12-10718r RESOLUTION NO. 10718
RESOLUTION APPROVING THE DECERTIFICATION OF THE
INTERSTATE-LYNDALE-NICOLLET TAX INCREMENT FINANCING DISTRICT
OF THE CITY OF RICHFIELD
WHEREAS, on October 21, 1985, the Interstate-Lyndale-Nicollet Tax Increment
Financing District (the "ILN District") was created within the Richfield Redevelopment
Project Area (the "Project"); and
WHEREAS, as of the date hereof all bonds and obligations to which tax increment
from the ILN District have been pledged have been paid in full or defeased and all other
costs of the Project have been paid; and
WHEREAS, The City Council of the City of Richfield desires by this Resolution to
cause the decertification of the ILN District after which all property taxes generated by
property within the district will be distributed in the same manner as all other property
taxes.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Richfield, Minnesota that the ILN District should be deemed decertified as of December 31,
2012, and that the City's staff is authorized and directed to transmit a copy of this
resolution to the County Auditor of Hennepin County with a request that the auditor
decertify the ILN District as a tax increment district and to remit no tax increment from the
ILN District to the City of Richfield after December 31, 2012.
Adopted by the City Council of the City of Richfield, Minnesota this 11th day of
December 2012.
X071
Debbie Goettel, Mayor
ATTEST:
GCs
Nancy GibbjCity Clerk