11-10555r RESOLUTION NO. 10555
RESOLUTION ADOPTING A MODIFICATION TO THE
REDEVELOPMENT PLAN FOR THE RICHFIELD REDEVELOPMENT
PROJECT AREA AND ADOPTING AN AMENDED AND RESTATED
TAX INCREMENT FINANCING PLAN FOR THE 2010-1 HOUSING TAX
INCREMENT FINANCING DISTRICT (WOODLAKE HOUSING)
THEREIN AND ADOPTING A TAX INCREMENT FINANCING PLAN
THEREFORE
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 of the Richfield Housing and
Redevelopment Authority (the "HRA") has heretofore established the Richfield
Redevelopment Project Area and adopted a Redevelopment Plan therefore. 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 (the
"Redevelopment Plan Modification") and adopt an Amended and Restated Tax
Increment Financing Plan (the "TIF Plan") for the 2010-1 Housing Tax Increment
Financing District (Woodlake Housing) (the "District") (the Redevelopment Plan
Modification and the TIF Plan are referred to collectively herein as the "Plans"); 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, all inclusive, as
amended, (the "Act") all as reflected in the Plans, and presented for the Council's
consideration.
1.02. The HRA and City have investigated the facts relating to the Plans and
have caused the Plans to be prepared.
1.03. The HRA and City have performed all actions required by law to be
performed prior to the establishment of the District and the adoption and approval of the
proposed Plans, including, but not limited to, notification of Hennepin County and
Independent School District No. 280 having taxing jurisdiction over the property to be
included in the District, a review of and written comment on the Plans by the City
Planning Commission on August 22, 2011, approval of the Plans by the HRA on August
15, 2011, and the holding of a public hearing upon published notice as required by law.
1.04. Certain written reports (the "Reports") relating to the Plans and to the
activities contemplated therein have heretofore been prepared by staff and consultants
and submitted to the Council and/or made a part of the City files and proceedings on the
Plans. The Reports include data, information and/or substantiation constituting or
relating to the basis for the other findings and determinations made in this resolution.
The reports include the Application Packet from Michael Development and the Market
Study by Maxfield Research. The Council hereby confirms, ratifies and adopts the
Reports, which are hereby incorporated into and made as fully a part of this resolution
to the same extent as if set forth in full herein.
1.05. The City is not modifying the boundaries of Richfield Redevelopment
Project Area, but is however, modifying the Redevelopment Plan therefore.
Section 2. Findings for the Adoption and Approval of the Plans.
2.01. The Council hereby finds that the Plans are intended and, in the judgment
of this Council, the effect of such actions will be, to provide an impetus for development
in the public interest and accomplish certain objectives as specified in the Plans, which
are hereby incorporated herein.
Section 3. Findings for the Adoption of an Amended and Restate TIF Plan for the
2010-1 Housing Tax Increment Financing District (Woodlake Housing).
3.01. The Council hereby finds that the 2010-1 Housing Tax Increment
Financing District (Woodlake Housing) is in the public interest and is a "housing district"
under Minnesota Statutes, Section 469.174, Subd. 11 of the Act.
3.02. The Council further finds that the proposed development would not occur
solely through private investment within the reasonably foreseeable future that the
Plans conform to the general plan for the development or redevelopment of the City as
a whole; and that the Plans will afford maximum opportunity consistent with the sound
needs of the City as a whole, for the development or redevelopment of the District by
private enterprise.
3.03. The Council further finds, declares and determines that the City made the
above findings stated in this Section and has set forth the reasons and supporting facts
for each determination in writing, attached hereto as Exhibit A.
Section 4. Public Purpose.
4.01. The adoption of the Plans conforms in all. respects to the requirements of
the Act and will help fulfill a need to develop an area of the City which is already built
up, to provide housing opportunities, to improve the tax base and to improve the general
economy of the State and thereby serves a public purpose. For the reasons described
in Exhibit A, the City believes these benefits directly derive from the tax increment
assistance provided under the TIF Plan. A private developer will receive only the
assistance needed to make this development financially feasible. As such, any private
benefits received by a developer are incidental and do not outweigh the primary public
benefits.
Section 5. Approval and Adoption of the Plans.
5.01. The Plans, as presented to the Council on this date, including without
limitation the findings and statements of objectives contained therein, are hereby
approved, ratified, established, and adopted and shall be placed on file in the office of
the Community Development Director.
5.02. The staff of the City, the City's advisors and legal counsel are authorized
and directed to proceed with the implementation of the Plans and to negotiate, draft,
prepare and present to this Council for its consideration all further plans, resolutions,
documents and contracts necessary for this purpose.
5.03 The Auditor of Hennepin County is requested to certify the original net tax
capacity of the District, as described in the Plans, and to certify in each year thereafter
the amount by which the original net tax capacity has increased or decreased; and the
Richfield Housing and Redevelopment Authority is authorized and directed to forthwith
transmit this request to the County Auditor in such form and content as the Auditor may
specify, together with a list of all properties within the District, for which building permits
have been issued during the 18 months immediately preceding the adoption of this
resolution.
5.04. The Community Development Director is further authorized and directed
to file a copy of the Plans with the Commissioner of the Minnesota Department of
Revenue and the Office of the State Auditor pursuant to Minnesota Statutes 469.175,
Subd. 4a.
Adopted by the City Council of the City of Richfield, Minnesota this 13th day of•September 2011.
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tvc,Debbie Goettel, Mayor
ATTEST:
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Nancy Gib , City Clerk