HRA RES 1986-08 - 00013775'
• �,�.; . . .�• .
RESQLUTION RFLATING 7D ASSISTING WINFIELD DEt7ELOPMENTS,
INC., IN OBTAINING AN INDUSTRIAL DEVELOPMENT BONDING
ALLO(P,TION
IT IS HERFBY RESOLVED by the Board of Commissioners (the "Boarcl") of the
Housing and RedeveloXanent Authority 1n and for the City of Fridley, Minnesota
(the "Authonty"), as follows:
1. (a) Winfield Develognents, Inc., a Minr�sota corporatian, has requesteu
and received prel vninary approval fran the City of FriUley for commercial
develo�anent revenue bonding in an amount not to exceed $3,000,000 for a
proposed 55,000 square foot multi—tenant industrial/commercial facility
proposed to be located witl�in the City in the southeast quadrant of the
intersection of 73rd Avenue and University Avenue.
(b) Winfield has also requested that the City assist it in obtaining
necessary industrial development bonding allacation for the
abov�mentioned pro�ect, which allocation is qenerally governed by
Mi.nnesota Statutes (1986), Chapter 474A (the "Bonw.ng Allocation Act").
(c) A"commercial redevelopment pro7ect," as defined in the Bonding
' Allocation Act, receives favorable consicieration for being awarded bonding
allocation authority for that pro�ect.
(d) Under Section 474A.02, Subdivision 5(a) of the Bonding Allocation
Act, a pro�ect qualifies as a commercial redevelognent pro7ect if its site
would qualify as a redevelognent tax incr�ient financing district under
P7iruiesota Statutes, Section 273.73, Subdivision 10, �,�hether or not the
pro�ect site is actually included within a tax increment financing
district.
(e) Winfield has presented to the City inforn�ation regarciing the soil
conditions of its intended pro�ect site which indicate that soil
corrections costing in excess of $115,000 will be raruired to prepare the
site for the construction of the intended pro7ect.
(f) Under Section 273.73, Subdivision 10(a)(3), a pro�ect site can
yenerally qualify for designation as a redeveloFxnent tax increment
c�istrict if the stun of the fair market value of the unimproved site plus
the costs of soil oorrections exceed the fair market value of the site
when the soil corrections have been oompleteu.
(g) Winfield has supplied or will be supplying the City with irxf ormation
indicating that the making of the abovrn�ntioned soil corrections would
not increase the market value of the pro�ect site by the full cost of
making those soil �rrections.
'
Page 2- Resolution No. HRA 8- 1986
(h) On the basis of the foregoing information, and solely for the pur�se
' of assisting Winf ield to obtain necessary bonc7ing allocatien authority for
the project, Winf ield has asked the City to c�eclare that its pro�ect site
would qualify as a rec�velopnent tax incrar�erit financing district, within
— the meaning of Section 273.73, Subdivision 10(a)(3).
2. The Board hereby advises the Fridley City Council that it has no ob�ection
to the City assisting Winfield Develotanents to obtain the necessary industrial
c�evelognent bonding allocation in the manner and to the extent providecl above
in this resolution. The Board understands that tYie City is not contem�lating
actually designating or asking the Authority ta designate the Winfield pro�ect
site as a tax increment financing distnct.
3. The offioers of the Authority are herel7y instructed to transmit a copy of
this resblution to the m�ibers of the Fridley City Council or otherwise ir�form
such Councilmembers of the aontent hereof.
PASSED AND ADOFrED BY THE HOUSING AND REI�VII,OPr'ENT AUZS3012ITY OF THE CITY OF
FRIDLEY Tf3I5 12TH DAY OF JUNE, 1986
/' ,� 1 � !
� �� �
,��zz✓'.�s-'�(�� 7y,.ya,C,c.y �'"
LAWRII�ICE R. COMNIERS — Q3AIRMAN
ATTEST:
' �Dd�:.., �f . (�_u.,,�.:
I�1SIM M. QURFSHI - DIRECDOR
