1993-47242
_.. HRA RESOLUTION N0. 472
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION APPROVING THE ESTABLISHMENT OF A
DEVELOPMENT ACCOUNTAND SETTING FORTH THE PROCESS
FOR FUNDING A DEVELOPMENT ACCOUNT
BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota as follows:
Section 1. Recitals.
1.01 The Housing and Redevelopment Authority in and for- the City of Richfield,
Minnesota (the "HRA") has identified that there is an ongoing need within the
City for redevelopment of property both within and outside of the boundaries
of existing tax increment districts.
1.02 The HRA has determined that duration limits on its existing tax increment
financing districts and the impediments to establishing new tax increment
financing districts have encouraged the HRA to seek new financial tools to
achieve its redevelopment objectives.
1.03 The HRA has conducted a study and determined that the establishment of a
Development Account (the "Account") will offer an additional redevelopment
mechanism to achieve its goals and objectives.
1.04 The HRA maintains a concern for other taxing jurisdictions' ability to maximize
the existing and future property tax base. The HRA has determined that the
use of the Account will provide an alternative method of redevelopment funding
without the necessity to establish new tax increment financing districts while
catalyzing increases in the property tax base within the City.
1.05 The HRA has completed a study and has identified 5600,000 in interest income
and land proceeds in its tax increment accounts that are not currently budgeted
and are available for use in the Account for the fiscal year 1993.
Section 2. HRA Aporoval.
2.01 The HRA finds that the objective of encouraging redevelopment within the
. existing redevelopment project areas will be advanced by establishment of the
Account.
2.02 Staff is directed to formulate budget procedures for annual deposits to the
Account.
2.03 The HRA approves the transfer of 5600,000 to the Account far fiscal year
1993.
HRA Resolution No. 472
Page 2
2.04 Staff is directed to submit a list of potential projects for use of the initial
5600,000- of Account funds in fiscal year 1993.
2.05 Staff is directed as part of the annual budget process to identify the amount of
interest and other funds that can be transferred to the Account. The annual
• recommendation will include an analysis to determine the sufficiency. of tax
increment account balances to meet current and future HRA obligations.
Adopted by the Housing and Redevelopment Authority in and for the City of
RICHFIELD this 19th day of April, 1993.
Thomas E. Harms, Chairperson
.~
Larry Woznic a, S retary
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