HRA RES 1990-05 - 00013846. . . �•. .,
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BE IT RESOLUED by the Boaxd of Cmmnissioners (the "BO�l") of the Housing and
Redevelopment Authority in and for the City of Fridley, Miruiesota (the "IIRA"),
as follows:
Section 1. Recitals
1.01. It has been proposed that the HRA enlarge its Redevelopment Project No.
1(the "Redevelopment Project"); amend the Modified Redevelopment Plan for the
Redevelopment Project; amend the Tax Increment F�na*�ing Plans for Tax Increment
Financing District Nos. 2 throuc� 10 currently existing within the Redevelopment
Project; and establish a riew Tax Increment Financing District No. 11 within the
Redevelop�ne�it Project and approve the related ta�L �ncreic�.nt financing plan
(collectively, the "Plans"); all pursuant to and itt conformity with applicable
law, including Minnesota Statutes, Sections 469.001 through 469.047 and 469.174
throuc� 469.179; all as reflected in that certain docim�ent entitled in part
"Amenchnents Relating to Redevelopment Project No. 1," dated July 23, 1990, and
presented for the HRA's consideration.
1.02. The Boan9 has ir�vestigated the facts relating to the Plans and has caused
the Plans to be prepared.
' 1.03. The HRA has performed all actions required by law to be perfonned prior
to the adoption and approval of the Plans. The HRA has also requested that the
Fridley City Council hold a public hearing on the Plans arxl that the Fridley
Planning Commission prwide written co�m[�ent on the Plans.
Section 2. Findirxrs for the Adoption and Aunmval of the Plans
2.01. The HRA herPby firxis that Tax Increment Financing District No. 11 is in
the pubic interest and is a renewal and renovation district, as defined in
Minnesota Statutes, Sec,-tion 469.174, S�bdivision l0a (Laws of Miru�esota 1990,
C3�apter 604, Article 7, Section 6) , because the following conditions are met and
are reasonably distributed through the District: (1) �mPls consistirig of at
least 70� of the area of said District are �pied by builduxJs, streets,
utilities, or other i�rovements; (2) 2D$ of the buildirigs are "structurally
subst�rr3�� (�,.ithin the meanirig of Minnesota Statutes, Section 469.174,
S�bdivision 10(b); and (3) at least 30% of the other buildings require
substantial renovation or clP��n� }� remove existing conditions such as or
giving rise to incon�atible uses and larid use relationships, consolidation of
a suitable site for conmiexcial develo�anent, and pmp2r txaffic n�anagement and
safety planning.
2.02 The Boani fi,.+har fiix3s that the proposed development would not occur
solely through private invPStrne.nt within the reasonably foreseeable future and,
therefore, the use of tax increment financing is deeme9 necessary; that the
' Plans conform to the genexal plan for the development or redevelopment of the
City as a whole; and that the Plans will affortl maxim�nn opportunity consistent
with the sound nee�s of the City as a whole, for the development of the
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Page 2-- Resolution No. HRA 5- 1990
Redevelopmeait Project and of Ta�c Increment Financirig District No. 11 by private
entesprise.
2.03. The Boani fi.trther firxls that the P1
of the Boaxd, their effect will be,
acx.omplish the objectives specified in the
Increxnent Financing District No. 11 ara3
Redevelopmetit Project No. 1.
ans are interided arxl, in the judcpnent
to promote the public purposes and
Tax Increment Financir�g Plan for Tax
the Madified Redevelopment Plan for
Section 3. Aunroval and Adoution of the Plans; Other Mattexs
Section 3.1 The Plans, as presented to the HRA on this date, are heseby
approved, established, and adopted; provided that the foregoing approval of the
portion o£ the Plans consisting of the tax increment financing plan and district
is conditioned upon approval thereof by the City Council followuxJ its public
hearing thereon, but upon such approval staff of the HRA shall request the Anoka
County Auditor to certify the new tax increme�lt financirx� district.
ATPEST:
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