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1994-513HRA RESOLUTION N0. 513 83 THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RICHFIELD, MINNESOTA RESOLUTION APPROVING MODIFICATION TO RICHFIELD REDEVELOPMENT PROJECT PLAN, CONSISTING OF MODIFICATION NO. 3 TO THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT AREAS A AND B, MODIFICATION NO. 1 TO THE TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT REDEVELOPMENT DISTRICTS "A-2" AND "B-210, AND TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT REDEVELOPMENT DISTRICTS "A-3" AND "B-3", ALL RELATED TO THE RICHFIELD REDISCOVERED HOUSING PROGRAM; REQUESTING THE RICHFIELD CITY COUNCIL TO CONDUCT A PUBLIC HEARING 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 (the "HRA") adopted redevelopment plans for Redevelopment Project A and Redevelopment Project B (the "Redevelopment Plans") and tax increment financing plans for Tax Increment Financing District "A-1" and Tax Increment Financing District "B-1" (the "TIF Plans") for the Richfield Rediscovered Housing Program (the "Project") on July 16, 1990. The Redevelopment Plans and TIF Plans are known collectively as the "Plans". 1.02 The HRA adopted Modification No. 1 to the Redevelopment Plan £or Redevelopment Project Area "A" and Modification No. 1 to the Tax Increment Financing Plan for Tax Increment Financing District No. 01A-1" and a new tax increment financing plan for Tax Increment Redevelopment District No. "A-2" on July 20, 1992. 1.03 The HRA adopted Modification No. 1 to the Redevelopment Plan £or Redevelopment Project Area "B" and Modification No. 1 to the tax increment financing plan for Tax Increment Redevelopment District "B-1" and a new tax increment financing plan for Tax Yncrement Redevelopment District No. °'A-2" on July 20, 1992. 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 and which Redevelopment Plan contained Modification No. 2 to the Plans. 1.05 Additional property acquisitions have occurred thereafter and have necessitated the consideration of this Modification No. 3 to the Plans, consistent with the plan to modify the Plans annually with the addition of new properties. 1.06 The HRA has cause3d to be prepared modified Plans which are contained in a document entitled "The Richfield Rediscovered Housing Program, Redevelopment Plans and Tax Increment Financing Plans" dated June 20, 1994, and on file with the HRAe HRA Resolution No. 513 Page 2 Section 2, HRA Approval. 2.01 The HRA finds that the objectives of the HRA in encouraging development and redevelopment within the Project will be advanced by adoption of Modification No. 3 to the Plans. 2.02 The Modification No. 3 to the Plans is hereby approved and adopted by the HRA,~sub~ect 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. 3 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. 3 to the Plans by the City. 3.02 The HRA requests that the Richfield Planning Commission review Modification No. 3 and comment regarding the consistency of th® a~©di£ied P? sans ~ai•~~a •~he Ci•i~' ~ comprehensive plan. 3.03 The HRA requests the City to hold.the public hearing on Modification No. 3 to the Plans required by Minnesota Statues, section 469.028 and Minnesota Statutes, section 469.175, subd. 3 as soon hereafter as is practicable and recommends that the-modified Plans be approved by the City. 3.04 The HRA intends to request that the City from time to time consider various other actions necessary to the 3.mplementation of the Modified Plans and pledges its cooperation with the City in achieving the objectives of the Modified Plans. d by the Housing an of Richfield, Minne