RES 1992-54 - 00003484153
RESOLUTION NO. 54 - 1992
' RESOLUTION MODIFYING THE REDEVELOPMENT PLAN
FOR REDEVELOPMENT PROJECT NO. 1 TO REFLECT
INCREASED GEOGRAPHIC AREA AND INCREASED
PROJECT COSTS AND MODIFYING THE TAX INCREMENT
FINANCING PLANS FOR TAX INCREMENT FINANCING
DISTRICTS NO. 1 THROUGH NO. 12 TO REFLECT
INCREASED PROJECT COSTS WITHIN REDEVELOPMENT
PROJECT NO. 1
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 (the "Authority) that the Council modify
the Modified Redevelopment Plan for Redevelopment Project No. 1 to
reflect increased project costs and increased geographic area,
pursuant to and in accordance with Minnesota Statutes, Sections
469.001 to 469.047, inclusive, as amended and supplemented from
time to time.
1.02. It has been further proposed and approved by the
Authority that the Council modify the Modified Tax Increment
' Financing Plans for Tax Increment Financing Districts No. 1 through
No. 12 to reflect increased project costs within Redevelopment
Project No. 1, pursuant to Minnesota Statutes, Section 469.174
through 469.179, inclusive, as amended and supplemented from time
to time.
1.03. The Authority has caused to be prepared, and this Council
has investigated the facts with respect thereto, a Modified
Redevelopment Plan for Redevelopment Project No. 1 to reflect
increased project costs and increased geographic area and Modified
Tax Increment Financing Plans for Tax Increment Financing Districts
No. 1 through No. 12 to reflect increased project costs and
geographic area within Redevelopment Project No. 1.
1.04. The Authority and the Council have performed all actions
required by law to be performed prior to the approval and adoption
of the Modified Redevelopment Plan for Redevelopment Project No.
1 and of the Modified Tax Increment Financing Plans for Tax
Increment Financing Districts No. 1 through No. 12.
1.05. The Council hereby determines that it is necessary and
in the best interests of the City and the Authority at this time
to approve and adopt the Modified Redevelopment Plan for
Redevelopment Project No. 1 to reflect increased project costs and
increased geographic area and to approve and adopt the Modified
' Tax Increment Financing Plans for Tax Increment Financing Districts
No. 1 through No. 12 to reflect increased project costs within
Redevelopment Project No. 1.
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Page 2 -- Resolution No. 54 - 1992
Section 2. Findings.
2.01. The Council hereby finds, determines, and declares that
the assistance to be provided through the adoption and
implementation of the Modified Redevelopment Plan and Modified Tax
Increment Financing Plans are necessary to assure the development
and redevelopment of Redevelopment Project No. 1.
2.02. The Council hereby finds, determines, and declares that
the Modified Redevelopment Plan and Modified Tax Increment
Financing Plans conform to the general plan for the development and
redevelopment of the City as a whole in that they are consistent
with the City's comprehensive plan.
2.03. The Council hereby finds, determines, and declares that
the Modified Redevelopment Plan and Modified Tax Increment
Financing Plans afford maximum opportunity consistent with the
sound needs of the City as a whole for the development and
redevelopment of Redevelopment Project No. 1 by private enterprise
and it is contemplated that the development and redevelopment
thereof will be carried out pursuant to redevelopment contracts
with private developers.
2.04. The Council hereby finds, determines, and declares that
the approval and adoption of the Modified Redevelopment Plan for
Redevelopment Project No. 1 and of the Modified Tax Increment
Financing Plans for Tax Increment Financing Districts No. 1 through
No. 12 by the City is intended and, in the judgement of this
Council, its effect will be to promote the purposes and objectives
specified in this Section 2 and otherwise promote certain public
purposes and accomplish certain objectives as specified in the
Modified Redevelopment Plan and Modified Tax Increment Financing
Plans.
2.05. The Council hereby finds, determines, and declares that
the City made the above findings stated in this Section 2 and has
set forth the reasons and supporting facts for each determination
in the Modified Redevelopment Plan and the Modified Tax Increment
Financing Plans.
Section 3. Modification of the Modified Redevelopment Plan for
Redevelopment Project No. 1.
3.01. The modification of the Modified Redevelopment Plan for
Redevelopment Project No. 1 to reflect increased project costs and
increased geographic area is hereby approved and adopted by the
Council of the City of Fridley.
Section 4.
through No. 12.
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Page 3 -- Resolution No. 54 - 1992
4.01. The modifications of the Modified Tax Increment Financing
Plans for Tax Increment Financing Districts No. 1 through No. 12
to reflect increased project costs within Redevelopment District
No. 1 are hereby approved and adopted by the Council of the City
of Fridley.
Section 5. Filing of Plans.
5.01. Upon approval and adoption of the Modified Redevelopment
Plan and the Modified Tax Increment Financing Plans (collectively
the "Plans "), the City shall cause said Plans to be filed with the
Commissioner of Revenue.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS
20TH DAY OF JULY, 1992.
WILLIAM f. NEE - MAYOR
ATTEST:
SH RHAAPA LA ` CITY C RK
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