11-10550r RESOLUTION NO. 10550
RESOLUTION APPROVING A SPENDING PLAN FOR
CERTAIN TAX INCREMENT FINANCING DISTRICTS
LOCATED WITHIN THE RICHFIELD REDEVELOPMENT
PROJECT AREA
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield (the "HRA") and the City of Richfield (the "City") have previously established
the Interchange Tax Increment Financing District and the Lyndale Gateway Tax
Increment Financing District (collectively, the "TIF Districts") within the Richfield
Redevelopment Project Area and adopted tax increment financing plans therefor,
pursuant to Minnesota Statutes, Sections 469.001 to 469.047, as amended, and
Sections 469.174 to 469.1799, as amended; and
WHEREAS, Minnesota Statutes, Section 469.176, Subd. 4m (the "Temporary
TIF Authority Act") authorizes the Housing and Redevelopment Authority in and for the
City of Richfield, Minnesota (the "HRA") to spend available tax increment from any
existing tax increment financing district, notwithstanding any other law to the contrary, to
provide improvements, loans, interest rate subsidies, or assistance in any form to
private development consisting of construction or substantial rehabilitation of buildings
and ancillary facilities, if the following conditions exist:
(1) Such assistance will create or retain jobs in the State of Minnesota,
including construction jobs;
(2) Construction commences before (a) July 1, 2011, for low- and moderate-
income housing developments; (b) January 1, 2012, for market rate housing
developments; and (c) July 1, 2012, for all other private developments;
(3) The construction would not have commenced before the dates specified
above without the assistance;
(4) Tax increments under the spending plan are spent by December 31, 2012;
and
(5) The City Council of the City approves a written spending plan (after a duly
noticed public hearing) that specifically authorizes the HRA to take such actions; and
WHEREAS, the HRA has proposed to apply available tax increments from the
TIF Districts for various uses in accordance with the Temporary TIF Authority Act, and
to that end has caused to be prepared a document entitled "Spending Plan for
Interchange Tax Increment Financing District and Lyndale Gateway Tax Increment
Financing District (Temporary TIF Authority under Minn. Stats., Section 469.176, Subd.
4m)" (the "Spending Plan"); and
WHEREAS, the assistance authorized under the Spending Plan expressly
includes, but is not limited to, assistance to The Cornerstone Group, Inc., a Minnesota
corporation to finance the costs of redeveloping the Lyndale Garden Center, located at
6400 Lyndale Avenue South in the City, which costs shall include the acquisition of the
property, the remediation of environmental contaminants and the substantial
rehabilitation of the existing building so that it is suitable for commercial use; and
WHEREAS, at its meeting on July 25, 2011, the Board of the HRA approved the
Spending Plan; and
WHEREAS, on this date, the Council held a public hearing regarding the
Spending Plan, for which notice was published in a newspaper of general circulation in
the City at least once, not less than ten days nor more than 30 days prior to the hearing,
and at which hearing all persons were given the opportunity to be heard; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF RICHFIELD, MINNESOTA:
1. The Spending Plan is hereby approved in substantially the form on file in
City Hall.
2. The City makes all the findings set forth in the Spending Plan, which are
incorporated herein by reference.
3. HRA staff and consultants are hereby authorized to take actions necessary
to carry out the terms of the Spending Plan.
Adopted by the City Council of the City of Richfield, Minnesota, this 9th day of
August, 2011.
Debbie Goettel, Mayor
ATTEST:
,A)U6(11
Nancy Gibbb City Clerk