05-15 EDA Resolution No. 1 RICHFIELD ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO.1
RESOLUTION ESTABLISHING THE RICHFIELD ECONOMIC
DEVELOPMENT AUTHORITY; AND APPROVING CERTAIN
MATTERS IN CONNECTION THEREWITH
BE IT RESOLVED BY the Board of Commissioners of the Richfield Economic Development
Authority(the"EDA")as follows:
1. Pursuant to Resolution No. 11359, adopted by the City Council of the City of Richfield,
Minnesota(the"City")on May 9,2017 (the"Enabling Resolution"),the City Council of the City established
the EDA in accordance with Minnesota Statutes, Minnesota Statutes, Sections 469.090 through 469.1082, as
amended(the"Act"),to promote and to provide incentives for economic development in the City.
2. The Enabling Resolution provides that the EDA has and may exercise all of the powers
conferred by the Act upon a housing and redevelopment authority of the City.
3. The EDA approves and adopts the Bylaws of the EDA currently on file with the Executive
Director of the EDA.
4. The EDA approves and adopts the official seal of the EDA currently on file with the
Executive Director of the EDA.
5. The EDA hereby requests that the City levy a tax in 2017 in the amount equal to 0.01813%
of the estimated market value of taxable property within the City(expected to be approximately $600,000)
with respect to taxes payable in calendar year 2018. Such request is made in accordance with Section
469.107,subdivision 1 of the Act.
6. The Executive Director of the EDA is authorized and directed to take whatever steps are
necessary to give effect to this resolution. The President and Executive Director are authorized and directed
to execute,deliver and accept on behalf of the EDA any and all documents and instruments necessary to give
effect to this resolution.
Approved by the Board of Commissioners of the Richfield Economic Development Authority this
15th day of May,2017.
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