2000 HRA Resolution 0758
HRA RESOLUTION NO. 758
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT
AMONG THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND
FOR THE CITY OF RICHFIELD, AND BEST BUY CO., INC.
WHEREAS
, the Housing and Redevelopment Authority in and for the City of Richfield
("Authority") is administering its Modified Redevelopment Plan for the Richfield
Redevelopment Project Area ("Project Area"); and
WHEREAS
, within the Project Area the Interchange West and Lyndale Gateway Tax
Increment Financing District has been established (the "TIF District") in order to facilitate
development within the TIF District;" and
WHEREAS
, the Authority has reviewed a Contract for Private Redevelopment
between the Authority and Best Buy Co., Inc (the "Contract") specifying the respective
obligations of the parties regarding the development of certain areas of land lying within the
Project Area and the TIF District, all as more fully described in the Contract; and
WHEREAS
, the Board of Commissioners of the Authority has determined that it is in
the best interests of the Authority to enter into the Contract;
NOW, THEREFORE, BE IT RESOLVED
by the Housing and Redevelopment
Authority in and for the City of Richfield as follows:
1.The Contract is hereby approved in substantially the form presented to the
Authority on this date, subject to modifications that do not materially alter the nature of the
transaction, which are approved by the Chair and Executive Director; provided that
execution of the documents by such officials shall be conclusive evidence of such approval.
2.The proper Authority officials are authorized and directed to execute the
Contract on behalf of the Authority and to carry out on behalf of the Authority the Authority's
obligations thereunder.
3.The proper Authority officials are authorized to execute any deeds, process,
pleadings, affidavits and any related certificates or documents necessary to carry out the
transaction contemplated under the Contract, all subject to the terms and conditions of the
Contract.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 20th day of March, 2000.
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary