RES 1987-37 - 00004625RESILDTION NO. 37 —1987
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BE IT RESOLVED by the City Council (the "Council ") of the City of Fridley,
Minnesota (the "City "), as follows:
SE(TIOK 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, including the enlargement of the Redevelopment Project area,
pursuant to and in accordance with Minnesota Statutes, Sections 462.411 to
462.716, 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 property to be included and 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, including the holding of a public hearing
therein preceded by published notice.
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 Redevelopnent Plan.
Page 2 - Resolution No. 37 - 1987
' SKTION 2. Findia% for the Amenftent OT the Tax lncremenL r&1l 1l:i- raul�a
for Tax Increment Financira Districts No. 2 through No. 8.
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
development, 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 ").
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 of the development or
redevelopment of Redevelopment Project No. 1 by private enterprise.
SECTION 3. Adoption of the Plans.
The proposed amendment to the Redevelopment Plan and of the Tax Increment
' Financing Plans for Tax Increment Financing Districts No. 2 through No. 8 and
the proposed enlargement of the Redevelopment Project area, as 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 COUNCIL OF THE CITY OF FRIIY,EY THIS 20TH DAY OF
APRIL, 1987
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WILLIAM J. NEE tAMR
ATTEST:
OURLEY A. 41WALA - CITY CLERK