RES 1986-129 - 00005048291
RFaSQ.DMN No. 129 - 1986
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BE IT RESCUED by the City Council (the "Council ") of the City of Fridley,
Minnesota (the "City "), as follows:
Section 1. Recitals.
1.01. It has been proposed and approved by the Housing and Redevelopment
Authority in and for the City of Fridley, Minnesota (the "Authority "), that
the Authority amend the Modified Redevelopment Plan for its Redevelopment
Project No. 1 pursuant to and in accordance with Minnesota Statutes, Sections
462.411 to 461.716, inclusive, as amended. It has been further proposed and
approved by the Authority that the Authority amend the Tax Increment Financing
Plans relating to Tax Increment Financing Districts No. 2 through No. 8 within
Redevelopment Project No. 1 to reflect increased project costs pursuant to and
' in accordance with Minnesota Statutes, Sections 273.71 to 273.78, inclusive,
as amended.
1.02. The Authority has caused to be prepared, and this Council has
investigated the facts with respect thereto, a proposed Modified Redevelopment
Plan (the "Redevelopment Plan") for Redevelopment Project No. 1 defining more
precisely the additional costs anticipated to be incurred within Redevelopment
Project No. 1.
1.03. The Authority and the City have performed all actions required by law
to be performed prior to the amendment of the Tax Increment Financing Plans
relating to Tax Increment Financing Districts No. 2 through No. 8 and the
amendment of the Redevelopment Plan.
1.04. The Council hereby determines that it is necessary and in the best
interest of the City at this time to approve the amendment of the Tax
Increment Financing Plans relating to Tax Increment Financing Districts No. 2
through No. 8 and to approve the amendment of the Redevelopment Plan.
Section 2.
2.01. The Council hereby finds, determines and declares that the amendment of
the Tax Increment Financing Plans for Tax Increment Financing Districts No. 2
through No. 8 is intended and, in the judgment of this Council, its effect
' will be, to further provide an impetus for commercial, industrial and housing
developnent, increase employment and tax base and otherwise promote certain
public purposes and accomplish certain objectives as specified in the
Redevelopment Plan and the Tax Increment Financing Plans (collectively
referred to as the "Plans ").
Page 2 - Resolution No. 129 - 1986
2.02. The Council finds, determines and declares that the proposed
development and redevelopment, in the opinion of the Council, would not occur
solely through private investment within the reasonably foreseeable future
and, therefore, the use of tax increment financing is deemed necessary.
2.03. The Council finds, determines and declares that the proposed amendment
of the Tax Increment Financing Plans will afford maximum opportunity and be
consistent with the sound needs of the City as a whole for the development or
redevelopment of Redevelopment Project No. 1 by private enterprise.
Section 3. Adoption of the Plans.
3.01. The proposed amendment to the Redevelopment Plan and of the Tax
Increment Financing Plans for Tax Increment Financing Districts No. 2 through
No. 8 presented to the Council on this date are hereby approved and adopted
and shall be placed on file in the office of the City Clerk.
PASSED AND ADOPTED BY THE CITY ODUNCIL OF THE CITY OF FRIDLEY THIS 22ND MY OF
DECEMBER, 1986
ATTEST:
SHIRLEY HAAPALA -/CITY CLERK
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Z—UTAM J. MAYOR
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