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RES 1995-16 - 0000283321 RESOLUTION NO. 16 - 1995 ' RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1 AND TO REFLECT INCREASED PROJECT COSTS AND INCREASED GEOGRAPHIC AREA WITHIN REDEVELOPMENT PROJECT NO. 1, MODIFYING THE TAR INCREMENT FINANCING PLANS FOR TAR INCREMENT FINANCING DISTRICTS NO. 1 THROUGH NO. 12 TO REFLECT INCREASED PROJECT COSTS AND INCREASED GEOGRAPHIC AREA WITHIN REDEVELOPMENT PROJECT NO. 1, AND CREATING TAX INCREMENT FINANCING DISTRICT NO. 13 AND ADOPTING A TAX INCREMENT FINANCING PLAN RELATING THERETO 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 & Redevelopment Authority (the "Authority ") that the City Council modify the Modified Redevelopment Plan for Redevelopment Project No. 1 to reflect increased project costs and increased geographic area, pursuant to and in accordance with Minnesota Statutes, Sections 469.001 to 469.047, inclusive, as amended and supplemented from time to time. 1.02. It has been further proposed and approved by the Authority that the ' City Council modify the Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12 to reflect increased project costs and increased geographic area within Redevelopment Project No. 1, 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 City Council approve the establishment of proposed Tax Increment Financing District No. 13 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 City Council has investigated the facts with respect thereto, a Modified Redevelopment Plan for Redevelopment Project No. 1 to reflect increased project costs and increased geographic area; Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12 to reflect increased project costs and increased geographic area within Redevelopment Project No. 1; and a proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 13, 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 City Council have performed all actions required by law to be performed prior to the approval and adoption of the Modified ' Redevelopment Plan for Redevelopment Project No. 1, of the Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12, and of the proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 13. 22 Page 2 -- Resolution No. 16 - 1995 ' 1.06. The City Council hereby determines that it is necessary and in the best interests of the City and the Authority at this time to approve and adopt the Modified Redevelopment Plan for Redevelopment Project No. 1 to reflect increased project costs and increased geographic area; to approve and adopt the Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12 to reflect increased project costs and increased geographic area within Redevelopment Project No. 1; and to approve and adopt the proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 13. Section 2. Findings, 2.01. The City 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 City 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. ' 2.03. The City Council hereby finds, determines, and declares that the Modified Redevelopment Plan, Modified Tax Increment Financing Plans, and proposed Tax Increment Financing Plan afford maximum opportunity consistent 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 redevelopment contracts with private developers. 2.04. The City Council hereby finds, determines, and declares that the approval and adoption of the Modified Redevelopment Plan for Redevelopment Project No. 1; of the Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12; and of the proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 13 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 City Council hereby finds, determines, and declares that proposed Tax Increment Financing District No. 13 constitutes a "tax increment financing district" as defined in Minnesota Statutes, Section 469.174, Subdivision 9, and further constitutes a type of "redevelopment district" as defined in Minnesota Statutes, Section 469.174, Subdivision 10. 2.06. The City Council hereby finds, determines, and declares that the ' proposed development or redevelopment in proposed Tax Increment Financing District No. 13, in the opinion of the City Council, would not occur solely through private investigation within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. �I W Page 3 -- Resolution No. 16 - 1995 2.07. The City 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. Modification of the Modified Redevelopment Plan for Redevelopment Project No. 1. 3.01. The modifications to the Modified Redevelopment Plan for Redevelopment Project No. 1 reflecting increased project costs and increased geographic area are hereby approved and adopted by the City Council of the City of Fridley. Section 4. Modification of the Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12. 4.01. The modifications to the Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12 reflecting increased project costs and increased geographic area within Redevelopment Project No. 1 are hereby approved and adopted by the City Council of the City of Fridley. Section 5. Apvroval of the Tax Increment Financing Plan and Establishment of Proposed Tax Increment Financing District No. 13. 5.01. The establishment of proposed Tax Increment Financing District No. 13 within Redevelopment Project No. 1 and the proposed Tax Increment Financing Plan relating thereto are hereby approved and adopted by the City 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 Commissioner of Revenue. PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 13TH DAY OF FEBRUARY, 1995. ATTEST: WILLIAM A. CHAMPA - CITY PLERK w v--�-,� WILLIAM J. N•E - MAYOR �zI Page 4 -- Resolution No. 16 - 1995 ' EEXHIBIT A The reasons and facts supporting the findings for the proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 13 as required pursuant to Minnesota Statutes, Section 469.175, Subdivision 3, are as follows: 1. Finding that proposed Tax Increment Financing District No. 13 is a "redevelopment district" as defined in Minnesota Statutes, Section 469.174, Subdivision 10. Proposed Tax Increment Financing District No. 13 consists of four parcels of land, each of which contain a substandard apartment building, and which qualify as a redevelopment district under Minnesota Statutes, Section 469.174, Subdivision 10. 2. Finding that the proposed development or redevelopment, in the opinion of the City 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 have reviewed the current estimated costs for redeveloping this area which has been targeted for redevelopment by the City for the past fifteen years. They have determined that due to the high costs of ' acquisition, demolition, relocation, site improvements, and installation of public improvements, this redevelopment project would not proceed 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. 13 and has determined that the proposed Tax Increment Financing Plan conforms to the comprehensive plan of the City. 4. Finding that the proposed Tax Increment Financing Plan for proposed Tax Increment Financing District No. 13 will afford maximum opportunity consistent with the sound needs of the City as a whole for the development or redevelopment of the Redevelopment Project No. 1 by private enterprise. The project to be developed will be located within proposed Tax Increment Financing District No. 13 and will consist of the demolition and removal of four substandard apartment buildings and the construction of 44 market rate housing units. In addition to the elimination of a blighted influence, the housing project will provide additional housing opportunities, increase the tax base, and provide additional ' construction opportunities.