RES 1986-107 - 00004968IRESOLUTION NO. 107 1986
RESOLUTION RELATING TO THE MODIFICATION BY THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF FRIDLEY OF
THE MODIFIED REDEVELOPMENT PLAN FOR ITS REDEVELOPMENT
PROJECT NO. 1, THE AMENDMENT OF THE TAX INCREMENT
FINANCING PLANS RELATIVE TO TAX INCREMENT FINANCING
DISTRICTS NO. 2 THROUGH NO. 6 TO REFLECT INCREASED PROJECT
COSTS WITHIN REDEVELOPMENT PROJECT NO. 1, THE
ESTABLISHMENT OF TAX INCREMENT FINANCING DISTRICT NOS. 7
AND 8 LOCATED WITHIN REDEVELOPMENT PROJECT NO. 1 AND THE
APPROVAL BY THE CITY OF FRIDLEY OF THE PROPOSED TAX
INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING
DISTRICT NOS. 7 AND 8
BE IT RESOLVED 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 amend the
Modified Redevelopment Plan for its Redevelopment Project No. 1 pursuant to
' and in accorance 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. 6 within Redevelopment
Project No. 1 to reflect increased project costs and that the Authority
establish Tax Increment Financing District Nos. 7 and 8 within Redevelopment
Project No. 1 and adopt the proposed Tax Increment Financing Plans 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. 1 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 Plans (the "Tax Increment
Financing Plans ") for Tax Increment Financing District Nos. 7 and 8,
respectively, 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 amendment of the Tax Increment Financing Plans
relating to Tax Increment Financing Districts No. 2 through No. 6, the
establishment of Tax Increment Financing District Nos. 7 and 8 within
Redevelopment Project No. 1, and the amendment of the Redevelopment Plan and
Iadoption of the proposed Tax Increment Financing Plans
Page 2 - Resolution No. 107 - 1986
' 1.04. The Council hereby determines that it is necessary and in the best
interest of the City at this time to amend the Tax Increment Financing Plans
relating to Tax Increment Financing Districts No. 2 through No. 6, to
establish Tax Increment Financing District Nos. 7 and 8 within Redevelopment
Project No. 1, and to approve the amendment of the Redevelopment Plan and the
adoption of the proposed Tax Increment Financing Plans.
SECTION 2. Finding for the Establishment of Tax Increment Financing District
Nos. 7 and 8.
2.01. The Council hereby finds, determines and declares that the
establishment of Tax Increment Financing District Nos. 7 and 8 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 tax base and otherwise
promote certain public purposes and accomplish certain objectives as specified
in the Redevelopment Plan and the Tax Increment Financing Plans (collectively
referred to as the "Plans ").
2.02. The Council hereby finds, determines and declares that Tax Increment
Financing District No. 7 is a redevelopment district within the meaning of
Minnesota Statutes, Section 273.73, Subdivision 10(a)(3) , and that Tax
Increment Financing District No. 8 is an economic development district under
Subdivision 12 of said section.
' 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 Plans for said Tax Increment Financing District Nos. 7 and
8 conform to the comprehensive plan for the City.
2.05. The Council finds, determines and declares that the proposed Tax
Increment Financing Plans 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 Nos. 7 and 8 and
therefore does not elect the tax increment computation set forth in Section
273.76, Subdivision 3, Clause (b).
IF]
Page 3 - Resolution No. 107 - 1986
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SECTION 3. Findings for the Amendment of Tax Increment Financing Plans
Relating to Tax Increment Financing Districts No. 2 through No. 6.
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. 6 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 Nos. 7 and 8 throughout Tax
Increment Financing Districts No. 2 through No. 6 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. 6.
SECTION 4. Adoption of the Plans.
4.01. The proposed amendment to the Redevelopment Plan and adoption of the
Tax Increment Financing Plans for Tax Increment Financing District Nos. 7 and
8 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.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 22ND DAY OF
SEPTEMBER, 1986
ATTEST:
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SHIRLEY A. HA¢PALA - CITY ERK
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WILLIAM J. NEE - fAYOR
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