HRA RES 1995-22 37
HRA RESOLUTION NO. 22 - 1995
RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR
REDEVELOPMENT PROJECT NO. 1 AND THE TAX INCREMENT
FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS
NOS. 1, 2, 3, 6, 7, 9, 10, 11, 12, AND 13, TO REFLECT
INCREASED PROJECT COSTS WITHIN REDEVELOPMENT PROJECT
NO. 1, AND CREATING TAX INCREMENT FINANCING DISTRICT NO.
14, AND ADOPTING A TAX INCREMENT FINANCING PLAN RELATING
THERETO
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority") as follows:
Section 1. Recitals.
1.01. It has been proposed that the Authority modify, approve, and adopt a
Modified Redevelopment Plan relating to Redevelopment Project No. 1 to
reflect increased project costs, 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 that the Authority modify, approve, and adopt
Modified Tax Increment Financing Plans for Tax Increment Financing
Districts Nos. 1, 2, 3, 6, 7, 9, 10, 11, 12, and 13 (the "Existing TIF
Districts") to reflect increased project costs 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 that the Authority approve the creation of
proposed Tax Increment Financing District No. 14 and adopt a 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 investigated the facts and has caused to be prepared
with respect thereto, a Modified Redevelopment Plan for Redevelopment
Project No. 1 and Modified Tax Increment Financing Plans for the Existing
TIF Districts to reflect increased project costs within Redevelopment
Project No. 1 and a proposed Tax Increment Financing Plan for proposed Tax
Increment Financing District No. 14, defining more precisely the property
to be included, the public costs to be incurred, and other matters
relating thereto.
1.05. The Authority has performed all actions required by law to be performed
prior to the modification, approval, and adoption of the Modified
Redevelopment Plan, the Modified Tax Increment Financing Plans, and the
proposed Tax Increment Financing Plan.
1.06. The Authority hereby determines that it is necessary and in the best
interests of the City and the Authority at this time to modify, approve,
and adopt the Modified Redevelopment Plan and the Modified Tax Increment
Financing Plans to reflect increased project costs within Redevelopment
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Page 2 -- HRA Resolution No. 22 - 1995
Project No. 1 and to create proposed Tax Increment Financing District No.
14, and to approve and adopt the proposed Tax Increment Financing Plan
relating thereto.
Section 2. Findings.
2.01. The Authority hereby finds 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 Authority hereby finds 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 Authority finds 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.
Section 3. Modification. Approval. and Adoption of Modified Redevelopment Plan.
_ I
3.01. The modification to the Modified Redevelopment Plan for Redevelopment
Project No. 1 reflecting increased project costs is hereby approved and
adopted by the Commissioners of the Authority and is forwarded to the
Fridley City Council for public hearing, review, and approval.
Section 4. Modification. Approval, and Adoption of Modified Tax Increment
Financing Plans.
4.01. The modifications to the Modified Tax Increment Financing Plans for the
Existing TIF Districts reflecting increased project costs within
Redevelopment Project No. 1 are hereby approved and adopted by the
Commissioners of the Authority and are forwarded to the Fridley City
Council for public hearing, review, and approval.
Section 5. Creation of Tax Increment Financing District and Adoption of Tax
Increment Financing Plan.
5.01. The establishment of proposed Tax Increment Financing District No. 14
within Redevelopment Project No. 1 and the adoption of the proposed Tax
Increment Financing Plan relating thereto are hereby approved and adopted
by the Commissioners of the Authority and are forwarded to the Fridley
City Council for public hearing, review, and approval.
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Page 3 -- HRA Resolution No. 22 - 1995
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 Authority shall cause said
Plans to be filed with the Commissioner of Revenue.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF FRIDLEY THIS 9TH DAY OF NOVEMBER, 1995.
LAWRENCE R. COMMERS - CHAIRMAN
ATTEST:
/
WILLIAM W. BURNS - EXECUTIVE DIRECTOR