07-12-2022 HRA Resolution No. 1437HRA RESOLUTION NO. 1437
RESOLUTION SUPPORTING A TAX CREDIT APPLICATION FOR
A MULTIFAMILY HOUSING PROJECT
WHEREAS, Minnesota Independence College and Community, a Minnesota nonprofit
corporation (the "Redeveloper"), owns the property located at 2000, 2006, and 2018 West 76th
Street, and 7532 Morgan Avenue South, Richfield, Minnesota (the "Redevelopment Property"); and
WHEREAS, the Redeveloper proposes to demolish the building(s) on the Redevelopment
Property and construct on the Redevelopment Property a building with approximately 59 affordable
housing units and office and classroom space (the "Project"); and
WHEREAS, the Redeveloper and the Housing and Redevelopment Authority in and for the
City of Richfield, Minnesota (the "Authority") have been engaged in discussion regarding the
Project and the proposed creation of a housing tax increment financing district including the
Redevelopment Property or the use of pooled tax increment from the Affordable Housing Trust
Fund; and
WHEREAS, the Redeveloper has presented the proposed Project to the Board of
Commissioners (the "Board") of the Authority and has received support of the Board; and
WHEREAS, on April 18, 2022, the Authority entered into a Preliminary Redevelopment
Agreement with the Redeveloper, which sets forth the Redeveloper's intentions and the conditions
under which the Redeveloper will undertake the Project; and
WHEREAS, the Project has been awarded a Livable Communities Demonstration Account
grant from the Metropolitan Council in the principal amount of $1,210,000; and
WHEREAS, the success of the tax credit application for the Project is predicated on local
support of the proposal; and
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Housing
and Redevelopment Authority in and for the City of Richfield, Minnesota as follows:
1.The Board supports the application for the tax credits for the Project.
2.The Authority and the City of Richfield, Minnesota (the "City") intend to establish a
housing tax increment district for the Project with a maximum term of 26 years.
3.The Board supports the use of tax increment financing for the Project in the
approximate amount of up to $817,032; however, the Board and the City Council of the
City must complete all of the legally required proceedings set forth in Minnesota
Statutes, Section 469.029 and Sections 469.174 through 469.1794, all as amended.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 1ih day of July, 2022.
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Maria Regan Gonzalez, Secretary