11-1107r HRA RESOLUTION NO. 1107
RESOLUTION AUTHORIZING THE CONVEYANCE OF
INTEREST IN CERTAIN LAND
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "HRA"), and Woodlake Richfield Apartments, LLC (the "Developer") has
approved the execution of a Contract for Private Redevelopment to be dated on or after
September 1, 2011 (the "Contract"); and
WHEREAS, pursuant to the terms of the Contract, the HRA is required to convey to the
Developer all of the HRA's right, title and interest in a parcel of land that constitutes the "HRA
Property" as that term is defined in the Contract, located at 515 64th Street West in Richfield,
Minnesota and legally described as:
Lot 10, Block 6, "Lyndale Oaks," according to the recorded plat thereof, Hennepin
County, Minnesota, including '/ of adjacent vacated alley; and
WHEREAS, the Contract requires that the HRA to convey the HRA property to the
Developer for $1.00 and the HRA will be reimbursed for the fair market value of the HRA
property with tax increment revenues generated by the Tax Increment Financing District
No.2010-1 (Woodlake Housing) (the "TIF District"); and
WHEREAS, pursuant to the Contract, the Developer is required to construct a 94-unit
multifamily housing project on several parcels of property, including the HRA property; and
WHEREAS, on the date hereof, the HRA held a duly noticed public hearing regarding
the conveyance of the HRA property pursuant to Minnesota Statutes, Section 469.029, subd. 2;
and
WHEREAS, the proposed conveyance of the HRA property is in accordance with the
Redevelopment Plan for the Richfield Redevelopment Project Area and the Amended and `.
Restated Tax Increment Financing Plan for the TIF District; and
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority in
and for the City of Richfield, Minnesota as follows:
1. The conveyance of the HRA's right, title and interest in the HRA Property
described herein is hereby approved.
2. The Chairperson and the Executive Director are hereby authorized to execute
and deliver to the Developer, such quit claim deed and certificates as are required to carry out
this Resolution.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 19th day of September, 2011.
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Su ne M. Sandahl, Chair
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ATTEST:
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J an Helmberger, Secretary