HomeMy WebLinkAbout1986-006 HRARMember Gene Lhotka introduced the following resolution
and moved its adoption:
HRA RESOLUTION NO. 86-06
RESOLUTION- INITIATING MODIFICATION TO REDEVELOPMENT
PLAN AND TAX INCREMENT FINANCING PLAN AND REQUESTING
CITY COUNCIL TO SCHEDULE A PUBLIC HEARING ON SAME
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, 198511, 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 infurtherance 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.
follows:
NOW, THEREFORE, BE IT RESOLVED by the Authority as
1. The Authority hereby proposes that the Earle Brown
Farm Redevelopment Plan and Tax Increment
Financing Plan dated July 22, 1985 be modified to
designate for acquisition, by condemnation if
necessary, that parcel of land lying within the
District and legally described as follows:
Tract H, Registered Land Survey No. 1380
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HRA RESOLUTION NO. 86-06
and that the budget for the district be modified
to allocate monies necessary for the anticipated
cost-of such acquisition.
2. The Authority requests 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.
April 21, 1986 dyr / /
Date `C an
The motion *for the foregoing resolution was duly seconded by
member Rich Theis, 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.
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Exhibit A
HRA RESOLUTION NO. 86-06
R
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 ap-
praisals. 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
0 HRA RESOLUTION NO. 86-06
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
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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
$8,640,267
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