11-21-2022 HRA Resolution No. 1444HRA Resolution No. 1444 1
HRA RESOLUTION NO. 1444
RESOLUTION TRANSFERRING POOLED TAX INCREMENT FROM TAX
INCREMENT FINANCING DISTRICTS WITHIN THE CITY OF RICHFIELD FOR
AFFORDABLE HOUSING PURPOSES
WHEREAS, the Legislature of the State of Minnesota passed a special law authorizing
the City of Richfield, Minnesota (the “City”) or the Housing and Redevelopment Authority in and
for the City of Richfield, Minnesota (the “Authority”) to transfer tax increment accumulated for
housing development purposes under Minnesota Statutes, Section 469.1763, subdivision 2(b) or
(d) to the housing trust fund established by the City, all as provided in Laws of Minnesota 2021,
First Special Session, Chapter 14, Article 9, Section 5 (the “Special Law”), in particular
subdivision 1(b) thereof; and
WHEREAS, pursuant to the Special Law, the authority to make such transfers shall expire
on December 31, 2026; and
WHEREAS, the Authority has proposed to transfer pooled tax increment from the following
tax increment financing districts within the Richfield Redevelopment Project (collectively, the “TIF
Districts”) to the City for purposes of funding the Affordable Housing Trust Fund:
(a) from the Interchange West and Lyndale Gateway Tax Increment Financing District,
the amount of $250,000;
(b) from the Urban Village Tax Increment Financing District, the amount of $250,000; and
(c) from the City Bella Tax Increment Financing District, the amount of $250,000; and
WHEREAS, the pooled tax increment transferred to the Affordable Housing Trust Fund
may be returned to the appropriate Authority tax increment fund if the funds are not spent on or
before December 31, 2026; and
WHEREAS, the City Council will consider a resolution accepting the transfer of the pooled
tax increment on or about December 13, 2022; 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 that:
1. The Authority hereby approves the transfer of pooled tax increment from the TIF
Districts as set forth herein to fund the City’s Affordable Housing Trust Fund.
2. The Authority may amend this resolution to provide for additional transfers of pooled
tax increment to fund the Affordable Housing Trust Fund.
3. The tax increment transferred to the Affordable Housing Trust Fund must be
accounted for separately and may be used only for the following purposes: making
grants, loans, and loan guarantees for development, rehabilitation or financing of
housing or providing matches for other federal, state, or private resources for housing
projects.
HRA Resolution No. 1444 2
4. This resolution is effective upon approval by the City Council of the resolution
accepting the transfer of the pooled tax increment.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 21st day of November, 2022.
Mary B. Supple, Chair
ATTEST:
Maria Regan Gonzalez, Secretary