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RES 1990-17 - 00003815RESOLUTION NO. 17 - 1990 A RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1 TO REFLECT INCREASED PROJECT COSTS AND INCREASED GEOGRAPHIC AREA AND MODIFYING THE TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS NO. 1 THROUGH NO. 9 TO REFLECT INCREASED PROJECT COSTS AND INCREASED GEOGRAPHIC AREA WITHIN REDEVELOPMENT PROJECT NO. 1; AND ESTABLISHING PROPOSED TAX INCREMENT FINANCING DISTRICT NO. 10 AND APPROVING AND ADOPTING THE PROPOSED TAX INCREMENT FINANCING PLAN RELATING THERETO. 29 BE IT RESOLVED 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 (the "Authority ") that the Council modify Redevelopment Project No. 1 to reflect increased project costs and increased geographic area and approve and adopt a Modified Redevelopment Plan relating thereto, pursuant to and in accordance with Minnesota Statutes, Sections 469.001 to 469.047, inclusive, as amended and supplemented from time to time. 1.03. It has been further proposed and approved by the Authority that the Council approve the establishment of proposed Tax Increment Financing District No. 10 and approve and adopt the proposed Tax Increment Financing Plan relating thereto pursuant to and in accordance with Minnesota Statutes, Section 469.174 to 469.179, inclusive, as amended and supplemented from time to time. 1.04. The Authority has caused to be prepared, and this Council has investigated the facts with respect thereto, a Modified Redevelopment Plan for Redevelopment Project No. 1 reflecting increased project costs and increased geographic area; Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 9 reflecting increased project costs and geographic area within Redevelopment Project No. 1; and a proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 10, defining more precisely the property to be included, the public costs to be incurred and other matters relating thereto. 1.05. The Authority and the Council have performed all actions required by law to be performed prior to the modification of Redevelopment Project No. 1 and the approval and adoption of the Modified Redevelopment Plan relating thereto; to ' the modification of Tax Increment Financing Districts No. 1 through No. 9 and the approval and adoption of the Modified Tax Increment Financing Plans relating thereto; and to the establishment of proposed Tax Increment Financing District No. 10 and the approval and adoption of the proposed Tax Increment Financing Plan relating thereto. 1.02. It has been further proposed and approved by the Authority that the ' Council modify Tax increased project Increment costs and Financing Districts No. increased geographic 1 through No. 9 to reflect area within Redevelopment Project No. 1 and approve and adopt Modified Tax Increment Financing Plans relating thereto, pursuant to Minnesota Statutes, Section 469.174 through 469.179, inclusive, as amended and supplemented from time to time. 1.03. It has been further proposed and approved by the Authority that the Council approve the establishment of proposed Tax Increment Financing District No. 10 and approve and adopt the proposed Tax Increment Financing Plan relating thereto pursuant to and in accordance with Minnesota Statutes, Section 469.174 to 469.179, inclusive, as amended and supplemented from time to time. 1.04. The Authority has caused to be prepared, and this Council has investigated the facts with respect thereto, a Modified Redevelopment Plan for Redevelopment Project No. 1 reflecting increased project costs and increased geographic area; Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 9 reflecting increased project costs and geographic area within Redevelopment Project No. 1; and a proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 10, defining more precisely the property to be included, the public costs to be incurred and other matters relating thereto. 1.05. The Authority and the Council have performed all actions required by law to be performed prior to the modification of Redevelopment Project No. 1 and the approval and adoption of the Modified Redevelopment Plan relating thereto; to ' the modification of Tax Increment Financing Districts No. 1 through No. 9 and the approval and adoption of the Modified Tax Increment Financing Plans relating thereto; and to the establishment of proposed Tax Increment Financing District No. 10 and the approval and adoption of the proposed Tax Increment Financing Plan relating thereto. 30 Page 2 - Resolution No. 17 - 1990 1.06. The Council hereby determines that it is necessary and in the best interests of the City and the Authority at this time to modify Redevelopment Project No. 1 to reflect increased project costs and increased geographic area and to approve and adopt the Modified Redevelopment Plan relating thereto; to modify Tax Increment Financing Districts No. 1 through No. 9 to reflect increased project costs and increased geographic area within Redevelopment Project No. 1 and to approve and adopt the Modified Tax Increment Financing Plans relating thereto; and to establish proposed Tax Increment Financing District No. 10 and to approve and adopt the proposed Tax Increment Financing Plan relating thereto. Section 2. Findines. 2.01. The Council hereby finds, determines and declares that the assistance to be provided through the adoption and implementation of the Modified Redevelopment Plan, Modified Tax Increment Financing Plans and proposed Tax Increment Financing Plan are necessary to assure the development and redevelopment of Redevelopment Project No. 1. 2.02. The Council hereby finds, determines and declares that the Modified Redevelopment Plan, Modified Tax Increment Financing Plans and proposed Tax Increment Financing Plan 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. 