11-18 HRA Resolution No. 1345 •
HRA RESOLUTION NO. 1345
RESOLUTION APPROVING THE DECERTIFICATION OF THE
INTERCHANGE TAX INCREMENT FINANCING DISTRICT IN THE CITY OF
RICHFIELD
WHEREAS, on October 28, 1996, the City of Richfield Minnesota (the "City") created its
Interchange Tax Increment Financing District ("Interchange 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 Interchange 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
Interchange 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 Interchange TIF
District as a tax increment district and to no longer remit tax increment from the Interchange 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.
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Marry B. Sipple, Ch. it
ATTEST:
Erin Vrieze Daniels, Secretary