Work Session — Monday, March 6, 2023

Items on the record

1. Item 1Outcome pendingfinal tally arrives when the city publishes the minutes

   Discussed Best Buy's request to terminate the Minimum Assessment Agreement between the City of Richfield and Best Buy

   The City Council and Housing and Redevelopment Authority held a work session to review Best Buy's request to end the Minimum Assessment Agreement before the Tax Increment Financing bond payoff in February 2024. Staff, financial consultants, and Best Buy representatives presented background on the TIF district, the purpose of the agreement, possible financial impacts, unresolved issues, and the timeline tied to county assessment deadlines. Policymakers indicated they were open to a solution if all outstanding issues were resolved and if the HRA and community were not financially harmed or made to subsidize Best Buy. Staff said the matter was tentatively expected to return on a future HRA agenda after additional negotiations.

   Item history

   • Mar 6, 2023 · Work Session · This item
   • Mar 28, 2023 · City Council · Under Review →
   • May 23, 2023 · City Council · Under Review →

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