RES 2003-73 - 00002405RESOLUTION NO. 73 -2003
A RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR REDEVELOPMENT
PROJECT NO. 1 AND THE TAX INCREMENT FINANCING PLANS FOR TAX INCREMENT
FINANCING DISTRICTS NOS. 1, 2, 3, 6, 7, 9, 10,11, 12,13,14,16 AND 17 TO REFLECT
INCREASED PROJECT COSTS AND INCREASED BONDING AUTHORITY 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 approve and adopt the proposed modifications to the Redevelopment Plan for Redevelopment
Project No. 1 (the "Project Area ") to reflect increased project costs and increased bonding authority
within the Project 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 approve and adopt the proposed
modifications to the Tax Increment Financing Plans for Tax Increment Financing Districts Nos. 1, 2, 3, 6,
7, 9, 10, 11, 12, 13, 14, 16 and 17 (the "TIF Districts ") to reflect increased project costs and increased
bonding authority within the Project Area, pursuant to Minnesota Statutes, Section 469.174 through
469.1799 and 469.001 to 469.047, 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 the Project Area and modified Tax Increment Financing
Plans for the TIF Districts to reflect increased project costs and increased bonding authority within the
Project Area
1.04. The Council has performed all actions required by law to be performed prior to the approval and
adoption of the modifications to the Redevelopment Plan and Tax Increment Financing Plans.
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 modifications to the Redevelopment Plan and the Tax
Increment Financing Plans to reflect increased project costs and increased bonding authority within the
Project Area.
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 (collectively, the "Plans ") are necessary to assure the development and redevelopment of
the Project Area.
2.02. The Council hereby finds, determines and declares that the 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.
Resolution No. 73 -2003 Page 2
2.03. The Council hereby finds, determines and declares that the Plans afford maximum opportunity
consistent with the sound needs of the City as a whole for the development and redevelopment of the
Project Area 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
modifications to the Plans by the City is intended and, in the judgment 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 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 Plans.
Section 3. Approvals and Adoptions.
3.01. The modifications to the Redevelopment Plan reflecting increased project costs and increased
bonding authority within the Project Area are hereby approved and adopted by the Council of the City.
3.02. The modifications to the Tax Increment Financing Plans reflecting increased project costs and
increased bonding authority within Redevelopment Project No. 1 are hereby approved and adopted by the
Council of the City.
Section 4. Filing of Plans.
4.01. Upon approval and adoption of the Plans, the City shall cause said Plans to be filed with Minnesota
Department of Revenue.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 8TH DAY OF
DECEMBER 2003.
ATTEST-
DEBRA A. SKOGEN, CRY CLERK
CERTIFICATION
scofr J. UND MAYOR
I 1 the duly qualified City Clerk of the City of Fridley, County of Anoka,
Minnesota, hereby certify that the foregoing is a true and correct copy of Resolution No. passed by
the City Council on the day of 2003.
CITY CLERK