2000 HRA Resolution 0775
HRA RESOLUTION NO. 775
RESOLUTION AUTHORIZING PREPAYMENT
OF LIMITED REVENUE TAX INCREMENT NOTE
(RICHFIELD STATE AGENCY, INC.)
WHEREAS,
The Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "HRA"), and Richfield State Agency, Inc. ("RSA") did on or
about December 20, 1993 entered into an agreement entitled: Contract for Private
Redevelopment (the "Contract"), calling for the redevelopment of certain property (the
"Property") lying within the area of operation of the HRA all subject to the terms and
conditions contained in the Contract; and
WHEREAS,
the Contract provided for the furnishing of economic assistance by
the HRA to RSA in order to make the development contemplated in the Contract
economically feasible; and
WHEREAS,
such economic assistance was to be paid to RSA solely out of tax
increment, and in accordance with the terms of a limited revenue tax increment note
("Note"), which Note was executed and delivered to RSA; and
WHEREAS,
RSA has fully completed its obligations under the Contract with
respect to construction of the improvements described in the Contract; and
WHEREAS,
two payments of $33,353 each remain due and payable under the
Note; and
WHEREAS,
staff has recommended that the balance due on the Note be prepaid
as soon as possible once the Property has been divided into a separate parcel of
record; and
WHEREAS,
the HRA has received the opinion from its financial consultant that
there is adequate tax increment in the LHN District that is not otherwise committed or
allocated elsewhere available to prepay the Note; and
WHEREAS
, the HRA has received the opinion from its legal consultant that the
use of such funds to prepay the Note is authorized by law.
NOW THEREFORE, BE IT RESOLVED,
by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1.Prepayment of the remaining principal balance of the Note ($66,706) is
hereby authorized to be made as soon as possible after the Property has been divided
into a separate parcel of record.
2.The Executive Director and Chair are authorized to take all actions and do
all things necessary to carry out the intent of this resolution.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 21st day of August, 2000.
____________________
Thomas E. Harms, Chair.
ATTEST:
______________________
Michael Sandahl, Secretary