1989-369131
[HRA-PASSS 12/18/89]
HRA RESOLUTION NO. 369
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION APPROVING A REDEVELOPMENT PLAN
AND TAX INCREMENT FINANCING PLAN FOR THE
PENN AVENUE AND SIXTY-SIXTH STREET AREA
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) has identified the
area surrounding Penn Avenue and Sixty-Sixth Street
(Project Area) as being in need of redevelopment in order
to increase the tax base of the City and to provide a
fuller range of goods and services to residents of the
City.
1.02. The HRA has conducted a study of physical conditioris-
within the Project Area and has considered the need for
public assistance in order to encourage redevelopment.
1.03. The HRA has cause to be prepared a redevelopment plan
(Redevelopment Plan) and tax increment financing plan
(TIF Plan) for the Project Area entitled "Redevelopment
Plan for the Penn Avenue and Sixty-Sixth Street Area
Redevelopment Project and Tax Increment Financing Plan
for the Tax Increment Financing Redevelopment District"
dated December 18, 1989, and on file with the HRA
(collectively, Plans).
1.04. The Richfield planning commission has reviewed the Plans
and on the 28th day of November, 1989, concluded that the
Plans are consistent with the plans for development of
the City as a whole.
Section 2. HRA Approval.
2.01. The HRA finds that the objective of encouraging
redevelopment within the Project Area will be advanced
by adoption of the Plans.
2.02. The Plans 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 Plans to the
• school boards of Independent School District No. 280,
Intermediate School District No. 287, the board
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.
3.02. The HRA requests the City to hold the public hearing on
the Plans required by Minn. Stat. Section 469.028 and Minn.
Stat. Section 469.175, subd. 3 at the City Council meeting
of January 8, 1990, 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 December,
1989.
/Z G~/%
T omas E. Harms, Chairperson
ATTEST:
Jq~~n Helmberger, Secret