1990-385HRA RESOLUTION N0. 385
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION APPROVING THE REDEVELOPMENT PLANS
AND TAX INCREMENT FINANCING PLANS FOR THE
EXPANDED NEW HOME - SCATTERED SITS HOUSING PROGRAM;
REQUESTING THE RICHFIELD CITY COUNCIL TO CONDUCT
PUBLIC HEARINGS 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 areas
within the city as being in need of development,
redevelopment, and construction of new single family
homes in order to provide families and individuals living
in a substandard, poor quality environment an opportunity
to move to standard housing by establishing a cash market
for their existing housing and to provide an opportunity
for Richfield to accommodate families currently residing
in Richfield or elsewhere who are seeking larger housing
units with features popular in today's market.
1.02 The HRA has conducted a study of physical conditions
within Redevelopment Project Area "A" and Redevelopment
Project Area "B" (Project Areas) and has considered the
need for public assistance in order to encourage
development, redevelopment, and new construction of single
family homes.
1.03 The HRA has caused to be prepared a Redevelopment Plan for
Project Area "A", Redevelopment Plan for Project Area "B",
Tax Increment Financing Plan for Tax Increment District
"A-1" and Tax Increment Financing Plan for Tax Increment
District "B-1", dated July 16, 1990, all relating to the
Expanded New Home - Scattered Site Housing Program
(collectively, Plans), and on file with the HRA.
1.04 The executive director of the HRA on June 19, 1990
transmitted copies of the Plans to the school boards of
Independent School District No. 280, Intermediate School
District No. 287, and the board of commissioners of
Hennepin County for review and comment and notified said
public bodies of the public hearings to be held on the
Plans by the City.
1.05 The Richfield Planning Commission has reviewed the Plans
and on the 26th day of June, 1990, concluded that the
Plans are consistent with the plans for development of the
City as a whole.
147
HRA RESOLUTION NO. 385
Page 2
Section 2. HRA Approval.
2.01 The HRA finds that the objective of encouraging
development, redevelopment, and new construction within
the Project Areas will be advanced by adoption of the
Plans.
2.02 The Plans are hereby approved and adopted by the HRA.
2:03 Staff is directed to formulate procedures which will
result in implementation of this program.
Section 3. Further Proceeding.
3.01 The HRA requests the City to hold the public hearings on
the Plans required by Minn. Stat. Section 46.028 and
Minn. Stat. Section 469.175, subd. 3 at the City Council
meeting of July 23, 1990, and recommends that the Plans be
approved by the City.
Section 4. Financing.
4.01 The l~l~Fi intends to request that the City assist from time
to time in financing the public redevelopment costs
identified in the TIF Plans by a loan payable from capital
proceeds from land sale and tax increment from the TIF
Districts, and other revenues.
4.02 The HRA intends to pay interest on the borrowed funds if
the cash flow from the TIF Districts is sufficient after
the payment of principal.
4.03 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 esota this 16th day of
July, 1990.
C.
omas E. Harms, Chairperson
A EST:
aster ~_~,
an Helmberger, Secreta~