RES 1981-56 - 00006224104
RESOLUTION NO. 56 - 1981
RESOLUTION OF THE CITY COUNCIL OF FRIDLEY, MINNESOTA
APPROVING TAX INCREMENT PLAN #1 OF THE MOORE LAKE
REDEVELOPMENT AREA
WHEREAS, under provisions of the 1973 Housing and Redevelopment Act,
Minnesota Statutes, Section 462, 411 et seq., the City Council of Fridley,
Minnesota must approve redevelopment projects to be executed by the Housing
and Redevelopment Authority of Fridley, and
WHEREAS, the Fridley Housing and Redevelopment Authority and the Fridley City
Council has approved the More Lake Redevelopment Plan:
WHEREAS, it has been determined by the Fridley Housing and Redevelopment
Authority to use Tax Increment Financing to finance projects in the area
defined by Tax Increment Financing Plan #1; and
WHEREAS, the Fridley Housing and Redevelopment Authority has submitted the
Tax Increment Plan #1 to the Fridley City Council for review and approval;
and
WHEREAS, pursuant to notice given as required by the provisions of Minnesota
Statutes, Section 273.74, Subdivision 3, the City Council conducted a public
hearing regarding the Tax Increment Plan #1 to the Moore Lake Redevelopment
Area;
NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF FRIDLEY HEREBY FINDS
AND DETERMINES:
1. That the project area is blighted and deteriorated due to economic
obsolescence of commercial and residential structures, poor soil
conditions, development patterns, traffic and parking design. and
unsightly general conditions; and
2. That the project comprising Tax Increment Plan #1 shall be set up as a
redevelopment project as authorized by Minnesota Statutes, 273.73,
Subdivision 10 (a) Paragraphs (2) and (3) in order to:
Remove blighted and deteriorated conditions as determined in the Moore
Lake Redevelopment Plan based on Chapter 462 of the Laws of the State of
Minnesota; and
3. That the development of land in the Tax Increment Plan #1 would not occur
soley through private investment within the reasonably foreseeable future
and therefore, the use of Tax Increment Financing is deemed necessary.
4. That the Tax Increment Financing Plan #1 conforms to a general plan for
the redevelopment of the City of Fridley.
5. That the Tax Increment Financing Plan will afford maximum opportunity,
consistent with the sound needs of the City of Fridley as a whole, for
the redevelopment of the project area by private enterprise.
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Page 2 -- RESOLUTION NO. 56 - 1981
6. That the Tax Increment Financing Plan #1 to the Moore Lake Redevelopment
Plan as set forth be and hereby is approved; that the City Clerk is
hereby directed to file a copy of the Tax Increment Financing Plan #1
with the minutes of the meeting during which this resolution was passed;
and that the City Manager is hereby directed to inform, in writing, the
Housing and Redevelopment Authority of the approval hereby accomplished.
The resolution shall become effective upon passage and without publication.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 4TH DAY OF
MAY, 1981.
MAYOR - W AM J. NEE
ATTEST:
C
CITY C IDNEY C.C. INMAN
0091A/1299A
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