091823 Resolution 1463HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1463
RESOLUTION SUPPORTING A PROPOSED VELODROME PROJECT WITH THE
MINNESOTA CYCLING CENTER
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority") owns the real property located at 1600 and 1710 78th Street East
(the "Redevelopment Property") in the City of Richfield, Minnesota (the "City"); and
WHEREAS, the Minnesota Cycling Center, a Minnesota 501(c)(3) nonprofit (the
"Redeveloper"), proposes to purchase the Redevelopment Property from the Authority, along
with the real property located at 1620 78th Street East in the City (the "Third -Party Parcel'),
which Third -Party Parcel is owned by a third party, and construct thereon a multi -purpose
velodrome facility (the "Project"); and
WHEREAS, the Redeveloper and the Authority have been engaged in informal
discussion regarding the Project, including consideration of the Authority selling the
Redevelopment Property to the Redeveloper at a reduced cost and providing financial
assistance for the Project; and
WHEREAS, the Redeveloper has presented information with respect to the Project to
the Board of Commissioners of the Authority (the "Board"), and the Board intends to express its
support for the Project, subject to the terms of this resolution; 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:
The Board hereby supports the concept of the Project.
2. The Board commits to working with the Redeveloper and the owner of the
Third -Party Parcel to explore options for redevelopment of the Redevelopment Property and the
Third -Party Parcel for the Project.
3. To make the Project financially feasible, the Authority may consider providing
financial assistance, including but not limited to the use of pooled tax increment derived from the
temporary spending plan approved by the City and the Authority, selling the Redevelopment
Property to the Redeveloper at a reduced cost, or the creation of a tax increment financing
district.
4. The Board agrees to cooperate with the Redeveloper in seeking additional funding
for the Project.
Adopted by the Board of Commissioners of the Housing and Redevelopment Authority
in and for the City of Richfield, Minnesota this 18'h day of September, 2023.
Erin Vrieze Dineels, Chair
ATTEST:
u, lecretary
RC125-396 (JAE)
9007840