1994-50272
HRA RESOLUTION NO. 502
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THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
APPROVING MODIFICATION TO RICHFIELD
REDEVELOPMENT PROJECT PLAN, CONSISTING OF
MODIFICATION NO. 4 TO THE REDEVELOPMENT PLAN AND
TAX INCREMENT FINANCING PLAN FOR THE
INTERSTATE/LYNDALE/NICOLLET REDEVELOPMENT
PROJECT; REQUESTING THE RICHFIELD CITY COUNCIL
TO CONDUCT A PUBLIC HEARING THEREON:
RECOMMENDING APPROVAL OF THE PLANS
8E 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 (the "HRA") adopted a redevelopment
plan (the "Redevelopment Plan") and a tax increment
financing plan (the "TIF Plan") for the area of the City
generally known as the Interstate/Lyndale/Nicollet area
(the "Project Area") on October 21, 1985.
1.02 The City Council of the City of Richfield (the "City") held
a public hearing on the Redevelopment plan and TIF Plan
(collectively, the "Plans") and approved the plans on
November 12, 1985.
1.03 Corrections to property identification numbers and boundary
lines and changes in the public and private improvements
proposed to be constructed within the Project Area occurred
thereafter and necessitated adopting Modification No. 1 to
the Plans in 1985 and Modification No. 2 to the Plans in
1989.
1.04 On May 17, 1993 the HRA adopted a Redevelopment Plan for
the Richfield Redevelopment Project Area, which consisted,
in part, of the Project Area and which Redevelopment Plan
contained Modification No. 3 to the Plans.
1.05 Additional acquisitions and changes in the public and
private improvements proposed to be constructed within the
Project Area have occurred thereafter and have necessitated
the consideration of this Modification No. 4 to the Plans.
1.06 The HRA has caused to be prepared modified Plans which are
contained in a document entitled "Interstate Lyndale
Nicollet Redevelopment and Tax Increment Financing Plan,
Modification No. 4" dated March 21, 1994, and on file with
the HRA.
HRA Resolution No. 502 -2-
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 Modification No. 4 to the Plans.
2.02 The Modification No. 4 to the Plane is herby approved and
adopted by the HRA, subject to review and approval by the
Richfield Planning Commission.
Section 3. Further Proceeding.
3.01 The executive director of the HRA is hereby authorized and
directed to transmit copies of the Modification No. 4 of the
Plans to the school board 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 Modification No. 4 to the Plans
by the City.
3.02 The HRA requests that the Richfield Planning Commission
review Modification No. 4 and comment regarding the
consistency of the modified Plans wit the City's
Comprehensive Plan and comment e~ith r®gards to Minnesota
Statutes, 362.356, Subd. 2.
3.03 The HRA requests the City to hold the public hearing on
Modification No. 4 to the plans required by Minnesota
Statutes, 469.028 and Minnesota Statutes, 469.175, subd. 3 as
soon hereafter as is practicable and recommends that the
modified Plans be approved by 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 Modified Plans by issuance of its general obligation
bonds payable from the tax increment 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 Modified Plans and pledges its
cooperation with the City in achieving the objectives of the
Modified Plans.
Adopted by the Housing and Redev pment Authorit in and for
the City of Richfield, Minnes s 28th day March,
1994.
homes E. Harms, Cha son
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Vern Luettinge Secretary