10-24 Resolution No. 11427 RESOLUTION NO. 11427
RESOLUTION RELATING TO THE RICHFIELD ECONOMIC
DEVELOPMENT AUTHORITY; TRANSFERRING CERTAIN PROJECTS
TO SUCH AUTHORITY;AND APPROVING MATTERS IN
CONNECTION THEREWITH
BE IT RESOLVED BY the City Council (the "City Council") of the City of Richfield, Minnesota (the
"City") as follows:
1. Pursuant to resolution adopted by the City Council on May 9, 2017 (the "Enabling
Resolution"), the City Council established the Richfield Economic Development Authority (the
"EDA") in accordance with Minnesota Statutes, Sections 469.090 through 469.1082, as
amended (the"Act").
2. Pursuant to the Act, the EDA is authorized to exercise all of the powers of a housing and
redevelopment authority.
3. There now exists in the City the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "HRA") created pursuant to the Act. The Act authorizes the City
Council to transfer projects, programs and property of the HRA to the EDA.
4. Pursuant to Section 469.094, subdivision 2 of the Act, the City Council hereby transfers the
control, authority and operation of certain "projects," as defined in the Act, and certain other
programs and projects of the HRA to the EDA, including but not limited to those set forth in
EXHIBIT A attached hereto (collectively, the"Projects").
5. All funds transferred from the HRA to the EDA shall be held in a separate account and
accounted for separately.
6. The transfer described herein is conditioned upon acceptance by the EDA of such transfer
and a covenant and pledge by the EDA that the EDA is obligated to perform all agreements,
pledges, covenants, and undertakings heretofore entered into by the HRA with respect to the
Projects.
7. The City Manager is authorized and directed to transmit a certified copy of this resolution to
the Executive Director of the EDA, to the Executive Director of the HRA, and to other
governmental officers as appropriate.
8. The Mayor, City Manager, and all other officers and employees of the City are authorized and
directed to take whatever action and to execute and deliver such documents that are
necessary to give effect to this resolution.
Adopted by the City Council of the City of Richfield, Minnesota, this 24th day of October, 2017.
Pat Elliott, Mayor
ATTE T:
it. fn
Elizabeth Van oose, City Clerk
A-1
EXHIBIT A
TRANSFERRED PROJECTS AND PROGRAMS
Kids @ Home
Transformation Loan Program
A-2