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RES 1993-71 - 00003268ti� RESOLUTION NO. 71 - 1993 ' A RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR REDEVELOPMENT PROJECT NO. 1 TO REFLECT INCREASED PROJECT COSTS AND INCREASED GEOGRAPHIC AREA AND MODIFYING THE TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS NO. 1 THROUGH NO. 12 TO REFLECT INCREASED PROJECT COSTS AND INCREASED GEOGRAPHIC AREA 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 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 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 and increased geographic area 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 increased geographic area within Redevelopment Project No. 1. 1.04. The Council has 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 and increased geographic area within Redevelopment Project No. 1. Section 2. Findines. 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 95 Page 2 -- Resolution No. 71 - 1993 ' 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 modifications to the Modified Redevelopment Plan for Redevelopment Project No. 1 reflecting increased project costs and increased geographic area are hereby approved and adopted by the Council of the City of Fridley. Section 4. Modification of the Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12. 4.01. The modifications to the Modified Tax Increment Financing Plans for Tax Increment Financing Districts No. 1 through No. 12 reflecting increased project costs and increased geographic area within Redevelopment Project No. 1 are hereby approved and adopted by the Council of the City of Fridley. Section 5. Filing of Plans. 6.01. 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 27TH DAY OF SEPTEMBER, 1993. WILLI . NEE - MAYOR ATTEST: Q WILLIAM A. CHAMPA - CITY CL RK