03-24-97 Special
HRA MEETING MINUTES
Richfield, Minnesota
Special HRA Meeting
March 24, 1997
CALL TO ORDER
The meeting was called to order by Vice Chair Helmberger at 5:35 p.m.
ROLL CALL
HRA Members
Present:Joan Helmberger; Michael Sandahl; and Russ Susag.
HRA Members:Tom Harms and Kristal Stokes.
Absent:
Staff Present :James Prosser, Executive Director; and Thomas Ferber, City Clerk.
Item # ICONSIDERATION OF APPROVAL OF AGREEMENTS RELATING TO THE
MERIDIAN CROSSINGS PROJECT (HRA LETTER NO. #16)
Executive Director Prosser reviewed HRA Letter No. 16 recommending that the
HRA authorize the execution of the following two agreements with Meridian Crossings
Properties Real Estate Development L.L.C., d/b/a TOLD Development Company:
Consent to Assignment, Estoppel and Agreement
This agreement is required by the Developer’s lender, Richter-Schroeder Company, Inc.,
of Milwaukee, Wisconsin. Essentially, the Consent to Assignment, Estoppel and
Agreement subordinates the HRA’s interest to the lender in the event of a default by the
Developer.
HRA Special Meeting Minutes-2-March 24, 1997
Consent to Assignment and Assumption
Meridian Crossings Properties Real Estate Development L.L.C., d/b/a TOLD Development
Company (Developer) is currently under contract with the HRA for the project. Upon the
HRA’s land sale to the Developer, the Developer will grant, transfer and assign its rights
and interests to Meridian Crossings L.L.C. The Assignment and Assumption governs this
transfer. The Consent to Assignment and Assumption acknowledges the HRA’s approval
of this transfer.
M/Susag, S/Sandahl to authorize the execution of the (a.) Consent to Assignment,
Estoppel and Agreement and (b.) Consent to Assignment and Assumption by the Chair
and Executive Director of the HRA.
Motion carried 3-0.
ADJOURNMENT
M/Susag, S/Sandahl to adjourn the meeting.
Motion carried 3-0.
The meeting was adjourned at 5:39 p.m.
Date Approved:
Joan Helmberger
Vice-Chair
Thomas P. FerberJames D. Prosser
City ClerkExecutive Director