RES 1985-17 - 00005073RESOLUTION NO. 17 - 1985
A RESOLUTICK RELATING TO `HE APPROVAL AND ADOPTION OF THE
MODIFICATION OF THE MODIFIED REDEVELOPMENT PLAN FOR
REDEVELOPMENT PROJECT NO. 1 PURSUANT TO THE PROVISIONS OF
MINNESOTA STATUTES, SECTIONS 462.411 TO 462.716,
INCLUSIVE, AS AMENDED, AND THE APPROVAL AND ADOPTION OF
' THE MODIFICATION OF THE MODIFIED TAX INCREMENT FINANCING
PLANS FOR THE TAX INCREMENT DISTRICTS LOCATED THEREIN
PURSUANT TO THE PROVISIONS OF MINNESOTA STATUTES, SECTIONS
273.71 TO 273.86, INCLUSIVE, AS AMENDED BY THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF FRIDLEY FOR
79E PURPOSE OF FACILITATING THE REFUNDING OF THE GENERAL
OBLICATION TAX INCREMENT BONDS OF THE AUTHORITY
BE IT RESOLVED by the City Council (the "Council ") of the City of Fridley,
Minnesota (the "City "), as follows:
1. Recitals.
A. It has been proposed, approved and adopted by the Housing and
Redevelopment Authority in and for the City (the "Authority ") that the
Authority modify the Modified Redvelopment Plan for Redevelopment Project
No. 1 (the "Redevelopment Project ") within the corporate limits of the
City, pursuant to and in accordance with Minnesota Statutes, Sections
462.411 to 462.716, inclusive, as amended, and it has been further
proposed, approved and adopted by the Authority that the Authority modify
the Modified Tax Increment Financing Plans for Tax Increment Financing
Districts 1 through 5 within the Redevelopment Project (the "Tax Increment
Financing Districts ") for the purpose of facilitating the refunding of the
general obligation tax increment bonds of the Authority.
' B. The Authority has caused to be prepared, and this Council has
investigated the facts with respect thereto, a proposed modification of
the Modified Redevelopment Plan for the Redevelopment Project (the
"Modified Redevelopment Plan") .
C. The Authority and the City have performed all actions required by law
to be performed prior to the modification of the Modif ied Redevelopment
Plan and the modification of the Modified Tax Increment Financing Plans
for the Tax Increment Financing Districts (the "Modified Tax Increment
Financing Plans ") for the purpose of facilitating the refunding of the
general obligation tax increment bonds of the Authority.
D. The Council hereby determines that it is necessary and in the best
interest of the City at this time to modify the Modified Redevelopment
Plan and Modified Tax Increment Financing Plans and to adopt and approve
the Modified Redevelopnent Plan and the Modified Tax Increment Financing
Plans.
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Page 2 — Resolution No. 17 - 1985
2. Adoption of the Modified Redevelopment Plan.
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The Modified Redevelopment Plan and the Modified Tax Increment Financing Plans
presented to the Council on this date are hereby approved and adopted and
shall be placed on file in the office of the Clerk- Treasurer. The Modified
Redevelopment Plan and Tax Increment Financing Plans shall be collectively
entitled "Modified Redevelopment Plan for Redevelopment Project No. 1 and Tax
Increment Financing Plans for Tax Increment District No. 1 through Tax
Increment District No. 5, Housing and Redevelopment Authority in and for the
City of Fridley, Minnesota, February 18, 1985."
3. Implementation of Modified Redevelopment Plan.
The officers of the City, the City's financial advisor and underwriter
therefor, and the City's legal counsel and bond counsel are authorized and
directed to proceed with the implementation of the Modified Redevelopment Plan
and Modified Tax Increment Financing Plans and for this purpose to negotiate,
draft, prepare and present to htis Council for its oondiseration all further
plans, resolutions, documents and contracts necessary for this purpose.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 25TH DAY OF
FEBRJARY 1985.
r WILII�L41 1 J. NEE - R
ATTEST: