HRA RES 1997-05 - 00001035HRA RESOLUTION NO. 5- 1997
A RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR
REDEVELOPMENT PROJECT NO. 1 AND THE TAX INCREMENT
FINANCING PLANS FOR TAX INCREMENT FINANCING
DISTRICTS NOS. 1, 2, 3, 6, 7, 9, 10, 11, 12, 13
AND 14 TO REFLECT INCREASED PROJECT COSTS WITHIN
REDEVELOPMENT PROJECT NO. 1, AND CREATING TAX
INCREMENT FINANCING DISTRICT NO. 15 AND ADOPTING A
TAX INCREMENT FINANCING PLAN RELATING THERETO
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of
the Housing and Redevelopment Authority in and for the City of Fridley,
Minnesota (the "Authority"), as follows:
Section 1. Recitals.
1.01. It has been proposed that the Authority modify, approve and adopt
a Modified Redevelopment Plan relating to Redevelopment Project No. 1 to
reflect increased project costs, pursuant to and in accordance with
Minnesota Statutes, Sections 469.001 to 469.047, inclusive, as amended
and supplemented from time to time.
1.02. It has been further proposed that the Authority modify, approve
and adopt Modified Tax Increment Financing Plans for Tax Increment
Financing Districts Nos. 1, 2, 3, 6, 7, 9, 10, 11, 12, 13 and 14 (the
"Existing TIF Districts") to reflect increased project costs within
Redevelopment Project No. 1, pursuant to Minnesota Statutes, Section
469.174 through 469.179, inclusive, as amended and supplemented from
time to time.
1.03. It has been further proposed that the Authority approve the
creation of proposed Tax Increment Financing District No. 15 and adopt a
proposed Tax Increment Financing Plan relating thereto, pursuant to and
in accordance with Minnesota Statutes. Section 469.174 to 469.179,
inclusive, as amended and supplemented from time to time.
1.04. The Authority has investigated the facts and has caused to be
prepared with respect thereto, a Modified Redevelopment Plan for
Redevelopment Project No. 1 and Modified Tax Increment Financing Plans
for the Existing TIF Districts to reflect increased project costs within
Redevelopment Project No. 1 and a proposed Tax Increment Financing Plan
for proposed Tax Increment Financing District No. 15, defining more
precisely the property to be included the public costs to be incurred,
and other matters relating thereto.
1.05. The Authority has performed all actions required by law to be
performed prior to the modification, approval and adoption of the
Modified Redevelopment Plan, the Modified Tax Increment Financing Plans
and the proposed Tax Increment Financing Plan.
1.06. The Authority hereby determines that it is necessary and in the
best interests of the City and the Authority at this time to modify,
approve and adopt the Modified Redevelopment Plan and the Modified Tax
Increment Financing Plans to reflect increased project costs within
Redevelopment Project No. 1 and to create proposed Tax Increment
Financing District No. 15 and to approve and adopt the proposed Tax
Increment Financing Plan relating thereto.
Page 2- HRA Resolution No. 5- 1997
Section 2. Findinqs.
2.01. The Authority hereby finds that the assistance to be provided
through the adoption and implementation of the Modified Redevelopment
Plan, Modified Tax Increment Financing Plans and proposed Tax Increment
Financing Plan are necessary to assure the development and
redevelopment of Redevelopment Project No. 1.
2.02. The Authority hereby finds that the Modified Redevelopment Plan,
Modified Tax Increment Financing Plans and proposed Tax Increment
Financing Plan conform to the general plan for the development and
redevelopment of the City as a whole in that they are consistent with
the City's comprehensive plan.
2.03. The Authority finds that the Modified Redevelopment Plan,
Modified Tax Increment Financing Plans, and proposed Tax Increment
Financing Plan afford maximum opportunity consistent with the sound
needs of the City as a whole for the development and redevelopment of
Redevelopment Project No. 1 by private enterprise and it is contemplated
that the development and redevelopment thereof will be carried out
pursuant to redevelopment contracts with private developers.
Section 3. Modification, Approval and Adoption of Modified
Redevelopment Plan.
3.01. The modification to the Modified Redevelopment Plan for
Redevelopment Project No. 1 reflecting increased project costs is
approved and adopted by the Commissioners of the Authority and is
forwarded to the Fridley City Council for public hearing, review
approval.
Section 4. Modification, Approval and Adoption of Modified Tax
Increment Financina Plans.
hereby
FiTJ
4.01. The modifications to the Modified Tax Increment Financing
Plans for the Existing TIF Districts reflecting increased project
costs within Redevelopment Project No. 1 are hereby approved and adopted
by the Commissioners of the Authority and are forwarded to the Fridley
City Council for public hearing, review and approval.
Section 5. Creation of Tax Increment Financinq District and Adoption
of Tax Increment Financina Plan.
5.01. The establishment of proposed Tax Increment Financing District
No. 15 within Redevelopment Project No. 1 and the adoption of the
proposed Tax Increment Financing Plan relating thereto are hereby
approved and adopted by the Commissioners of the Authority and are
forwarded to the Fridley City Council for public hearing, review and
approval.
Page 3- HRA Resolution No. 5- 1997
Section 6. Filina of Plans.
6.01. Upon approval and adoption of the Modified Redevelopment Plan,
the Modified Tax Increment Financing Plans and the proposed Tax
Increment Financing Plan (collectively the "Plans"), the Authority shall
cause said Plans to be filed with the Commissioner of Revenue.
PASSED AND ADOPTED BY THE HOUSING & REDEVELOPMENT AUTHORITY OF THE
CITY OF FRIDLEY THIS 10TH DAY OF APRIL, 1997.
LAWRENCE R. COMMERS - CHAIRMAN
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR