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85-058 - 06-18 Approve Golden Hills Redevelopment ProjectResolution 85-58 June 18, 1985 Member Stockman introduced the following resolution and moved its adoption: RESOLUTION APPROVING TAX INCREMENT FINANCING PLAN FOR GOLDEN HILLS REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT, AUTHORIZING THE HOUSING AND REDEVELOPMENT AUTHORITY TO PROCEED WITH THE PROJECT BE IT RESOLVED by the City Council of the City of Golden Valley, Minnesota, as follows: Section 1. Recitals. 1.01. This Council has received from the Housing and Redevelopment Authority of the City of Golden Valley, Minnesota (the Authority) a resolution of the Authority establishing the Golden Hills Redevelopment Tax Increment Financing District (the District) within the boundaries of the Golden Hills Redevelopment District (the Project), and requesting Council approval of the District and the Tax Increment Financing Plan (the Financing Plan) prepared for the District. 1.02. This Council, at its meeting on Play 21, 1985, called a public hearing on the creation of the District and the proposed Financing Plan for June 18, 1985. Notice of the hearing was published in the official newspaper as required by law and said hearing was held on June 18, 1985. All persons appearing at the hearing were permitted to present their views on the creation of the District and the Financing Plan. 1.03. The Authority has provided an opportunity to the members of the County Board of Commissioners of Hennepin County and the members of the school boards of all school districts in which any portion of the proposed district is located to meet with the Authority. The Authority has presented to the members of the County Board of Commissioners and the school boards its estimate of the fiscal and economic impact of the proposed District. The members of the County Board of Commissioners and the school boards were invited to present their comments at the public hearing held on June 18, 1985. Section 2. Findings. 2.01. The Council has reviewed and considered the District and the Financing Plan, and the facts and views presented at the public hearing and other Council meetings concerning the District and Financing Plan. 2.02. On the basis of such review and consideration, the Council hereby determines: (a) The proposed District is a redevelopment district, since, based upon a survey by city officials, 70 percent of the parcels in the District are occupied by buildings, streets, utilities or other improvements and 20 percent of the buildings are structurally substandard and an additional 30 percent of the buildings are found to require substantial renovation or clearance in order to remove such existing conditions as: inadequate street layout, incompatible uses or land use relationships, overcrowding of buildings on the land, excessive dwelling unit density, obsolete buildings not suitable for improvement or conversion, or other identified hazards to the health, safety and general well being of the community. Resolution 85-58 - Continued June 18, 1985 (b) The proposed redevelopment activities described in the Financing Plan would not reasonably be expected to occur in the foreseeable future solely through private investment, and the use of tax increment financing is deemed necessary. The proposed redevelopment requires removal of deteriorated and obsolete buildings, clearance of overdeveloped parcels, correction of soil conditions on vacant lands, and assembly of existing lots into redevelopment parcels of appropriate size and configuration. Assembly of property requiring clearance or soil correction is not economically feasible for private developers without public subsidy. (c) The Financing Plan will provide maximum opportunity, consistent with the sound needs of the City, for redevelopment by private enterprise. The Financing Plan encourages private redevelopment in the project area and promotes cooperation or participation of existing landowners in redevelopment projects. The role contemplated by the Authority in the redevelopment includes acquisition, assembly and clearance of parcels, with redevelopment sites subsegently transferred to private developers, thus involving private enterprise in the construction phase of redevelopment in all cases. (d) The Financing Plan conforms to the adopted City of Golden Valley Comprehensive Plan. The Comprehensive Plan, adopted November 16, 1982, designates the Golden Hills Area as a study area for potential redevelopment activity. The Financing Plan outlines redevelopment uses which reflect appropriate long term land uses for the area. Long term land use designations shall be incorporated into the Comprehensive Land Use Plan map in an amended City of Golden Valley Comprehensive Plan. 2.03. Additional supporting evidence for the above findings is included in the Financing Plan which is incorporated herein by reference. Section 3. Project and Plan; Approval and Implementation. 3.01. The creation of the District, and the Financing Plan prepared for the District, are hereby approved. 3.02. The City Manager and other officials of the City are authorized and directed to take all actions on behalf of the City, subject to such approval of this Council as may be required by law, to assist the Authority to implement and carry out the redevelopment activities referred to in the Financing Plan. ary E. nderson, Mayor ATTEST: Shirley el on, City Clerk The motion for the adoption of the foregoing resolution was seconded by Member Thompson and upon a vote being taken thereon, the following voted in favor thereof: Anderson, Bakken, Johnson, Stockman and Thompson; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Mayor and her signature attested by the City Clerk.