08-20 HRA Resolution No. 1302
HRA RESOLUTION NO. 1302
RESOLUTION AMENDING RESOLUTION NO. 1199 REGARDING AN ADVANCE OF
CERTAIN COSTS IN CONNECTION WITH PROPERTY LOCATED WITHIN THE CEDAR
AVENUE TAX INCREMENT FINANCING DISTRICT (A REDEVELOPMENT DISTRICT)
BE IT RESOLVED By the Board of Commissioners of the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota (the “Authority”) as follows:
Section 1. Background.
1.01. Pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the
“TIF Act”) and Laws of Minnesota 2005, Chapter 152, Article 2, Section 25, as amended by
st
Laws of Minnesota 2017, 1 Special Session, Chapter 1, Article 6, Section 18, the City of
Richfield, Minnesota and the Authority established the Cedar Avenue Tax Increment Financing
District (a redevelopment district) (the “Cedar Avenue TIF District”) within the Richfield
Redevelopment Project Area, which is administered by the Authority.
1.02. Under Section 469.178, subdivision 7 of the TIF Act, the Authority is authorized
to advance or loan money from any fund from which such advances may be legally made (each
such advance being referred to as an “interfund loan”) in order to finance expenditures that are
eligible to be paid with tax increments under the TIF Act.
1.03. On March 16, 2015, the Board of Commissioners of the Authority adopted
Resolution No. 1199 (the “Original Interfund Loan Resolution”), which authorized an interfund
loan in the amount of $565,000 (the “Interfund Loan”) to finance the acquisition of property
within the Cedar Avenue TIF District for redevelopment purposes. The Authority expended
$359,000 for the acquisition of land within the Cedar Avenue TIF District.
1.04. Pursuant to the terms of the Original Interfund Loan Resolution, the Interfund
Loan was made from the Development Fund, or any other fund designated by the Authority, and
any repayments of the Interfund Loan were required to be payable to the Authority’s TIF Fund
for the Cedar Avenue TIF District.
1.05. The land acquired with the Interfund Loan has been removed from the Cedar
Avenue TIF District and placed in the Authority’s Tax Increment Financing District No. 2018-1 (a
housing district) (Cedar Point II Project) (“TIF District No. 2018-1”).
1.06. The Authority has determined to amend the terms of the Original Interfund Loan
Resolution so that any repayments of the Interfund Loan will now be made from tax increment
derived from TIF District No. 2018-1.
Section 2. Terms of Interfund Loan. The Interfund Loan shall be repaid in
accordance with the Original Interfund Loan Resolution. Commencing with the first Payment
Date (as defined in the Original Interfund Loan Resolution) following the adoption of this
resolution, all repayments of the Interfund Loan shall be made to the TIF Fund for TIF District
No. 2018-1.
Section 3. Miscellaneous.
3.01. Authority staff and officials are hereby authorized and directed to execute any
documents and take any other actions necessary to carry out the intent of this resolution.
3.02. Unless otherwise amended by this resolution, the Original Interfund Loan
Resolution shall remain in full force and effect.
Section 4. Effective Date. This resolution is effective upon approval.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 20t day of August, 2018.
Mary Supple, Chair
ATTEST:
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Erin Vrieze F3aniels, Secretary
HRA Resolution No. 1302