1996-60122
HRA RESOLUTION N0.601
RESOLUTION APPROVING THE
MODIFIED REDEVELOPMENT PLAN
FOR THE RICHFIELD REDEVELOPMENT PROJECT AREA
AND ADOPTING THE TAX INCREMENT
FINANCING PLAN FOR THE INTERCHANGE
TAX INCREMENT FINANCING DISTRICT;
REQUESTING THE RICHFIELD CITY COUNCIL TO
CONDUCT A PUBLIC HEARING THEREON; AND
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) adopted a redevelopment plan (the "Redevelopment Plan") for the area
of the City generally known as the Richfield Redevelopment Area on May 17, 1993.
1.02. The City Council of the City of Richfield (City) held a public hearing on the
Redevelopment Plan for the Richfield Redevelopment Project Area and approved the
Plan on June 14, 1993.
1.03. A proposal to create a new redevelopment Tax Increment Financing District,
to be heretofore known as the Interchange Tax Increment Financing District, has
necessitated modification of the Redevelopment Plan for the Richfield Redevelopment
Project Area and the adoption of a Tax Increment Financing Plan (the "TIF Plan") for the
Interchange Tax Increment Financing District.
1.04. Except for the modification stated herein, the HRA reaffirms its findings and
conclusions as approved in the original Plan dated May 17, 1993.
1.05. The HRA has caused to be prepared modifications to the Redevelopment
Plan and the TIF Plan for the Interchange Tax Increment Financing District, both of which
are contained in a document entitled, "Modifications to the Redevelopment Plan For
Richfield Redevelopment Project Area and the Adoption of the Tax Increment Financing
Plan For the Establishment of the Interchange Tax Increment Financing District," dated
September 16, 1996, and on file with the HRA.
Section 2. HRA royal.
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 Redevelopment Plan and adoption of the TIF Plan for the Interchange Tax
Increment Financing District.
HRA Resolution No. 601 -2-
2.02. The modified Redevelopment Plan and the TIF Plan are hereby approved
and adopted by the HRA, subject to review 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 modified Redevelopment Plan and the TIF Plan to the School
Board of Independent School District No. 280, Intermediate School District No. 287, and
the Board of Commissioners of Hennepin Count 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
modified Redevelopment Plan and the TIF Plan 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
Redevelopment Plan and the TIF Plan required by ,mjpII. . Section 469.028 and
Minn. . Section 469.175, Subd. 3, as soon hereafter as is practicable and
recommends that the modified Redevelopment Plan and the TIF 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 Redevelopment Plan and
the TIF Plan and pledges its cooperation with the City in achieving the objectives of the
Plan.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 16th day of September, 199 .
homes E. Harms, Chair
ATTEST:
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Vem Luettinger, Secretary
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