01-9053r
85
RESOLUTION NO. 9053
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 City 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 City 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 City of Richfield, Minnesota, as follows:
1. The City 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 City 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 City 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.
Adopted by the City of Richfield, Minnesota this 25th day of June, 2001.
mai?~U
Martin J. Ki , Mayor
ATTEST: