HomeMy WebLinkAbout1986-086 CCRMember Rich Theis introduced the following
resolution and moved its adoption:
RESOLUTION NO. 86 -86
RESOLUTION APPROVING MODIFICATION TO REDEVELOPMENT PLAN
AND TAX INCREMENT FINANCING PLAN
WHEREAS, the Housing and Redevelopment Authority in and
for the City of Brooklyn Center, Minnesota, a public body
corporate and politic under the laws of the State of Minnesota
(Authority) has approved a Redevelopment Plan and Tax Increment
Financing District (TIF District) described in that certain
document entitled "Earle Brown Farm Redevelopment and Tax
Increment Financing Plan, City of Brooklyn Center, Minnesota,
July 22, 1985 and has by appropriate action established the TIF
District, and applied to the City Council of the City of Brooklyn
Center for approval of the Project and the Related Tax Increment
Financing Plan (Plan); and
WHEREAS, the City of Brooklyn Center (City) has by
resolution adopted July 22, 1985, duly approved the Project, the
Plan and the TIF District; and
WHEREAS, the Authority has determined that it is
necessary and appropriate in furtherance of the redevelopment of
the District that the Redevelopment Plan and the TIF Plan be
modified to designate for acquisition, by condemnation if
necessary, a parcel of land included within the TIF District and
legally described as:
Tract H, Registered Land Survey No. 1380
and to allocate within the budget for the District monies
necessary for the cost of such acquisition, such modifications
being more fully described in the proposed amendment attached
hereto as Exhibit A; and
WHEREAS, the Authority has proposed that the Earle
Brown Farm Redevelopment Plan and Tax Increment Financing Plan
dated July 22, 1985 be modified as described above and in Exhibit
A and has requested that the City schedule a public hearing to
consider the proposed modification of the Plan in accordance with
the provisions of Minnesota Statutes, Chapter 273; and
WHEREAS, the City has duly scheduled and held such
public hearing and fully reviewed the proposal of the Authority
and finds the same to be in the vital best interests of the City,
the District and to the accomplishment of the purposes for which
the district was established and for which development was
undertaken; and
WHEREAS, the City further determines that the findings
made at the time the District was established and the TIF Plan
RESOLUTION NO. 86 -86
was approved apply as well to the proposed modification.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Brooklyn Center that the modification to the Earle
Brown Farm Redevelopment and Tax Increment Financing Plan
initiated and proposed by the Authority and contained in Exhibit
A is approved.
May 19, 1986
Date Mayors
ATTEST:
Clerk
The motion for the adoption of the foregoing resolution was duly
seconded by member Celia Scott and upon vote being taken
thereon, the following voted in favor thereof: Dean Nyquist,
Gene Lhotka, Celia Scott, Bill Hawes, and Rich Theis;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.
RESOLUTION NO. 86 -86 Exhibit A
AMENDMENT TO EARLE BROWN FARM
REDEVELOPMENT PROGRAM
AND TAX INCREMENT PLAN
The Housing and Redevelopment Authority in and for the City
of Brooklyn Center, having duly considered the amendments to the
Earle Brown Farm Redevelopment Program and Tax Increment Financ-
ing Plan hereinafter contained, approves such amendments and
requests the City Council of the City of Brooklyn Center.to give
its approval to the amendments.
1. Page 8: Amend the paragraph entitled "Acquisition, Reloca-
tion and Clearance Activities" to read as follows:
ACQUISITION, RELOCATION AND CLEARANCE ACTIVITIES
It is the intent of the HRA to acquire the Earle
Brown Farm in order to assure its renovation and
preservation. It is further the intent of the HRA
to acquire all or part of Tract H, Registered Land
Survey No. 1380. The purpose of the acquisition
is to provide additional lands for development of
the elderly housing project and to provide pedes-
trian walkways and similar public amenities.
Professional property appraisers will recommend a
fair market value for the property, and the owners
will have a right to obtain independent apprais-
als. Businesses and residents whose property is
acquired and are dislocated because of such
acquisition will be assisted with their reloca-
tion. If the HRA determines it to be necessary,
condemnation will be used to acquire the prop-
erties designated for acquisition.
2. Page 12: Amend the paragraph entitled "Acquisition Plan" to
read as follows:
ACQUISITION PLAN
Property will be acquired within the tax increment
financing district in order to accomplish the
RESOLUTION NO. 86 -86
objectives set forth in the Redevelopment Plan.
Properties to be acquired include
35- 119 -21 -44 -001, 35- 119 -21 -44 -002, Tract H, RLS
1380, and such other properties as the Authority
shall, from time to time, determine necessary to
accomplish the objectives. All acquisition
activities will be according to applicable state
and federal laws and regulations. A professional
appraiser will recommend fair market value for
each property to be acquired and owners will have
the right to obtain independent appraisals and
contest the offer in a court of law.
3. Page 14, Table I: Amend Table I to read as follows:
TABLE I
PROJECTED SOURCES AND USES OF FUNDS
1
Uses of Funds:
Land Acquisition
$2,920,000
Redevelopment
2,000,000
Maintenance
500,000
Administration
239,000
Consultant /Legal
30,000
Contingencies
501,900
Issuance Costs
40,000
Discount
99,750
Capitalized Interest
509,617
Sale Total $6,840,267
Additional Costs:
Streetscape 500,000
Improvements 1,300,000
Total Costs $8,640,267
Sources of Funds:
1985 Bond Issue $5,250,000
Grants 680,000
Assessments /MSA 1,300,000
Land Sales 650,000
Investment Earnings /Other 760,267
Total
0007AMO1.E14
$8,640,267
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