12-13-2022 Resolution No. 12038Resolution No. 12038
RESOLUTION NO. 12038
RESOLUTION ACCEPTING POOLED TAX INCREMENT FROM TAX
INCREMENT FINANCING DISTRICTS WITHIN THE CITY OF RICHFIELD FOR
THE AFFORDABLE HOUSING TRUST FUND
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, on November 21, 2022, the Board of Commissioners of the Authority
adopted a resolution approving the transfer of 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
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, as follows:
1.The City hereby accepts the transfer of pooled tax increment from the TIF
Districts as set forth herein.
2.The City shall deposit such transferred pooled tax increment into the Affordable
Housing Trust Fund to be used for affordable housing purposes.
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.
4 This resolution is effective upon approval.
Resolution No. 12038
Adopted by the City Council of the City of Richfield, Minnesota, this 13th day of December, 2022.
Maria Regan Gonzalez, Mayor
ATTEST:
Kari Sinning, City Clerk
RC125-1 (JAE)
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