Item Description:
title
Terminate the minimum assessment agreement for the Best Buy campus in Richfield
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WHEREAS:
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WHEREAS, the Richfield Housing and Redevelopment Authority and Best Buy Co., Inc., a Minnesota corporation, entered into a Contract for Private Redevelopment, dated March 28, 2000 with respect to the redevelopment of land for Best Buy's corporate headquarters in Richfield, Minnesota; and
WHEREAS, the Richfield Housing and Redevelopment Authority, the City of Richfield, and Best Buy, Inc. also entered into an Assessment Agreement, dated March 5, 2003, which set forth the minimum market value for the Property as improved by the redevelopment; and
WHEREAS, in accordance with Minnesota Statutes, Section 469.177, subdivision 8, as amended, the Richfield Housing and Redevelopment Authority, the City of Richfield, and Best Buy, Inc. have negotiated a Sixth Amendment to the Contract for Private Redevelopment, dated June 29, 2023 which would terminate the March 5, 2003 Assessment Agreement and have requested that the governing bodies of Hennepin County and Independent School District No. 280 (Richfield Public Schools) approve termination of the March 5, 2003 Assessment Agreement.
Resolution:
BE IT RESOLVED, the Hennepin County Board approves the termination of the March 5, 2003 Assessment Agreement and directs the County Administrator to execute any documents or certificates deemed necessary to carry out the intentions of this resolution.
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Background:
This Board Action Request seeks county board approval for early termination of a minimum assessment agreement currently in place for the Best Buy office headquarters. In 2000, the City of Richfield created a tax increment finance (TIF) district related to the development of the Best Buy office headquarters. The City of Richfield, its HRA, and Best Buy also entered into a minimum assessment agreement for the campus. The minimum assessment agreement provides a minimum assessed value of $118,500...
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