HRA RES 2003-07 - 00013869RESOLUTION IIRA 7 - 2003
, A RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR REDEVELOPMENT
PROJECT NO. 1 AND THE T.AX INCREMENT FINANCING PLANS FOR TAX INCREMENT
FINANCING DISTRICTS NOS. 1, 2, 3, 6, 7, 9, 11, 12, 13, 14, 16 AND 17 TO R�FL�CT
INCREASED PROJECT COSTS AND INCREASED BONDING AUTHORITY WITHIN
REDEVELOPMENT PROJECT NO. 1
BE IT RESOLVED by the Board of Commiss�oners (the "Comm�ssioners") of the Housmg and
Redevelopment Autl�ority m aud for the City of Fndley, Mmnesota (Lhe "Autl�ordy"), as follows
Section 1 Rec�tals
l O] It has been proposed t]�ai il�e Attthority approve and adopt the p�oposed modificatrous to the
Redevelopment Plai� for Redevelopment Pio�ecY No 1(the `Pro�ect Area") to reflect mcreased pro�ect costs
and mcieased bondmg authonty withm tl�e Pro�ect Area, pmsuaut to and m accordance wrth MmnesoTa
Statutes, Secpons 469 00 ] Yo 469 047, mclusrve, as amended and supplemented fi om time to time
1 02 It has been fiirthor pioposed that tlie Authority approve and adopC the proposed modifications to the
Tax Inciement Financmg Plans for Tax Increment Fuiancmg Districts Nos I, 2, 3, 6, 7, 9, 1 1, 12. 13, 14, 16,
and l7 (tl�e "TIF Districts") to reflecY mcreased pro�ect costs and mcreased bonding authonty wrthm the
Pro�ect A�ea, pursuant to Mmnesota StatuYes, SecYion 469 174 through A69 1799 and 469 001 to 469 047,
mclustve. as amended and suppleme��ted from t�me to time
� l 03 The Autl�o�ity lias mvestigaTed the facts and has caused to be prepareci witl� respect thereto, a
mod�fied Redevelopment Plan for the P�o�ect Area ai7d modified Taa [ncrement Financmg Plans for the TIF
llish icts to reflect mcreased pro�ect costs and mcreased bondmg author�ty withm the Pro�ect Area
1 04 Tl�e Authonty has perfonned all actions tequired by law to be perfonned pnor to the approval and
adoption of the modificahons to the RedevelopmeuY Plan and Ta� Inerement Financmg Plans
] OS The AuYhority hereby detemm�es thal it is necessary aud m ihe best mYerests of the City aud the
Authonty at this tune to approve and adopt the modifications to tl�e Redevelopment Plan and the Tax
L�crement Pinancmg Plans to reflecC ii�creased pro�ect cosis and mcreased bondmg authonty withm the
Pio�eet Area
Section 2 Fmdm�s
2 01 The Authority hereby finds that the assistance to be prowded through lhe adoption and
im�lementation of q�e modified Redevelopment Plan and modified Tax Increment Fmuicmg Plans
(collectively, The "Plans") are necessary to assure the development and redevelopment of tl�e Pro�ect Area
2 02 The Autlionty hereby finds that the Plans covform to the general plan fo� tl�e development and
iedevelopment of lhe City as a whole m that they are cons�stent witl� the City"s comprehensive plan
2 03 Tl�e Autl�onty hereby fincls that tlie Pfans afford maximum opportumty cons�stent w�ih the sound
needs oP the City as a whole For the development and redevelopment of tl�e Pro�ect A�ea by private
t enteipuse, and rt is contemplated that the development aud redevelopmenl thereoP will be ca�ned out
pwsuant to redevelopment cont� acts wrth pnvaYe developers
HRA Resolutron No 7
� SecYion 3 Approvals and Ad�tions
Page 2
3 O] Tlie modifications to the Redevelopment Plan reflechng mcreased pro�ect costs and mcreased
bondulg authonly wrthm the Pro�ect Area are hereby approved and adopted by tl�e Commiss�oners of tl�e
Authorrty and are forwarded to the Fndley C�ty Coui�cil for pubhc heanng, review, atid approval
3 02 Tlie modifications to the TaY L2crement Financmg Plans teilectmg mcreased pro�ect costs and
mci eased bondmg authonty withm the Pro�ect Area are hereby approved and adopted by the Commissioners
ofthe Authority and aie forwarded to the Fridley City Council for public hea�mg, review, and approval
Section 4 F�� of Plans
4 Ol Upon approval and adoption of the Plans, the Authonj� shall cause said Plans to be filed with the
Mmnesota Deparhnent ofReveuue
PASSGD AND ADOPTED BY T1-IE I-IOU5ING AND REDEVELOPMGNT AUTHORIT AND FOR
THE CITY OP PRIDLEY. MINNESOTA, THIS 4`�' DAY O�DECF,A�(BER, 20¢� /�
R COMMERS, CHAIRPERSON
� ATTEST
/ � ��y�'�
G' �, �C-��.�,�� " •iyn`'Gt �%}--,_
�VILLIAM W BURNS, EXBCUTNE DIRECTOR
�
CERTIPICATION
l, W����t� W•�ri'�6 , L-xecui�ve D�rector of the I�ousrog and Redevelopment Autl�onty m and For
the City of F� idley, CounYy of Anoka, Mmnesota, hereby certify that the faregomg is a irue and correct copy
of Resolution HRA 7-2003 adopted by the Authority on the 410 day of December, 2003
i /
�
��/6v1�.ic ��//�,�-'
EXECUTIVE DIRECTOR