1996-59819
HItA RESOLUTION NO. 598
RESOLUTION APPROVING
MODIFICATION N0.3 TO THE TA% INCREA~NT
FINANCING PLAN FOR TSE CEDAR AVENUE BUSINESS AREA
TA% INCA;EMENT FINANCING DISTRICT;
REQUESTING THE RICHb'IEI.D CITY COUNCIL TO
CONDUCT A PUBLIC HEARING THEREON:
RECOMII~NDING APPROVAL OF THE PLANS
BE TT 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) adopted a redevelopment plan (Redevelopment Plaa) and a tax increment
financing plan (TIF Plan) for the area of the City generally known as the Cedar Avenue
Business Area (CABA Project Area) on January 19, 1988 and modified the Plans on
October 15, 1990.
1.02. The city council of the City of Richfield (City) held a public hearing on the CABA
TIF Plan and approved the Plan on February ~?, 1988.
1.03. Changes in the distribution of tax increment revenues generated by and property to be
acquired in the Richfield Redevelopment Project Area aad the CABA Project Area have
necessitated modification of the Plans.
1.0~. Except for the modification stated herein, the HRA reaffirms its findings and
conclusions as approved in the original Plan dated January 19, 1988.
1.05. The HRA has caused to be prepared a modified TIF Plan for the CABA Tax
Increment Financing District which is contained in a document entitled "Modification No. 3
to the Tax Increment Financing Plan for the CABA Tax Increment Financing", dated
August 19, 1996, and on file with the HRA.
Section 2. HRA Approval. .
2.01. The HRA finds that the objectives of the HRA in encouraging development and
redevelopment within the Richfield Project Area will be advanced by adoption of the
modified CABA TIF Plan.
2.02. The modified CABA TIF Plan is hereby approved and adopted by the HRA, subject
to review by the Richfield planning commission.
HRA Resolution No. 598 -2-
Section 3. Further Proceedins.
3.01. The executive director of the HRA is hereby authorized and directed to transmit
copies of the CABA 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 CABA 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 CABA TIF
Plan 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 Plan be approved by the
City.
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 Plan and pledges its cooperation with
the City in achieving the objectives of the Plan.
Passed by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 19th day of August, 1996. A
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II II
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ATTEST:
A~'~j;
Vero Luettinger, Se ary
E. Harms, Chairperson