and
comment regarding the consistency of the Plans with the
City's comprehensive plan.
3.03. The HRA requests the City to hold the public hearing
on the modified Plans required by Minn. Stat. Section
469.028 and Minn. Stat. Section 469.175, subd. 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 assist 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.
4.02. The HRA also intends to request that the City from
time to time consider various other actions necessary
to the implementation of the Plans and pledges its
cooperation with the City in achieving the objectives
of the Plans.
Adopted by the Housing and Redevelopment Authority in and
for the City of Richfield, Minnesota this 18th day of September,
1989.
homas E. Harms, Chairperson
ATTEST:
oan Helmb rger, Secret ry