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05-09 Resolution No. 11359 CITY OF RICHFIELD,MINNESOTA RESOLUTION NO. 11359 ENABLING RESOLUTION ESTABLISHING THE RICHFIELD ECONOMIC DEVELOPMENT AUTHORITY BE IT RESOLVED by the City Council of the City of Richfield, Minnesota (the "City") as follows: Section 1. Background and Findings. 1.01. The City is authorized by Minnesota Statutes, Sections 469.090 through 469.1082, as amended (the "Act"), to establish an economic development authority for the City to coordinate and administer economic development and redevelopment plans and programs in the community. 1.02. It is found and determined by the City Council that the encouragement and financial support of economic development and redevelopment in the City is vital to the orderly development of the City and in the best interests of the health, safety, prosperity and general welfare of the citizens of the City. 1.03. It is further found and determined that the economic development and redevelopment of the City can best be accomplished by the establishment of an economic development authority as authorized by the Act. 1.04. The City Council, in accordance with the requirements of the Act, provided public notice and conducted a public hearing on May 9, 2017 concerning the establishing of an economic development authority at which hearing all persons desiring to express their views were heard. Section 2. Enabling Resolution. 2.01. The Richfield Economic Development Authority("REDA") is hereby established pursuant to this enabling resolution (the "Enabling Resolution"). REDA is a public body corporate and politic and a political subdivision of the State of Minnesota. 2.02. REDA shall have all the powers under the Act, and the powers of a housing and redevelopment authority under Minnesota Statutes, Sections 469.001 through 469.047, and of a city under Minnesota Statutes, Sections 469.124 through 469.133, as such laws may be amended from time to time, except as limited by this Enabling Resolution. 2.03. REDA shall consist of a governing body of five commissioners. Two commissioners shall be members of the City Council and three commissioners shall be members at large. The terms of the commissioners who are also members of the City Council shall coincide with their terms of office as members of the City Council. The three at large commissioners shall be the three at large commissioners of the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (the "HRA"). The terms of the commissioners at large shall be six years. At any time an at large commissioner of REDA is not also a commissioner of the HRA, such commissioner's term on REDA shall terminate. 496910v3 JAE RC260-1 Section 3. Limits of Powers. 3.01. REDA shall be subject to the following limitations in the exercise of its authority: a. The sale of all bonds or other obligations issued by REDA must be approved by the City Council before issuance. b. REDA must follow the budget process for City departments in accordance with City policies,resolutions and ordinances. c. All actions of REDA must be consistent with the City comprehensive plan and official controls implementing the comprehensive plan. d. REDA must obtain approval of its proposed plans for development and redevelopment from the City Council. 3.02. This Enabling Resolution may be modified from time to time by the City Council in the manner prescribed by the Act. 3.03. As provided in the Act, it is the intention of the City Council that nothing in this Enabling Resolution nor any activities of REDA be construed to impair the obligations of the City under any of its contracts or to affect in any detrimental manner the rights and privileges of a holder of a bond or other obligation heretofore issued by the City. REDA shall not modify any covenant or obligation in effect at the time any bonds or obligations were issued or contracts executed to the detriment of the holder of the bonds or obligations or any contracting party. Section 4. Officers, Organization. 4.01. REDA may adopt bylaws and rules of procedure and shall adopt an official seal. 4.02. REDA shall elect a president, vice-president, treasurer, secretary, and assistant treasurer who shall have such duties and powers as prescribed by the Act. The president, treasurer, and secretary shall be elected annually. No commissioner shall serve as president and vice-president at the same time. The offices of secretary and assistant treasurer need not be held by a commissioner. 4.03. REDA shall appoint an executive director and secure the services of such other persons as it deems necessary or convenient to perform its functions. Initially,the executive director of REDA shall be the City Manager. Section 5. Audit. 5.01. The financial statements of REDA must be prepared,audited, filed, and published or posted in the manner required for the financial statements of the City. 5.02. The report must be filed with the state auditor by June 30 of each year. 2 496910v3 JAE RC260-1 Section 6. Bonds. 6.01. REDA may issue its general obligation bonds in the principal amounts authorized by two-thirds majority vote of the City Council. a. The bonds may be issued in anticipation of income from any source and used to secure funds needed to pay for acquired property or for other purposes authorized by the Act. b. The bonds must be in the amount and form and bear interest at the rate set by the City Council. c. The first installment shall be due in not more than 3 years and the last in not more than 30 years from the date of issuance. d. The bonds shall not impose any personal liability on a member of REDA. e. The bonds shall be secured by the full faith, credit and resources of the City only if the City Council specifically authorizes REDA to do so. 6.02. REDA may issue revenue bonds for such purposes and following such procedures as are specified in the Act. Section 7. Tax Levy. 7.01. The City may, at the request of REDA, levy a tax in any year for the benefit of REDA in an amount not more than 0.01813 percent of estimated market value of taxable property within the City or such other amount as allowed by the Act. The levy may be increased by resolution of the City Council following a public hearing and published notice in accordance with the Act. 7.02. REDA may not, when exercising its powers as a housing and redevelopment authority, levy a tax in accordance with Section 469.033 of the Act. Section 8. Implementation. 8.01. The City Council may from time to time adopt such ordinances and resolutions as may be necessary or convenient to give full effect to this Enabling Resolution. 8.02. The Mayor, City Manager and other City officials are authorized and directed to take such actions and execute and deliver such documents necessary or convenient to give full effect to this Enabling Resolution. 3 496910v3 JAE RC260-1 Adopted by the City Council of the City of Richfield,Minnesota,this 9 day of May,2017. Pat Elliott,Mayor ATTEST: Elizabeth VanHoose,City Clerk 4 496910v3 JAE RC260-1