15-1203r HRA RESOLUTION NO. 1203
RESOLUTION ELECTING TO REDUCE ORIGINAL TAX CAPACITY OF GRAMERCY
PARK COOPERATIVE TAX INCREMENT DISTRICT DUE TO HOMESTEAD MARKET
VALUE EXCLUSION
BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority
of Richfield, Minnesota(the"HRA") as follows:
WHEREAS, the Housing and Redevelopment Authority of Richfield, Minnesota (the "HRA")
established and operates the Gramercy Park Cooperative 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. ld; and
WHEREAS, the HRA may make such election only upon approval of the City Council by
resolution and the City Council approved such election by resolution on May 12,2015.
NOW, THEREFORE,BE IT RESOLVED by the Housing and Redevelopment Authority in
and for the City of Richfield, Minnesota as follows:
1. The HRA is authorized to elect to reduce the original tax capacity of the Gramercy Park
Cooperative 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. 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 Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 18th day of May, 2015.
Mary B. Su ple, Chair
ATTEST:
Doris Rubenstein, Secretary
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