HRA RES 1985-03 - 00013726�
RESOLUTI�7 NO. HRA 3-1985
A RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR
RIDEVE�,OPMIIV`P PR0.7F.Cr N0. 1 PURSUANP TO THE PROVISIONS OF
MINNESOTA STATUTES, SECTIONS 462.411 TO 462.716,
INCLUSIVE� AS AMENDED, AND MODIFYING THE TAX INCREMENT
FINANCING PI,ANS FOR TAX INCRII�III�`P DISTf2ICTS N0. 1 THROUGH
5, ALL LOCATED WITHIN REDEVELOPMENT PROJECT NO. 1�
PURS'[7ANP � ZfIE PRGVISIONS �' R7INI�SQTA SPA7iPPES� SECPIONS
273.71 770 273.86 � II�USIVE, AS AMEPIDED, FOR TfiE PURPOSE
OF REFfJAIDING GENERAL 09LIGATIODI TAX INCRII�IENT BdDIDS OF THE
AU7.I30RITY
BE IT RESOLVID by the Cariunissioners (the "Commissioners") of the Housing and
Redevelopment Authority (the "Authority") ir, and for the City of Fndley,
Minnesota (the "City"), as follaas:
1. Recitals.
A. It has been proposed that the Authority modify the P.edevelopment Plan
(the "Redevelopment Plan") for P.edevelopment Fro�ect No. 1(the
"Redevelopment Pro�ect") pursuant to and in accordance with T+linnesota
Statutes, Sections 462.411 to 462.716, inclusive, as aznended, and moc9ify
� the tax increment financing plans (the "Tar, Increment Financiny Pl�ns")
for Tax Increment Districts No. 1 through 5("the Tax Increnent Financzng
Dlstricts"), all located within Redevelopment Pro�ect No. 1, pursuant to
the provisions of Ni�nnesota Statutes, Sections 273.71 to 273.86,
inclusive, as amended, for the purpose of refunding general oPali�ation ta�;
zncrem�nt bonds of the Authority.
B. This Authority has caused to be prepared, and has investigated the
facts with respect thereto, a proposed modificatian of the l�odiPiec�
Redevelopment Plan for t,he Redevelopment Pro�ect and the Tax Increment
Flnancing Plans for the Tax Incranent Financing Districts.
C. The Authority has performed all actions required by law to be
performed prior to the modification of the Reclevelogment Plan for the
Redevelopment Pro�ect and the modificatian of the Ta�c Incre�nent Financing
Plans for the Tax Increment Financing Districts.
D. The Authority hexeby determines that it is necessary and in the best
interests of the City at this time to modify the Modified Redevelopment
Plan for Redevelopment Pro7ect No. 1 and modify the Tax Incrernent
Financing Plans for the Tax Increment Financsng Districts ir. order to
facilitate the refunding of the general obligation tax increment bonds
issuec: for payment of public activities within the pro�ect area.
�
Page 2-- Resolution No. HRA 3-1985
, 2. Modification of the Redevelopment Project.
Subject to the finding, determination and approval of the modification of the
— rIodified Redevelopment Plan for Redeveloptnent Pro�ect No. 1 by the Council of
the City, the hSodified Redevelopment Plan for Redevel��ment Pro�ect P7o. 1 is
hereby approved and adopted in and for the City.
3. Modification of Tax Increment Financing Plans of Yax Increment Districts
Within Redevelopment Project No. 1.
Sub�ect to the finding, deterr,iination and approval of the Council of the City
of the Tax Increment Financing Plans for the Tax Increment Financing
Districts are hereby approved and adopted in and fcr the City.
4. Request and Approval of Modified Redevelopment Flan and hiodifzec! Tax
Increment Financing Plans.
The Modified Redevelopment Plan for Redevelopraent Pro7ect P]o. 1 and the
I�todified Tax Increment Financing Plans approved and adopted by the Authority
on thYS date, are hereby fonaarded to the Council wrth the request that the
Council approve and adopt the modification of the Modified Redevelo�,rnent Plan
for the Redevelopment Pro�ect and the modificatian of the Alodified TaY
Increment Financing Plans for the Tax Increnent Financing Districts, and that
the collective Modified Redevelopment Plan and Plodified Tax Increment
Financing Plans be placed on file in the office of the Clerk-Treasurer.
� 5. Ftling of Redevloianent Plan.
The Authority shall cause the Modified Redevelopment Plan for Redevelopment
Pro�ect No. 1 and the Modified Tax Inerenent Financing Plans the Tax Incranent
Financing Districts to be filed with the Mlinnesota De�artment of Eneryy and
Econ�nic Development.
PASSED AI�ID ADOPTID BY THE HOUSING ANL7 RIDEVELOPt9�NT t�[i�30RITY OF THE CITY OF
FRIDLEY THIS 14TH DAY OF FEBRUARY� 1985
A77'FST:
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NASIM M. QURESHI - DIREY,'i1�R
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