RES 1983-124 - 00005882262
RESOLUTION NO. 124 — 1983
RESOLUTION APPROVING THE ESTABLISHMENT OF TAX INCREMENT
DISTRICT NO. 4 AND THE ADOPTION OF A TAX INCREMENT
FINANCING PLAN THEREFORE IN REDEVELOPMENT PROJECT NO. 1 OF
THE FRIDLEY BRA.
IT IS HEREBY RESOLVED by the City Council of the City of Fridley, Minnesota
(the "City "), as follows:
1. The Housing and Redevelopment Authority in and for the City of Fridley,
Minnesota, (the "Authority ") , has established its Tax Increment District No.
4, (the "District ") , within its Redevelopment Project No. 1, has conditionally
approved a tax increment financing plan therefore, (the "Plan "), and has
requested the City Council to approve the same, as required by Minnesota
Statutes, Section 273.74, Subdivision 3.
2. On December 19, 1983, the City Council held a public hearing on the
proposed establishment of the District and adoption of the Plan, which hearing
was preceded by notice thereof published in accordance with law.
3. The Authority and the City have taken or caused to be taken all actions
necessary prior to the establishment of the District and the approval of the
Plan.
4. The City Council hereby approves the establishment of Tax Increment
District No. 4 and the adoption of the Tax Increment Financing Plan.
5. The City Council hereby finds and determines that the District is an
"economic development district" within the meaning of Minnesota Statutes,
Section 273.73, Subdivision 12, because the District consists of portions of
' the Authority's Redevelopment Project No. 1 and consists of activities which
are in the public interest because they will result in increased employment in
the City and in preservation and enhancement of the tax base of the City.
6. The City Council hereby finds that the proposed redevelopment would not
reasonably be expected to occur solely through private investment within the
reasonably foreseeable future because the Contrct (as defined in the Plan)
provides a substantial incentive to the private development thereunder to
construct the Contract Project, as defined in the Plan, within the City and
the District and because the Reserve Increments, as defined in the Plan, will
provide substantial inducement to additional redevelopment within the City.
7. The Plan conforms to the general plan for the development and
redevelopment of the City as a whole, and is consistant with the City's
Comprehensive Plan, applicable zoning regulations, utilization of available
public utilities and services, and appropriate land use considerations.
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8. The City Council finds that the Plan will afford maximum opportunity,
consistent with the sound needs of the City as a whole, for the redevelopment
of Redevelopment Project No. 1 by private enterprise, as provided specifically
in the Contract, and as encouraged generally by the use of the Reserve
Increments in accordance with the Plan.
9. The City Council further finds that the establishment of the District and
the adoption of the Plan will promote the purposes and objectives specified in
the Modified Redevelopment Plan for Redevelopment Project No. 1.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 19TH DAY OF
DECEMBER, 1983.
ATTEST:
SIDNEY C. INMAN - CITY CLERK
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