12-1119r HRA RESOLUTION NO. 1119
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION APPROVING THE EXECUTION AND
DELIVERY OF A FUNDING AGREEMENT BETWEEN
THE RICHFIELD HOUSING AND REDEVELOPMENT
AUTHORITY AND BILL WOLFSON
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield
(the "Authority") and the City of Richfield (the "City") have previously established the
Interchange Tax Increment Financing District and the Lyndale Gardens Tax Increment Financing
District (collectively, the "TIF Districts") within the Richfield Redevelopment Project Area and
adopted tax increment financing plans therefore, pursuant to Minnesota Statutes,
Sections 469.001 to 469.047, as amended, and Sections 469.174 to 469.1799, as amended; and
WHEREAS, Minnesota Statutes, Section 469.176, Subd. 4m(the "Temporary TIF
Authority Act") authorizes the Authority to spend available tax increment from any existing tax
increment financing district, notwithstanding any other law to the contrary, to provide
improvements, loans, interest rate subsidies, or assistance in any form to private development
consisting of construction or substantial rehabilitation of buildings and ancillary facilities, if
certain conditions are met; and
WHEREAS, at its meeting on July 25, 2011,the Authority approved a spending plan for
the TIF Districts in accordance with the Temporary TIF Authority Act(the "Spending Plan")to
utilize existing tax increment revenues from the TIF Districts in order to stimulate construction
or rehabilitation of private development in a way that will also create or retain jobs; and
WHEREAS, on August 9, 2011,the City Council of the City held a public hearing
regarding the Spending Plan and approved the Spending Plan; and
WHEREAS, Bill Wolfson, a Minnesota corporation(the "Developer")has requested
assistance from the Authority under the Spending Plan in the amount of$50,000 to assist in the
financing of the substantial rehabilitation of the ARC Value Village building located at 6528
Penn Avenue in Richfield, Minnesota and legally described in the attached Exhibit A(the
"Property").
WHEREAS, the Board of the Authority has been presented with a Funding Agreement,
between the Authority and the Developer(the "Funding Agreement"),pursuant to which the
Authority will provide $50,000 of the funds available under the Spending Plan to the Developer
to rehabilitate the Property under certain terms and conditions; and
WHEREAS,pursuant to the Funding Agreement, $50,000 in assistance will be provided to
the Developer as a grant; and
WHEREAS,the Authority has reviewed the Funding Agreement and finds that the
execution of the same and the Authority's performance of its obligations thereunder are in the best
interest of the City and its residents;and
NOW,THEREFORE,BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The Funding Agreement presented to the Authority and on file with the Community
Development Director is hereby in all respects approved, subject to modifications that do not alter
the substance of the transaction and that are approved by the Chairperson and Executive Director;
provided that execution of such document by such officials shall be conclusive evidence of
approval.
2. The Chairperson and Executive Director are hereby authorized to execute the
Funding Agreement on behalf of the Authority and to carry out on behalf of the Authority the
Authority's obligations thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 19th day of March, 2012.
I _ " "
D. is Rubens - n, Acting Chair
ATTEST:
�'
Dor' Rubenste'', Secretary
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