1990-397159
HRA RESOLUTION N0. 397
RESOLUTION APPROVING MODIFICATION
NO. 1 TO TI#E REDEVELOPMENT PLAN
AND TAX INCREMENT FINANCING PLAN FOR THE
CEDAR AVENUE BUSINESS AREA PROJECT;
REQUESTING THE RICHFIELD CITY COUNCIL TO
CONDUCT A PUBLIC HEARING THEREON:
RECOMMENDING APPROVAL OF THE PLANS
HE 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 (BRA) adopted a redevelopment
plan (Redevelopment Plan) and a tax increment financing plan (TIF
Plan) for the area of the City generally known as the Cedar
Avenue Business Area (Project Area) on January 19, 1988.
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 February 22, 1988.
1.03. Changes in the distribution of tax increment revenue
generated by the Project Area have necessitated modification of
the Plans.
1.04. Except for the modification stated herein the HRA
reaffirms its finings and conclusions as approved in the
original Plan dated January 19, 1988.
1.05. The HRA has caused to be prepared a modified
Redevelopment Plan and TIF Plan which are contained in a document
entitled "Modification No. 1 to the Redevelopment Plan for the
CABA Redevelopment Project Area and Tax Increment Financing Plan
for the Tax Increment Economic Development District all relating
to the Cedar Avenue Business Area Redevelopment Project", dated
October 15, 1990, and on file with the BRA.
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 BRA, subject to review by the
Richfield planning commission.
HRA Resolution No. 397
Page 2
Section 3. Further Proceeding.
3.01. The executive director of the HRA is hereby
authorized and directed to transmit copies of the Redevelopment
Plan and TIF Plan modification to the school board of Independent
School District No. 280, Intermediate School District No. 287,
and 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 that the Richfield planning
commission review the Redevelopment Plan and TIF Plan
modification 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
i~he Ci~ey.
3.04. 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.
Passed by the Housing and Redevelo ent Authority in and for
the City of Richfield, Minnesota this day of October, 1990.
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homas E. Harms, Cha rperson
ATTEST:
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loan Helmberger, Secre ary
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