2.04. The Council hereby finds, determines and declares that the modification of Redevelopment Project No. 1, the modification of Tax Increment Financing Districts No. 1 through No. 9 and the establishment of Tax Increment Financing District No. 10 and the approval and adoption of the Modified Redevelopment Plan, Modified Tax Increment Financing Plans and a proposed Tax Increment Financing Plan relating thereto by the City is intended and, in the judgement of this Council, its effect will be to promote the purposes and objectives specified in this Section 2 and otherwise promote certain public purposes and accomplish certain objectives as specified in the Modified Redevelopment Plan, Modified Tax Increment Financing Plans and proposed Tax Increment Financing Plan. 2.05. The Council hereby finds, determines and declares that proposed Tax Increment Financing District No. 10 constitutes a "tax increment financing district" as defined in Minnesota Statutes, Section 469.174, Subdivision 9, and further constitutes a type of "economic development district" as defined in Minnesota Statutes, Section 469.174, Subdivision 12. ' 2.06. The Council hereby finds, determines and declares that the proposed development or redevelopment in proposed Tax Increment Financing District No. 10, in the opinion of the Council, would not occur solely through private 2.03. The Council hereby finds, determines and declares that the Modified Redevelopment Plan, Increment Financing Modified Tax Increment Financing Plans Plan afford maximum opportunity consistent and proposed Tax with the sound needs of the City as a whole for the development and redevelopment of Redevelopment Project No. 1 by private enterprise and it is contemplated that the development and redevelopment thereof will be carried out pursuant to a redevelopment contract with a private developer, 2.04. The Council hereby finds, determines and declares that the modification of Redevelopment Project No. 1, the modification of Tax Increment Financing Districts No. 1 through No. 9 and the establishment of Tax Increment Financing District No. 10 and the approval and adoption of the Modified Redevelopment Plan, Modified Tax Increment Financing Plans and a proposed Tax Increment Financing Plan relating thereto by the City is intended and, in the judgement of this Council, its effect will be to promote the purposes and objectives specified in this Section 2 and otherwise promote certain public purposes and accomplish certain objectives as specified in the Modified Redevelopment Plan, Modified Tax Increment Financing Plans and proposed Tax Increment Financing Plan. 2.05. The Council hereby finds, determines and declares that proposed Tax Increment Financing District No. 10 constitutes a "tax increment financing district" as defined in Minnesota Statutes, Section 469.174, Subdivision 9, and further constitutes a type of "economic development district" as defined in Minnesota Statutes, Section 469.174, Subdivision 12. ' 2.06. The Council hereby finds, determines and declares that the proposed development or redevelopment in proposed Tax Increment Financing District No. 10, in the opinion of the Council, would not occur solely through private 31 Page 3 - Resolution No. 17 -1990 investment within the reasonably foreseeable future and, therefore, the use of ' tax increment financing is deemed necessary. 2.07. The Council hereby finds, determines and declares that the City made the above findings stated in this Section 2 and has set forth the reasons and supporting facts for each determination in the Modified Redevelopment Plan, the Modified Tax Increment Financing Plans, the proposed Tax Increment Financing Plan and Exhibit A of this Resolution. Section 3. Approval of the Modification of Redevelopment Project No. 1 and the Approval and Adoption of the Modified Redevelopment Plan Relating Thereto. 3.01. The modification of Redevelopment Project No. 1 reflecting increased project costs and increased geographic area and the approval and adoption of the Modified Redevelopment Plan relating thereto are hereby approved and adopted by the Council of the City of Fridley. Section 4. Approval of the Modification of Tax Increment Financing Districts No. 1 through No. 9 and the Approval and Adoption of the Modified Tax Increment Financing Plans Relating Thereto. 4.01. The modification of Tax Increment Financing Districts No. 1 through No. 9 reflecting increased project costs and increased geographic area within Redevelopment District No. 1 and the approval and adoption of the Modified Tax Increment Financing Plans relating thereto are hereby approved and adopted by the Council of the City of Fridley. ' Section 5. Approval of the Establishment of Proposed Tax Increment Financing District No 10 and the Approval and Adoption of the Proposed Tax Increment Financing Plan Relating Thereto. 5.01. The establishment of proposed Tax Increment Financing District No. 10 within Redevelopment Project No. 1 and the approval and adoption of the proposed Tax Increment Financing Plan relating thereto are hereby approved and adopted by the Council of the City of Fridley. Section 6. Filing of Plans. 6.01. Upon approval and adoption of the Modified Redevelopment Plan, the Modified Tax Increment Financing Plans and the proposed Tax Increment Financing Plan (collectively the "Plans ") , the City shall cause said Plans to be filed with the Minnesota Department of Trade and Economic Development. PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 26TH DAY OF FEBRUARY, 1990. WILLIAM J. NEE ATpSTTEST:�� �® ' SHIRLEY A. HAAPALA - CIT CLERK Page 4 - Resolution No. 17 - 1990 EXHIBIT A The reasons and facts supporting the findings for the proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 10 as required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, are as follows: 1. Finding that proposed Tax Increment Financing District No. 10 is an "economic development district" as defined in Minnesota Statutes, Section 469.174, Subdivision 12. Proposed Tax Increment Financing District No. 10 consists of 1 parcel of land which qualifies as an economic development district under Minnesota Statutes, Section 469.174, Subdivision 12. 2. Finding that the proposed development or 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. City staff has reviewed the available financing costs for the development including soils correction costs. Due to the high costs of soils correction, the project would not be financially feasible without the City's assistance. 3. Finding that the proposed Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the municipality as a whole. The Planning Commission of the City of Fridley has reviewed the proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 10 and has determined that the proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No, 10 conforms to the comprehensive plan of the City. 4. Finding that the proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 10 will afford maximum opportunity, consistent with the sound needs of the City as a whole for the development or redevelopment of Redevelopment Project No. 1 by private enterprise. The project to be developed (an office and commercial facility) will be located within proposed Tax Increment Financing District No. 10 and will consist of a building providing office and commercial space and will provide 25 jobs. 1 32