RES 1986-50 - 000048280
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RESOLUTION RELATING TO ASSISTING WINFIELD DEVELOPMENTS, INC.,
IN OBTAINING AN INDUSTRIAL DEVELOPMENT BONDING ALLOCATION BY
FINDING THAT THE PROJECT SITE WOULD QUALIFY AS A REDEVELOPMENT
TAX INCREMENT FINANCIIU DISTRICT
IT IS HEREBY RESOLVED by the City Council (the "Council ") of the City of
Fridley, Minnesota (the "City "), as follows:
1. (a) Winfield Developments, Inc., a Minnesota corporation, has requested
and received preliminary approval from the City for commercial development
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 within 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 allocation for the
above - mentioned project, which allocation is generally governed by
Minnesota Statutes (1986), Chapter 474A (the "Bonding Allocation Act ").
(c) A "commercial redevelopment project," as defined in the Bonding
Allocation Act, receives favorable consideration for being awarded bonding
allocation authority for that project.
(d) Under Section 474A.02, Subdivision 5(a) of the Bonding Allocation
Act, a project qualifies as a commercial redevelopment project if its site
would qualify as a redevelopment tax increment financing district under
Minnesota Statutes, Section 273.73, Subdivision 10, whether or not the
project site is actually included within a tax increment financing
district.
(e) Winfield has presented to the City information regarding the soil
conditions of its intended project site which indicate that soil
corrections costing in excess of $115,000 will be required to prepare the
site for the construction of the intended project.
(f) Under Section 273.73, Subdivision 10(a)(3), a project site can
generally qualify for designation as a redevelopment tax increment
district if the sum of the fair market value of the unimproved site plus
the costs of soil corrections exceed the fair market value of the site
when the soil corrections have been completed.
(g) Winfield has supplied the City with appraisal information indicating
that the making of the above- mentioned soil corrections would not increase
the market value of the project site by the full cost of making those soil
corrections.
Page 2 - Resolution No. 50 - 1986
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(h) On the basis of the foregoing information, and solely for the purpose
of assisting Winfield to obtain necessary bonding allocation authority for
I the project, Winfield has asked the City to declare that its project site
would qualify as a redevelopment tax increment financing district, within
the meaning of Section 273.73, Subdivision 10(a)(3).
2. Based on the foregoing, the Council hereby finds and determines that the
above - mentioned project site would qualify as a redevelopment tax increment
financing district within the meaning of Minnesota Statutes, Section 273.73,
Subdivision 10(a)(3). The Council makes the foregoing findings solely for the
purpose of assisting Winfield in obtaining a necessary allocation of
industrial development revenue bonding authority under the Bonding Allocation
Act and specifically but without limitation not for the purpose of including
the project site or recommending that the project site be included within a
redevelopment tax increment financing district.
3. The officers of the City are hereby authorized to take such steps as may
be necessary or desirable in cooperating with Winfield Developments to obtain
an allocation of bonding authority for the project under the Bonding
Allocation Act.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 16TH DAY OF
JUNE, 1986
' WILLIAM J. NEE - R
ATTEST:
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SHIRLEY A. AIAAFALA - CITY CLERK