Res 1996-54 00IC2
RESOLUTION NO. 54 - 1996
RESOLUTION MODIFYING THE REDEVELOPMENT PLAN FOR
REDEVELOPMENT PROJECT NO. 1 AND THE TAX INCREMENT
FINANCING PLANS FOR TAX INCREMENT FINANCING DISTRICTS
NOS. 1 - 3, 6, 7, 9 - 14
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, approve, and adopt a Modified
Redevelopment Plan relating to Redevelopment Project No. 1 (the "Project
Area") to reflect increased geographic area and increased project costs
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 modify,
approve, and adopt Modified Tax Increment Financing Plans for Tax
Increment Financing Districts Nos. 1 - 3, 6, 7, 9 - 14 to reflect
increased project costs within the Project Area, 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 and Modified
Tax Increment Financing Plans (collectively the "Plans") to reflect
increased geographic area and increased project costs within the Project
Area, defining more precisely the property to be included, the public
costs to be incurred, and other matters relating thereto.
1.04. The Council has performed all actions required by law to be performed
prior to the modification, approval, and adoption of the 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 modify, approve,
and adopt the Plans to reflect increased geographic area and increased
project costs 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 Plans is
necessary to assure the development and redevelopment of Redevelopment
Project No. 1.
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.
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Page 2 -- Resolution No. 54 - 1996
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 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 Plans 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 Plans.
Section 3. Modification, Approval, and Adoption of a Modified Redevelopment
Plan.
3.01. The modifications to the Redevelopment Plan reflecting increased
geographic area and increased project costs within the Project Area are
hereby approved and adopted by the Council of the City of Fridley.
Section 4. Modification. Approval, and Adoption of Modified Tax Increment
Financing Plans.
4.01. The modifications to the Tax Increment Financing Plans for Tax Increment
Financing Districts Nos. 1 - 3, 6, 7, 9 - 14 reflecting increased project
costs within the Project Area 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 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 12TH DAY OF
AUGUST, 1996.
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W NEE - MAYOR
ATTEST:
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t\--) A AllAk _Adi-ALALL
WILLIAM A. CHAMPA - CITY LERK