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RES 1985-97 - 00005263212 i .9MUPION NO. 97 — 1985 A RESOLUTION RffiAMM TO THE ENLARGEMENT BY THE HOUSING AND REDEVLEOPMENT AUTHORITY IN AND FOR THE CITY OF FRIMEY OF REDEVELOPMENT PROJECT NO. It THE ' AMENDMENT OF THE TAX INCREMENT FINANCING PLANS RELATIVE TO TAX INCREMENT FINANCING DISTRICTS NO. 2 THROUGH NO. 5 TO REFLECT INCREASED PROTECT COSTS WITHIN REDEVELOPMENT PROJECT NO. If THE ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NO. 6 LOCATED WITHIN REDEVELOPMENT PROJECT NO. 1 AND THE ADOPTION AND APPROVAL BY THE CITY OF FRMLEY OF THE AMEN11 ENT OF THE MODIFIED REDEVELOPMENT PLAN AND ADOPTION OF PROPOSED TAX INCREMENT FINANCING PLAN FOR TAX INCREMENT FINANCING DISTRICT NO. 6. NOW, THEREFORE, BE IT RESCLVED by the City Council (the "Council ") of the City of Fridley, Minnesota (the "City "), as follows: Section 1. Recitals 1.01. It has been proposed and approved by the Housing and Redevelopment authority in and for the City (the "Authority ") that the Authority enlarge Redevelopment Project No. 1 and amend the Redevelopment Plan relating thereto pursuant to and in accordance with Minnesota Statutes, Sections 462.411 to 462.716, inclusive, as amended. It has been further proposed and approved by the Authority that the Authority amend the Tax Increment Financing Plans relating to Tax Increment Financing Districts No. 2 through No. 5 within Redevelopment Project No. 1 to reflect increased project costs, and establish Tax Increment financing District No. 6 within Redevelopment Project No. 1 and adopt the proposed Tax Increment Financing Plan relating thereto, all pursuant to and in accordance with Minnesota Statutes, Sections 273.71 to 273.78, inclusive, as amended. 1.02. The Authority has caused to be prepared, and this Council has investigated the facts with respect thereto, a proposed Modified Redevelopment Plan (the "Redevelopment Plan") for Redevelopment Project No. It defining more precisely the property to be included and the project costs to be incurred within Redevelopment Project No. 1. The Authority has also caused to be prepared, and this Council has also investigated the facts with respect thereto, the proposed Tax Increment Financing Plan (the "Tax Increment Financing Plan ") for Tax Increment Financing District No. 6 within Redevelopment Project No. 1. 1.03. The Authority and the City have performed all actions required by law to be performed prior to the enlargement of Redevelopment Project No. 1, the amendment of the Tax Increment Financing District No. 6 within Redevelopment Plan and adoption of the proposed Tax Increment Financing Plan. 7 213 Page 2 - Resolution No. 97 - 1985 1.04. The Council hereby determines that it is necessary and in the best interest of the City at this time to enlarge Redevelopment Project No. 1, to amend the Tax Increment Financing Plans relating to Tax Increment Financing Districts No. 2 through No. 5, to establish Tax Increment Financing District No. 6 within Redevelopment Project No. 1, and to approve the amendment of the Redevelopment Plan and the adoption of the proposed Tax Increment Financing Plan. • _ 1! 1• • .L' 1 •ill'1 • 'r �' •all'/ • 1�1 .1� 2.01. The Council hereby finds, determines and declares that the proposed enlargment of Pedevelopnent Project No. 1 and establishment of proposed Tax Increment Financing District No. 6 located within Redevelopment Project No. 1 is intended and, in the judgment of this Council, its effect will be, to further provide an impetus for commercial, industrial and housing development, increase employment and otherwise promote certain public purposes and accomplish certain objectives as specified in the Redevelopment plan and the Tax Increment Financing Plan (collectively referred to as the "Plans "). 2.02. The Council hereby finds, determines and declares that Tax Increment District No. 6 is a redevelopment type of tax increment financing district and that 70 percent of the parcels in the district are occupied by buildings, streets, utilities or other improvements and more than 50 percent of the buildings, not including outbuildings, are structurally substandard to a degree requiring substantial renovation or clearance. 