11-18 HRA Resolution No. 1344 HRA RESOLUTION NO. 1344
RESOLUTION APPROVING THE DECERTIFICATION OF THE GRAMERCY
TAX INCREMENT FINANCING DISTRICT IN THE CITY OF RICHFIELD
WHEREAS, on June 22, 1998, the City of Richfield Minnesota (the "City") created its
Gramercy Tax Increment Financing District ("Gramercy TIF District") within its Richfield
Redevelopment Project Area (the "Project"); and
WHEREAS, as of the date hereof all bonds and obligations to which tax increment from
the Gramercy TIF District have been pledged have been paid in full or defeased and all other
costs of the Project have been paid; and
WHEREAS, the City desires by this resolution to cause the decertification of the
Gramercy TIF District after which all property taxes generated by property within the District will
be distributed in the same manner as all other property taxes.
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Richfield
Housing and Redevelopment Authority (the "HRA") that the HRA's staff shall take such action as
is necessary to cause the County Auditor of Hennepin County to decertify the Gramercy TIF
District as a tax increment district and to no longer remit tax increment from the Gramercy TIF
District to the City.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 18th day of November, 2019.
Mary B. Su Ie, Chair
ATTEST:
y
Erin Vrieze Dan'ils, Secret'