15-11082r RESOLUTION NO. 11082
RESOLUTION AUTHORIZING THE RICHFIELD HOUSING AND
REDEVELOPMENT AUTHORITY TO ELECT TO REDUCE ORIGINAL TAX
CAPACITY OF LYNDALE GATEWAY, LLC TAX INCREMENT DISTRICT DUE TO
HOMESTEAD MARKET VALUE EXCLUSION
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield
(the "HRA") established and operates the Lyndale Gateway, LLC Tax Increment District (the"TIF
District"); and
WHEREAS, previous changes to state tax law regarding the homestead market value
exclusion has adversely affected tax receipts in the TIF District; and
WHEREAS, the 2013 Minnesota legislature amended Minnesota Statutes, section 469.177
by adding subd. 1 d which permits a redevelopment authority to elect to reduce the original net tax
capacity of a qualified district by the amount of the tax capacity attributable to the market value
exclusion under Minnesota Statutes, section 273.13, subd. 35; and
WHEREAS, the TIF District meets the definition of a qualifying district within the
meaning of Minnesota Statutes, section 469.177, subd. 1 d; and
WHEREAS, the HRA may make such election only upon approval of the City Council by
resolution.
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Richfield as
follows:
1. The HRA is authorized to elect to reduce the original tax capacity of the Lyndale Gateway,
LLC Tax Increment District by the amount of the tax capacity attributable to the market
value exclusion under Minnesota Statutes, section 273.13, subd. 35,but not below zero;
2. The HRA is authorized to notify the Hennepin County auditor of its election prior to July 1,
2015 in order for such election to be effective for taxes payable beginning in 2016; and
3. City and HRA staff and consultants are authorized and directed to take any and all such
other actions as may be necessary or convenient to carry out the intent of this resolution.
Adopted by the City Council of the City of Richfield, Minnesota this 12th day of May,
2015.
,_ /�-/
Debbie Goettel, Mayor
ATTEST:
Eliza et "i'•os-, Ark-
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