2000 HRA Resolution 0789
HRA RESOLUTION NO. 789
RESOLUTION APPROVING AND RATIFYING
FINANCIAL TRANSACTION RELATED TO
CERTAIN TAX INCREMENT FINANCING DISTRICTS
WHEREAS
, the City of Richfield (“City”) and its Housing and Redevelopment
Authority (“HRA”) have previously created certain redevelopment projects known as the
Interstate-Lyndale-Nicollet (“ILN”) Redevelopment Project, the Lyndale-Hub-Nicollet (“LHN”)
Redevelopment Project, and the Richfield Redevelopment Project (collectively, the “Project”),
all pursuant to Minnesota Statutes, Sections 469.001 to 469.047 (“HRA Act”); and
WHEREAS
, within one or more of the Projects, the City and HRA have established
certain tax increment financing districts including the ILN TIF District, the LHN TIF District
and the CABA TIF District (collectively, the “TIF Districts”); and
WHEREAS
, the HRA has reviewed a financial analysis of the TIF Districts prepared
byHLBTautgesRedpath,Ltd titled Financial Reporting Analysis Tax Increment Districts,
dated November 2000 (“TIF Report”), which describes the financing transactions related to
the TIF Districts since their inception; and
WHEREAS
, the TIF Report analyzes fund balances, recommends certain fund
transfers, and makes certain other recommendation regarding the accounting of
transactions funded in whole or in part with tax increments from the TIF Districts; and
WHEREAS
, this Board has determined that it is in the interests of the sound
financial management of the City and the HRA to accept the TIF Report and take actions
needed to implement its recommendations,
NOW, THEREFORE, BE IT RESOLVED
by the Board of Commissioners of the
Housing and Redevelopment Authority in and for the City of Richfield, Minnesota, as
follows:
1.The Board accepts the TIF Report and ratifies and approves all expenditures
described in the report and all transfers to and from the funds described and
recommended in the TIF Report, specifically including prior tax increment expenditures
approved by the City Council.
2.The Board authorizes and directs staff to takes all actions necessary to carry
out the fund transfers and other recommendations made in the TIF Report.
3.The Board authorizes and directs City staff to take all actions necessary to
revise reports regarding the TIF Districts filed with the Office of the State Auditor in order to
conform those reports with the TIF Report and this resolution.
Approved by the Board of Commissioners of the Housing and Redevelopment
Authority in and for the City of Richfield this November 20, 2000.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary