HRA RES 2005-03 - 00013440HRA RESOLUTION NO. 2005-03
A RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR REDEVELOPMENT
PROJECT NO. 1 AND THE TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT
FINANCING DISTRICTS NOS. 1-3, 6-7, AND 9-17 TO REFLECT INCREASED PROJECT
COSTS AND INCREASED BONDING AUTHORITY WITHIN REDEVELOPMENT PROJECT
NO. 1, CREATING TAX INCREMENT FINANCING DISTRICT NO. 18 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.
1.0 L It has been proposed that the Authority approve and adopt the proposed modifications to its
Redevelopment Plan for Redevelopment Project No. 1(the "Project Area") reflecting increased project
costs and increased bonding authority, 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 approve and adopt the proposed modifications to
the Tax Increment Financing Plans (the "existing TIF Plans") for Tax Increment Financing Districts Nos.
1-3, 6-7 and 9-17 (the "Existing TIF Districts") reflecting increased project costs and increased bonding
authority within the Project Area, pursuant to Minnesota Statutes, Section 469.174 through 469.1791,
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. 18 (the "Proposed TIF District") and adopt a proposed Tax Increment Financing
Plan (the "Proposed TIF Plan") relating thereto, pursuant to and in accordance with Minnesota Statutes,
Section 469.174 to 469.1791, 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 the Project Area and modified Existing TIF Plans for the Existing TIF
Districts reflecting increased project costs and increased bonding authority within the Project Area and a
Proposed TIF Plan for the Proposed TIF District, 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 approval
and adoption of the modifications to the Redevelopment Plan and Existing TIF Plans and the approval
and adoption of the Proposed TIF 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 approve and adopt the modifications to the Redevelopment Plan and Existing
TIF Plans, to create the Proposed TIF District and to approve and adopt the Proposed TIF Plan relating
thereto.
Section 2. Findin�s.
2.01. The Authority hereby finds that the assistance to be provided through the adoption and
implementation of the modified Redevelopment Plan, modified TIF Plans and Proposed TIF Plans
(collectively, the "Plans") are necessary to assure the development and redevelopment of the Project
Area.
HRA Resolution No. 2005-3 Page 2
2.02. The Authority hereby finds that the Plans 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 Plans afford maximum opportunity consistent with the sound needs
of the City as a whole for the development and redevelopment of the Project Area 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. Approvals and Adoptions.
3.01. The modifications to the Redevelopment Plan reflecting increased project costs and increased
bonding authority within the Project Area 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.
3.02. The modifications to the Existing TIF Plans reflecting increased project costs and increased
bonding authority within the Project Area 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.
3.03. The creating of the Proposed TIF District within the Project Area and the adoption of the
proposed TIF 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.
Section 4. Filin� of Plans.
4.01. Upon approval and adoption of the Plans, the Authority shall cause said plans to be filed with the
Commissioner of Revenue and the Office of the State Auditor.
PASSED AND ADOPTED BY THE FRIDLEY HOUSING RE VELOPM T AUTHORITY
OF THE CITY OF FRIDLEY THIS 4TH DAY OF AUGUST OS
Lawrence R Commers, Chairperson
ATT ST:
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William W. Burns, Executive Director
CERTIFICATION
I, Executive Director of the Housing and Redevelopment Authority in
and for the City of Fridley, County of Anoka, Minnesota, hereby certify that the foregoing is a true and
correct copy of HRA Resolution No. adopted by the Authority on the day
of 2005.
Executive Director