HRA RES 2001-01 RESOLUTION NO. HRA 1-2001
A RESOLUTION MODIFYING THE TAX INCREMENT FINANCING PLAN FOR TAX
INCREMENT FINANCING DISTRICT NO. 9 TO REFLECT A REDUCTION OF THE
GEOGRAPHIC AREA OF THE DISTRICT
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 Tax
Increment Financing Plan for Tax Increment Financing District No. 9 (the"TIF District") located
within Redevelopment Project No. 1 (the"Project Area")to reflect a reduction of the TIF District's
geographic area,pursuant to Minnesota Statutes, Section 469.174 through 469.179, inclusive, as
amended and supplemented from time to time.
1.02. The Authority has investigated the facts and has caused to be prepared with respect thereto,
a Modified Tax Increment Financing Plan for the TIF District(the"Modified Tax Increment
Financing Plan")to reflect a reduction of the TIF District's geographic area by removal of the
following parcel:
PIN 12-30-24-41-0003, generally containing the Onan manufacturing facility
1.03. The Authority has performed all actions required by law to be performed prior to the
modification, approval, and adoption of the Modified Tax Increment Financing Plan.
1.04. 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 Tax Increment Financing Plan
to reflect a reduction of the TIF District's geographic area.
Section 2. Findings.
2.01. The Authority hereby finds that the Modified Tax Increment Financing Plan conforms to the
general plan for the development and redevelopment of the City as a whole in that it is consistent
with the City's comprehensive plan.
2.02. The Authority further finds that the Modified Tax Increment Financing Plan affords
maximum opportunity consistent with the sound needs of the City as a whole for the development
and redevelopment of the Project Area.
2.03. The Authority further finds that no additional property within the City will be included in the
TIF District as a result of the proposed modification.
Page 2—Resolution No. BRA 1-2001
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Section 3. Modification,Approval, and Adoption of Modified Tax Increment Financing Plan.
3.01. The Modified Tax Increment Financing Plan reflecting a reduction of the TIF District's
geographic area 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. Filing of Plans.
4.01. Upon approval and adoption of the Modified Tax Increment Financing Plan, the Authority
shall cause said Plan to be filed with the Commissioner of Revenue.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF FRIDLEY, MINNESOTA, THIS 5Th DAY OF APRIL, 2001.
pi-I/ MEYE , ACT G CHAIRPERSON
ATTEST:
/ -4/
WILLIAM W. BURNS, EXECUTIVE DIRECTOR