05-09 Resolution No. 11360 CITY OF RICHFIELD,MINNESOTA
RESOLUTION NO. 11360
RESOLUTION APPROVING A PRESENT INTENT TO LEVY A
TAX FOR ECONOMIC DEVELOPMENT AUTHORITY
PURPOSES PURSUANT TO MINNESOTA STATUTES, SECTION
469.107
BE IT RESOLVED BY the City Council (the "City Council") of the City of Richfield, Minnesota
(the"City")as follows:
1. Pursuant to Minnesota Statutes, Sections 469.090 through 469.1082, as amended (the
"Act"),the City established the Richfield Economic Development Authority(the"EDA").
2. Section 469.107, subdivision 1 of the Act authorizes the City to levy and collect a tax of up
to 0.01813% of the estimated market value of taxable property within the City, levied upon all taxable real
property within the City,for economic development authority purposes.
3. The EDA intends to request that the City approve such a levy in the amount of 0.01813% of
the estimated market value of taxable property within the City, and the City finds that such a levy is in the
best interest of the City and EDA because it will facilitate economic development.
4. The City Council hereby approves the levy of a tax for economic development purposes
pursuant to Section 469.107, subdivision 1 of the Act 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.
Adopted by the City Council of the City of Richfield,Minnesota,t ' th y of May,2017
.__ ZZ.Z.---:7" /-7
Pat Elliott,Mayor
ATTEST:
am' , i '
Elizabeth VanHoose, City Clerk
497371v2 JAE RC260-1