112023 Resolution 1470HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1470
RESOLUTION APPROVING THE REMOVAL OF PARCELS FROM
THE 2018-1 RF64 TAX INCREMENT DISTRICT
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority') was created pursuant to Minnesota Statutes, Sections 469.001 through
469.047, as amended, and is authorized to transact business and exercise its powers by a
resolution of the City Council of the City of Richfield, Minnesota (the "City"); and; and
WHEREAS, on August 20, 2018, the Authority authorized the creation of the RF64 Tax
Increment District, a housing district (the "TIF District"); and
WHEREAS, the Authority entered into a Contract for Private Development (the "Contract")
with Cedar Point Investments, LLC (the "Developer') on September 17, 2018; and
WHEREAS, a TIF Note in the amount of $900,000 was issued in August of 2021; and
WHEREAS, the Developer has determined that due to the changing market conditions,
they are not able to complete the remaining townhomes in accordance with the Contract; and
WHEREAS, in order to remain in compliance with the Minnesota Statutes, Sections
469.174 through 469.1794 (the "TIF Act"), at least 95% of the units must be initially purchased and
occupied by individuals whose family income is less than or equal to 100% to 115% of the area
median income; and
WHEREAS, the Developer is requesting that 39 parcels be removed from the TIF District
and the 32 qualified townhomes remain in the TIF District; and
WHEREAS, Minn. Stat. Section 469.175, subd. 4 states that the TIF Plan may be modified
without a public hearing as long as the only modification is elimination of parcels from the district
and the current net tax capacity of the parcels eliminated from the district equals or exceeds the net
tax capacity of those parcels in the district's original net tax capacity; and
WHEREAS, Modification #1 for the TIF District has been prepared and made available to
the Authority Board for review; 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:
Modification #1 for the TIF District is hereby approved.
2. The Chair and the Executive Director are hereby authorized to take all actions
deemed necessary to carry out the intentions of Modification #1.
3. This resolution shall be in full force and effect as of the date hereof.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
M'
hi innesota ts 20th day of November, 2023.
Erin Vrieze Dani s, Chair
Sean Hayford Oleary, Sect
RC125-1 (JAE)
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