Richfield Council decertifies multiple TIF districts and awards $6.16M sales‑tax bond for park and nature‑center work

On Nov. 25 the Richfield City Council acted on multiple finance items in a single meeting: the council approved decertification resolutions for several tax increment financing (TIF) districts and adopted a resolution awarding the sale of $6,160,000 in general obligation sales‑tax revenue bonds (Series 2025A) to fund local sales‑tax projects.

Staff and HRA representatives told the council that TIF District 2020‑2 EMI and the Lindale Gateway Interchange West and Urban Village districts had reached statutory limits or otherwise carried no remaining city obligations. For the two larger districts, staff estimated decertification would return about $1,471,929 and $1,012,829 of additional tax capacity in 2026 respectively. Council unanimously approved resolutions to decertify each district.

Later in the meeting Rebecca Kurtz of Ehlers reported results from a November 25 bond bid. The city received seven bids and the award recommendation reflected a low true interest cost of approximately 3.0656%. Standard & Poor's assigned a AA+ rating with a stable outlook. The $6.16 million issue is structured to finance about $5 million of improvements to Veterans Park and $1 million for Woodlake Nature Center; debt service will be paid from sales‑tax receipts, and the bonds are callable beginning in February 2029.

Council members expressed support for returning tax capacity to the rolls and for the sales‑tax bond structure; the bond award resolution passed by unanimous roll call.