11-20 EDA Resolution No. 3 EDA RESOLUTION NO. 3
RESOLUTION ESTABLISHING THE RICHFIELD ECONOMIC
DEVELOPMENT AUTHORITY; ACCEPTING TRANSFER OF
CERTAIN PROJECTS AND PROGRAMS FROM THE HOUSING
AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY
OF RICHFIELD, MINNESOTA; 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. Pursuant to Resolution No. 11427, adopted by the City Council of the City on October
24, 2017, and pursuant to Section 469.094, subdivision 2 of the Act, the City Council
transferred the control, authority, and operation of certain projects and programs
established by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "HRA") from the HRA to the EDA. The EDA accepts
responsibility for the control, authority, and operation of certain projects and programs
heretofore established by the HRA and transferred to the EDA, including but not limited
to those set forth in EXHIBIT A attached hereto (collectively, the "Projects").
4. All funds transferred from the HRA to the EDA shall be held in a separate account and
accounted for separately.
5. Section 469.094, subdivision 2 of the Act provides that when a project or program is
transferred from the HRA to the EDA, the EDA must covenant and pledge to perform
the terms, conditions and covenants of any agreement of the HRA executed for the
security of any bonds issued in support of the transferred project or program and to
perform the terms, conditions and covenants of the HRA in connection with the
program or project so transferred. The EDA hereby covenants and pledges to assume
all of the duties and responsibilities of the HRA in connection with each and every
Project so transferred by the City from the HRA to the EDA.
6. The EDA approves and adopts the Bylaws of the EDA currently on file with the
Executive Director of the EDA.
7. The EDA approves and adopts the official seal of the EDA currently on file with the
Executive Director of the EDA.
8. The EDA hereby requests that the City levy a tax in 2017 for taxes payable in 2018 in
the amount of $560,467, which amount is not in excess of 0.01813% of the estimated
market value of taxable property in the City. Such request is made in accordance with
Section 469.107, subdivision 1 of the Act.
9. 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 20th day of November, 2017.
Mary B. Su le, resi ent
A r -A 4.
- en . Dev h, xecutiv- Director
2
EXHIBIT A
TRANSFERRED PROJECTS AND PROGRAMS
Kids @ Home
Transformation Home Loans Program
A-1
499328v1 JAE RC260-1