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HRA RESOLUTION NO. 824
RESOLUTION APPROVING AND RATIFYING
FINANCIAL TRANSACTIONS RELATED TO
CERTAIN TAX INCREMENT FINANCING DISTRICTS
WHEREAS, the City of Richfield (the "City") and its Housing and Redevelopment
Authority (the "HRA") have previously created certain redevelopment project areas known as
Redevelopment Project Area A, Redevelopment Project Area B, and the Richfield
Redevelopment Project Area (collectively, the "Project"), all pursuant to Minnesota Statutes,
Sections 469.001 to 469.047 (the "HRA Act"); and
WHEREAS, within the Project, the City and HRA have established certain tax
increment financing districts including the Richfield Rediscovered (formerly known as the
Expanded New Home Program) A-1 TIF District, B-1 TIF District, A-2 TIF District, B-2 TIF
District, A-3 TIF District, B-3 TIF District, A-4 TIF District, B-4 TIF District, A-5 TIF District,
B-5 TIF District, and the Richfield Rediscovered 1999 TIF District (collectively, the "TIF
Districts"); and
WHEREAS, the HRA has reviewed a financial analysis of the TIF Districts prepared
by HLB Tautges Redpath, Ltd. titled "Financial Reporting Analysis Tax Increment Districts
Richfield Rediscovered, dated May 16, 2001" (the "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 other recommendations regarding the accounting of transactions funded in
whole or in part with tax increments from the TIF Districts; and
WHEREAS, the HRA 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 Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota, as follows:
1. The HRA 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 HRA authorizes and directs staff to take all actions necessary to carry out the fund
transfers and other recommendations made in the TIF Report.
3. The HRA authorizes and directs 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.
City of
Adopted by the Housing and Redevelop e
Richfield, Minnesota this 18th day of June, 2001.