1976-12RESOLUTION NO. 12
- RESOLUTION RELATING TO TAX INCREMENT FINANCING
WHEREAS, present statutes of the State of Minnesota permit municipalities,
acting through their Housing and Redevelopment Authorities, to define redevelop-
ment projects and to provide financing for these projects through tax increment
- financing, and -
WHEREAS, the City of Richfield, acting through its Housing and- Redevelop-
ment Authority, has taken steps to redevelop the Lyndale-Hub-Nicollet area of
the city in reliance upon the availability of tax increment financing to provide
one-of the principal sources of financing such redevelopment project, and
WHEREAS, the City of .Richfield, may in the future, find it necessary to
redevelop other areas of the -city, and
WHEREAS, tax increment financing permits the redevelopment of areas of the
city where necessary without having to place primary reliance upon outside funding
sources such as appropriations by the state or federal governments, and
- WHEREAS, adequate outside sources of funding are not now available, and
- it does not presently appear that such sources will be available for some time to
come, and
WHEREAS, proposals have been made in the Minnesota legislature to curtail or
prohibit. the use of-tax increment financing of redevelopment projects, but. these
.proposals have not been accompanied by workable and adequately funded alternative
- programs for financing such projects. -
.NOW, THEREFORE, BE TT RESOLVED by the Housing and Redevelopment
Authority of the City of Richfield as follows;
1. .The HRA herewith declares- its opposition to the curtailment or discon-
_ tinuance of any tax increment financing until such time as workable and
- adequately funded alternative solutions are developed.
2, Let copies of this resolution be provided to members of the Minnesota
legislature from the City of Richfield and to such other members of the
legislature as the Executive Director shall deem appropriate.
Passed by the Housing and Redevelopment Authorit
this 8th day of March, 1976.
. - ~ O oren L .
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- ATTEST:
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A. P. Anderson Secretary -
the City of Richfield
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Chairman