2025-11-25 Resolution 12371City of Richfield
County of Hennepin
State of Minnesota
November 25, 2025
RESOLUTION NO. 12371
Motion by: Hayford Oleary
Seconded by: Burk
RESOLUTION AUTHORIZING FULL PAYMENT OF INTERNAL LOANS PREVIOUSLY MADE TO THE ICE ARENA
AND AUTHORIZING NECESSARY ACTIONS RELATED THERETO
WHEREAS the funding for $1,291,350 in energy and technology improvements at the Ice Arena in
2014 were provided by an internal loan from the Insurance Fund; and
WHEREAS the funding for $641,454 in locker room improvements at the Ice Arena in 2015 were
provided by an internal loan from the Communications Fund; and
WHEREAS the Ice Arena has made scheduled internal loan payments each year; and
WHEREAS there have not been sufficient revenues to pay back the loans for capital and cover
operating expenses which has resulted in a negative cash balance and depletion of operating reserves for
the Ice Arena; and
WHEREAS the City has a plan to transfer from the Long-term Capital Reserve Fund over a 7-year
timeframe to bring the Ice Arena into a positive cash balance; and
WHEREAS eliminating persistent negative fund balances is best financial practice; and
WHEREAS it is in the best interest of the City of Richfield to transfer from the Long-term Capital
Reserve Fund to fully pay both internal loans in the outstanding amount of $472,170; and
NOW, THEREFORE, BE IT RESOLVED the City Manager is authorized to transfer funds from the
Long-term Capital Reserve Fund to fully retire the two internal Ice Arena loans totaling $472,170 effective
November 30, 2025.
Adopted by the City Council of the City of Richfield, Minnesota, this 25th day of November, 2025.
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
Mary B. Supple, Mayor
ATTEST:
Michelle Friedrich, City Clerk