04-18-2022 HRA Resolution No. 1427HRA RESOLUTION NO. 1427
RESOLUTION AUTHORIZING THE TRANSFER
OF FUNDS FOR PRIOR YEAR EXPENSES IN
CONNECTION WITH THE 2018-1 AND CEDAR
AVENUE TAX INCREMENT FINANCING
DISTRICTS
WHEREAS, the City of Richfield, Minnesota (the “City”) and the Housing and
Redevelopment Authority in and for the City of Richfield, Minnesota (the “Authority”) have
created, and the Authority administers, the 2018-1 Tax Increment Financing District (the “2018-1
TIF District”) and Cedar Avenue Tax Increment Financing District (the “Cedar Ave TIF District”),
pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended (the “TIF
Act”); and
WHEREAS, the Authority incurred $56,543.14 in land acquisition costs in a prior year
which were paid out of 2018-1 TIF District, and
WHEREAS, the Authority incurred $10,110.23 in other non-TIF expenses in a prior year
which were paid out of 2018-1 TIF District, and
WHEREAS, the Authority incurred $359,000.00 in land acquisition costs in a prior year
which were paid out of the Cedar Ave TIF District.
THEREFORE BE IT RESOLVED, the Authority authorizes staff to make the following
transfers for the year ending December 31, 2021:
1. $56,543.14 to the 2018-1 TIF District from the Development Fund (98000), and
2. $10,110.23 to the 2018-1 TIF District from the Cedar Corridor Fund (93650), and
3. $359,000.00 to the Cedar Ave TIF District from the Development Fund (98000)
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 18th day of April, 2022.
_____________________________
Erin Vrieze Daniels, Vice Chair
ATTEST:
____________________________________
Maria Regan Gonzalez, Secretary