1992-450zo
HRA RESOLUTION NO. 450
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION APPROVING MODIFICATION TO THE REDEVELOPMENT PLANS
AND ADOPTION OF TAX INCREMENT FINANCING PLANS
FOR THE RICHFIELD REDISCOVERED 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 previously approved and the City Council of the
City of Richfield (City) has previously approved the.creation
and establishment of Redevelopment Project Area.A and
Redevelopment Project Area B and Tax Increment.Financing
District A-1 and Tax Increment Financing District B-1.
1.03 The HRA has concluded that certain modifications are
necessary to the plans for Redevelopment Project Area A. and
Redevelopment Project Area B and Tax Increment Financing Plan
A-1 and Tax Increment Financing Plan H-1 and that the
establishment of new Tax Increment Financing District A-2 and
Tax Increment Financing District B-2 is necessary.
1.04 The HRA has caused to be prepared a modified Redevelopment
Plan for Project Area A, modified Redevelopment Plan for
Project Area B, modified Plan for Tax Increment District A-1
and modified Plan for Tax Increment District B-1, Tax
Increment Financing Plan for Tax Increment District A-2 and
Tax Increment Financing Plan for Tax Increment District B-2,
dated July 20, 1992, all relating to the Richfield
Rediscovered Program (collectively, Plans), which Plans are
on file with the HRA.
1.05 The Executive Director of the HRA is hereby authorized and
directed to transmit copies of the Plans to the School Hoard
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 on August 24, 1992 by the City.
HRA Resolution No. 450
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1.06 The Richfield Planning Commission is hereby requested to
review the Plans and to make a determination whether 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 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 the Richfield Rediscovered Program.
Section 3. Further Proceeding.
3.01 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 its meeting of August 24, 1992,
and recommends that the Plans be approved by the City.
Section 4.
Financing.
4.01 The HRA intends to request that the City assist from time to
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.
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.
4.03 The HRA also intends to request that the City from time to
time consider various other actions necessary to facilitate
the implementation of the Plans and pledges its cooperation
with the City in achieving the objectives of the Plans.
Adoption by the Housing and Redevelopment Authority in and
for the City of Richfield, Minnesota t 20th day of July, 1992.
~!, o
Thomas E. Harms, Chairperson
ATTEST:
Jo n Helmb rger, Secr ary