00-8963r
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RESOLUTION NO. 8963
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, the Cedar Avenue Business Area TIF District, and the Richfield
Rediscovered TIF District (collectively, the "TIF Districts"); and
WHEREAS, this Council has reviewed a financial analysis of the TIF Districts
prepared by HLB Tautges Redpath, 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 recommendations regarding the accounting of
transactions funded in whole or in part with tax increments from the TIF Districts; and
WHEREAS, the Council 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 Council of the City of
Richfield, Minnesota, as follows:
1. The Council 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 Council authorizes and directs staff work to carry out the fund
transfers and other recommendations made in the TIF Report.
3. The Council authorizes and directs City staff, working in cooperation with
the HRA, 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.
4. The Council recommends that the HRA also accept the TIF Report and
approve a substantially similar resolution implementing the recommendations contained
in the report.
Approved by the City Council of the City of Richfield this November 27, 2000.
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