2.03. The Council finds, determines and declares that the proposed development and redevelopment, in the opinion of the Council, would not occur solely through private investment within the reasonably foreseeable future and, therefore, the use of tax increment financing is deemed necessary. 2.04. The Council finds, determines and declares that the proposed Tax Increment Financing Plan for said Tax Increment Financing District No. 6 conforms to the comprehensive plan of the City. 2.05. The Council finds, determines and declares that the proposed Tax Increment Financing Plan will afford maximum opportunity and be consistent with the sound needs of the City as a whole for the development or redevelopment of Redevelopment Project No. 1 by private enterprise. 2.06. The Council finds, determines and declares that fiscal disparities not be taken from within Tax Increment Financing District No. 6 and therefore does not elect the tax increment computation set forth in Section 273.76, Subdivision 3, Clause M. 2.07. The Council further finds, determines and declares that the City make the above findings stated in Section 2 and has set forth the reasons and supporting facts for each determination in writing, attached hereto as Exhibit A. Section 3. 214 Page 3 - Resolution No. 97 - 1985 3.01, The Council hereby finds that the amendment of the Tax Increment Financing Plans relating to Tax Increment Financing Districts No. 2 through No. 5 is intended and, in the judgment of this Council, its effect will be, to incorporate the amount of projected development costs and bonded indebtedness of the proposed Tax Increment Financing District No. 6 throughout Tax Increment Financing Districts No. 2 through No. 5 and will further promote the public purposes and accomplish the objectives specified in the respective Tax Increment Financing Plans for Tax Increment Financing Districts No. 2 through No. 5. Section 4. Adoppion of the Plans 4.01. The proposed amendment to the Redevelopment plan and adoption of the Tax Increment Financing Plan for Tax Increment Financing District No. 6 presented to the Council on this date, are hereby approved and adopted and shall be placed on file in the office of the City Clerk. :- 1 5.01. The officers of the City, the City's financial advisor and underwriter therefore, and the City's legal counsel and bond counsel are authorized and directed to proceed with the implementation of the Plans and for this purpose to negotiate, draft, prepare and present to this Council for its consideration all further plans, resolutions, documents and contracts necessary for this purpose. pmSED AND AD0prEU By M CITY COUNCIL OF THE CITY OF FRIDLEY THIS 18TH DU OF NCVEMBERr IATTEST: • '• • 60 1 LY4 1=460 0 I M 400, M WILLIAM J. NEE 70AYC)R 2,15 EXHIBIT A TO RESCLUTION NO. 97 - 1985 The reasons and facts supporting the findings for the establishment of Tax ' Increment Financing District No. 6 and the approval and adoption of the Tax Increment Financing Plan for Tax Increment Financing District No. 6 as required pursuant to Minnesota Statures, Section 273.74, Subdivision 3 are as follows: 1. Finding that Tax Increment Financing District No. 6 is a "redevelopment district" as defined in Minnesota Statutes, Section 273.73, Subdivision 10(a)(1). 2. Finding that the proposed development, in the opinion of the Council, would not occur solely through private investment within the reasonable foreseeable future and, therefore, the use of tax increment financing is deemed necessary. 3. Finding that the Tax Increment Financing Plan conforms to the general plan for the development or redevelopment of the municipality as a whole. 4. Finding that the Tax increment Financing Plan for Tax Increment Financing District No. 6 will afford maximum opportunity, consistent with the sound ' needs of the City as a whole, for the development of Redevelopnent Project No. 1 by private enterprise. 5. That the Council does not elect the method of tax increment computation set forth in Section 273.76, Subdivision 3, Clause (b) and therefore will not be taking the fiscal disparities share f rom within Tax Increment Financing District No. 6.