05-9686r
286
RESOLUTION NO. 9686
RESOLUTION ADOPTING A MODIFICATION TO THE REDEVELOPMENT PLAN FOR
THE RICHFIELD REDEVELOPMENT PROJECT AREA AND MODIFICATIONS TO THE
TAX INCREMENT FINANCING PLANS FOR THE GRAMERCY, URBAN VILLAGE,
CITY BELLA, INTERCHANGE WEST/LYNDALE GATEWAY, AND
RICHFIELD REDISCOVERED A-1, A-2, A-3, A-4, A-5, B-1, B-2, B-3, B-4 AND B-5
TAX INCREMENT FINANCING DISTRICTS
BE IT RESOLVED, by the City Council (the "Council") of the City of Richfield,
Minnesota (the "City"), as follows:
Section 1. Recitals.
1.01. The Board of Commissioners (the "Board") of the Housing and Redevelopment
Authority in and for the City of Richfield (the "HRA") and the City have heretofore established
the Richfield Redevelopment Project Area and adopted the Redevelopment Plan therefor and
established the Gramercy, Urban Village, City Bella, Interchange West/Lyndale Gateway, and
Richfield Rediscovered A-1, A-2, A-3, A-4, A-5, B-1, B-2, B-3, B-4, and B-5 Tax Increment
Financing Districts and adopted the Tax Increment Financing Plans therefor. It has been
proposed by the HRA and the City that the City adopt a Modification to the Redevelopment
Plan for the Richfield Redevelopment Project Area and adopt the Modifications to the Tax
Increment Financing Plans (collectively the "Modifications") for the Gramercy, Urban Village,
City Bella, Interchange West/Lyndale Gateway, and Richfield Rediscovered A-1, A-2, A-3, A-
4, A-5, B-1, B-2, B-3, B-4, B-5 Tax Increment Financing Districts (the "Districts"), all pursuant
to and in conformity with applicable law, including Minnesota Statutes, Sections 469.001 to
469.047, and Sections 469.174 to 469.1799, inclusive as amended (the "Act"), all as reflected
in the Modifications, and presented for the Council's consideration.
1.02. The HRA and City have investigated the facts related to the Modifications and
have caused the Modifications to be prepared.
1.03. The HRA and City have performed all actions required by law to be performed
prior to the adoption and approval of the proposed Modifications, including, but not limited to,
notification of Hennepin County and Independent School District No. 280 having taxing
jurisdiction over the property included in the Districts, and the holding of a public hearing
upon published notice as required by law.
1.04. The City is expanding the boundaries of the Richfield Redevelopment Project
Area.
1.05. The City is not modifying the boundaries nor term of the Districts.
Section 2. FindinQs for the Modifications
2.01. The Council hereby reaffirms the original findings for the Districts, namely that
the Districts were established as "redevelopment districts" under Minnesota Statutes, Section
469.174, subd. 10 (a)(1). In addition, the City makes the following findings:
a. The Modifications conform to the general plan for development or redevelopment
of the City as a whole. The reason for supporting this finding is that the
Modifications will general!y complement and serve to implement policies adopted in
the City's comprehensive plan.
b. The Modifications will afford maximum opportunity, consistent with the sound
needs of the City as a whole, for the development or redevelopment of the
Richfield Redevelopment Project Area by private enterprise. The reason for
supporting this finding is that the development activities are necessary so that
development and redevelopment by private enterprise can occur within the
Richfield Redevelopment Project Area.
c. The development and redevelopment efforts, in the opinion of the City, would not
reasonably be expected to occur solely through private investment within the
reasonably foreseeable future and therefor the use of tax increment financing is
deemed necessary.
Section 3. Public Purpose
3.01. The adoption of the Modifications conforms in all respects to the requirements
of the Act and will help to provide to preserve and enhance the tax base in the City and
thereby serves a public purpose.
Section 4. Approval and Adoption of the Modifications; Filinq.
4.01. The Modifications are hereby approved, and shall be placed on file in the office
of the City Clerk. Approval of the Modifications does not constitute approval of any project or
a development agreement with any developer.
4.02. The staff of the City are authorized to file the Modifications with the
Commissioner of the Minnesota Department of Revenue and the Hennepin County Auditor.
4.03. The staff of the City, the City's advisors and legal counsel are authorized and
directed to proceed with the implementation of the Modifications and for this purpose to
negotiate, draft, prepare and present to this Council for its consideration all further
modifications, resolutions, documents and contracts necessary for this purpose.
Adopted by the City Council of the City of Richfield, Minnesota this 13th day of
December, 2005.
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Martin J. Kirsch;~'ayor
ATTEST: