2025-02-11 Resolution 12302 CertifiedSTATE OF MINNESOTA )
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COUNTY OF HENNEPIN ) ss
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CITY OF RICHFIELD )
I, Michelle Friedrich, City Clerk of the City of Richfield, Hennepin County,
Minnesota, do hereby certify that the foregoing is a true and exact copy of Resolution No.
12302.
And that the same is on file and on record in my office.
Given under my hand and seal
This 11th day of February, 2025
Michelle Friedrich
City Clerk
City of Richfield
Hennepin County, Minnesota
City of Richfield February 11, 2025
County of Hennepin
State of Minnesota
RESOLUTION NO. 12302
Motion by: Burk
Seconded by: Coleman-Woods
AUTHORIZING THE DESIGNATION OF $1,000,000 IN CITY OF RICHFIELD CAPITAL
RESERVE FUNDS TO SERVE AS ASSURANCE OF FUNDING FOR THE WOOD LAKE
NATURE CENTER BUILDING PROJECT FOR THE PURPOSES OF RELEASING FUNDS FROM
THE 2023 STATE OF MINNESOTA APPROPRIATIONS BILL, ADMINISTERED BY THE
MN DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT, IN THE AMOUNT OF
$12,000,000.
WHEREAS, the City of Richfield has secured full funding for the Wood Lake Nature Center
Building Project, including $12,000,000 allocated from the State of Minnesota 2023 Appropriations Bill
for the Wood Lake Nature Center Building Project; and
WHEREAS, the Minnesota Department of Employment and Economic Development
administers the distribution of these funds and requires documentation of full funding of the project from
all sources prior to release of state funds; and
WHEREAS, the City Council adopted Resolution No. 12111 approving $11,000,000 in funding
for the project to be sourced from a sales and use tax of one-half of one percent, which will secure and
pay debt service on general obligation bonds issued to finance a portion of the project; and
WHEREAS, the City plans bond issuances to meet the cash flow needs of this and other
projects and, in 2025, issued GO sales tax bonds in the amount of $10,000,000, with proceeds and
bond premium of
$572,887 being immediately available for the project, while $427,113 is planned for the Wood Lake
Building Project from bond proceeds anticipated to be issued in 2026; and
WHEREAS, the Minnesota Department of Employment and Economic Development has
requested the City provide commitment available funds for the unissued project bond funding and
contingency for a combined total of $617,044; and
WHEREAS, through the annual Capital Improvement Budget process, the City Council has
already approved the project budget and all sources of funding, including $225,000 from Richfield
Liquor Store proceeds for the Project; and
WHEREAS, the City has available capital reserves funds of more than $1,000,000,
demonstrating full and immediate project funding.
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Richfield, Minnesota,
As follows:
The City Council of the City of Richfield hereby authorizes the designation of $1,000,000 in City
of Richfield Capital Reserve Funds to serve as assurance of funding for the Wood Lake Nature Center
building project, demonstrating full and immediate availability of all necessary funds for the project, as
required by the State of Minnesota for the release of 2023 Minnesota Appropriations Bill funding in the
amount of $12,000,000.
1 of 2
City of Richfield February 11, 2025
County of Hennepin
State of Minnesota
RESOLUTION NO. 12302
2 of 2
VOTING AYE VOTING NAY
Supple, Mary Supple, Mary
Burk, Walter Burk, Walter
Christensen, Sharon Christensen, Sharon
Coleman-Woods, Rori Coleman-Woods, Rori
Hayford Oleary, Sean Hayford Oleary, Sean
Adopted by the City Council of the City of Richfield, Minnesota this 11th day of February, 2025.
Mary Supple, Mayor
ATTEST:
Michelle Friedrich, City Clerk