1993-47646
HRA RESOLUTION NO. 476
THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION APPROVING THE REDEVELOPMENT PLAN FOR THE
RICHFIELD REDEVELOPMENT PROJECT AREA,
MODIFICATION OF CERTAIN REDEVELOPMENT PLANS AND
TAX INCREMENT FINANCING PLANS,
AND RECOMMENDING APPROVAL BY THE CITY COUNCIL
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 City Council (the "Council") of the City of
Richfield, Minnesota (the "City") together with the
Housing and Redevelopment Authority (the "HRA") in and
for the City of Richfield, Minnesota, have established
the Lyndale-Hub-Nicollet Redevelopment Project Area ("LHN
Project Area"), the Interstate-Lyndale-Nicollet
Redevelopment Project Area ("ILN Project Area") and the
Interstate-Lyndale-Nicollet Tax Increment Financing
District ("ILN District"), the Cedar Avenue Business Area
Redevelopment Project Area ("CABA Project Area") and the
Cedar Avenue Business Area Tax Increment Financing
District ("CABA District"), the Penn Avenue and Sixty
Sixth Street Redevelopment Project Area ("PASSS Project
Area") and Penn Avenue and Sixty Sixth Street Tax
Increment Financing District ("PASSS District"),
Redevelopment Project Area A and Tax Increment Financing
District A-1 ("District A-1") and Tax Increment Financing
District A-2 ("District A-2"), and Redevelopment Project
Area B and Tax Increment Financing District B-1
("District B-1") and Tax Increment Financing District B-2
("District B-2"), collectively the "Project Areas" and
"Tax Increment Financing Districts").
1.02 The Council and HRA have adopted and modified from time
to time the Redevelopment Program and Plans and Tax
Increment Financing Plans (collectively the "Modified
Plans") relating to each of the respective Project Areas
and Tax Increment Financing Districts.
1.03 The HRA has identified blighted areas within the city as
being in need of development and redevelopment which are
not currently within the boundaries of existing Project
Areas.
1.04 The HRA anticipates that the costs of financing
redevelopment will be reduced through the sharing of tax
increments among existing Project Areas by means of the
Richfield Rediscovered Project Area.
1.05 The HRA has caused to be prepared a Redevelopment Plan
for the Richfield Redevelopment Project Area to include
areas previously not included in the Project Areas and
has caused to be prepared Modified Plans on file with the
HRA.
HRA Resolution No. 476
Page 2
1.06 The executive director of the HRA transmitted copies of
the Richfield Redevelopment Plan and Modified Plans to
the City of Richfield Planning Commission, 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 by
the City.
Section 2. HRA Approval.
2.01 The HRA finds that the objective of encouraging
development, redevelopment, and new construction within
the Richfield Redevelopment Project Area and Project
Areas will be advanced by adoption of the Richfield
Redevelopment Plan and Modified Plans.
2.02 The Richfield Redevelopment Plan and Modified Plans are
hereby approved and adopted by the HRA.
2.03 Staff is directed to formulate procedures which will
result in implementation of the establishment of the
Richfield Redevelopment Project Area and the methodology
for sharing tax increments among Project Areas.
Section 3. Further Proceeding.
3.01 The HRA requests the City approve the Richfield
Redevelopment Plan and Modified Plans required by
Minnesota Statutes, Section 469.028 and Minnesota
Statutes Section 469.175, subd. 3 at the City Counci'1
meeting of June 14, 1993.
Passed by the Housing and Redev o ment Authority of
Richfield this 17th day of May, 19 ~ /
E. H~r~s, Chairperson
ATTEST:
Lawrence W i ka, Secretary