99-8807r
64
RESOLUTION NO. 8807
RESOLUTION FORGIVING THE REMAINING BALANCE ON A 1990 INTERFUND
LOAN FROM THE LHN TAX INCREMENT FUND TO THE
RICHFIELD REDISCOVERED 1999 NEW CONSTRUCTION PROGRAM
WHEREAS, in 1990, the Housing and Redevelopment Authority in and for the
City of Richfield, Minnesota (the "HRA") established the Richfield Rediscovered New
Construction Program, formerly known as the Expanded New Home Program (the
"Program"); and
WHEREAS, the HRA together with the City Council (the "Council") provided
$762,550 in interfund loans from the Sewer Utility Fund, Water Utility Fund, and
Lyndale-Hub-Nicollet (LHN) Tax Increment Fund (the "Funds") to initiate the Program;
and
WHEREAS, as of December 31, 1998, $388,255.79 has been paid back to the
Funds by the Program; and
WHEREAS, a new funding strategy for the continuation of the Program has
recently been approved by the HRA and Council; and
WHEREAS, the funding strategy contemplates to forgive the remaining balance
on a portion of the Funds, or $124,763.39 to the LHN Tax Increment Fund; and
WHEREAS, forgiving the remaining balance on a portion of the Funds will allow
the Program to meets it's debt service obligations, as proposed and approved.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, Minnesota that the City's staff, HRA's staff, the HRA's development
consultant, Ehlers &Associates, Inc., and the City's auditor's, HLB Tauges Redpath, Inc.
shall be authorized to take such action as is necessary to cause the forgiveness of the
remaining balance of the 1990 interfund loan from the LHN Tax Increment Fund in the
amount of $124,763.39.
Adopted by the City Council of the City of Richfield, Mi..nn. e sotag:Jh"S 22nd. day of
November, 1999. . "-
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Martin J. Kir , ayor
Attest: p f"-.
~ -f-~J~~
Thomas P. Ferber, City Clerk