98-8643r
j
RESOLUTION NO. 8643
RESOLUTION APPROVING THE REMOVAL OF PARCELS FROM THE LHN TAX
INCREMENT FINANCING DISTRICT WITHIN THE CITY OF RICHFIELD
WHEREAS, on November 24, 1975, the City of Richfield (the "City") created its LHN
Tax Increment Financing District; and
WHEREAS, the proposed Urban Village Tax Increment Financing District includes
the following parcel numbers which were previously certified in LHN Tax Increment
Financing District:
27-028-24-32-0123
27 -028-24-32-0124
27 -028-24-32 -0125
27-028-24-32-0126; and
WHEREAS, the City has proposed to hold a public hearing on November 23, 1998,
on the creation of the Urban Village Tax Increment Financing District within the Project; and
WHEREAS, the City desires by this resolution to cause the removal of the following
parcels:
27-028-24-32-0123
A portion of 27-028-24-32-0124 (to be split out)
27 -028-24-32-0125
27-028-24-32-0126
(Collectively, the "parcels") within the LHN Tax Increment Financing District thereby
reducing the size of the LHN Tax Increment Financing District; and
WHEREAS, since the current net tax capacity of the parcels to be removed from the
LHN Tax Increment Financing District may equal or exceed the net tax capacity of the
parcels in the LHN Tax Increment Financing District's original net tax capacity, the holding
of a public hearing is required by Minnesota Statutes, Section 469.175, subd. 4.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield
that the parcels are hereby removed from the LHN Tax Increment Financing District and the
City's staff shall take such action as is necessary to notify the County Auditor of the
reduction in the geographic area of the LHN Tax Increment Financing District caused by the
removal of such parcel.
Adopted by the City Council of the City of Richfield, Minnesota this 3rd day of
November, 1998.
ATTEST:
~P~L
Thomas P. Ferber, City Clerk
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