2000 HRA Resolution 0780
HRA RESOLUTION NO. 780
RESOLUTION CONSENTING TO ASSIGNMENT
OF LIMITED REVENUE NOTE AND
APPROVING AGREEMENT
WHEREAS,
The Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "HRA"), and Gramercy Park Cooperative at Lake Shore Drive
(“Gramercy”) did on or about July 20, 1998 enter into an agreement entitled Contract for
Private Development (the “Contract”) calling for the redevelopment of certain land within
the City of Richfield; and
WHEREAS,
pursuant to the Contract the HRA did execute and deliver to
Gramercy its Limited Revenue Tax Increment Note dated December 21, 1998 in the
principal amount of $2,230,174 (the “Note”); and
WHEREAS,
the Gramercy has asked the HRA to consent to assignment of the
Note; and
WHEREAS,
the HRA has fully reviewed the matter and received the
recommendation of staff, and is willing to grant such consent subject to the provisions of
an agreement between the parties that is attached hereto as Exhibit A (the
“Agreement”).
NOW THEREFORE, BE IT RESOLVED,
by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The Agreement is hereby approved and the Executive Director and the Chair
are hereby authorized to execute and deliver the same and to take all actions necessary
to carry out is terms.
2. As a precondition to such execution and delivery, Gramercy shall reimburse
the HRA for the legal fees incurred in the review of this request and the preparation of
this resolution and the Agreement
Adoptedby the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 18th day of September 2000.
____________________
Thomas E. Harms, Chair
ATTEST:
___________________
Mike Sandahl, Secretary
0918Gramercy
Exhibit A
“The Agreement”
CONSENT TO ASSIGNMENT OF NOTE
AND
RELEASE AND INDEMNITY
THIS AGREEMENT,
made and entered into as of the ____day of ______, 2000,
by and between, GRAMERCY PARK COOPERATIVE AT LAKE SHORE DRIVE, a
Minnesota cooperative corporation (the "Assignor"), and THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RICHFIELD,
MINNESOTA, a Minnesota public body corporate and politic (the "HRA").
WITNESSETH:
WHEREAS,
The HRA and Assignor did on or about July 20, 1998 enter into an
agreement entitled Contract for Private Development (the "Contract") calling for the
redevelopment of certain lands within the City of Richfield; and
WHEREAS,
pursuant to the Contract the HRA did execute and deliver to the
Assignor its Limited Revenue Tax Increment Note dated December 21, 1998 in the
principal amount of $2,230,174.a copy of which is attached as Exhibit A (the "Note");
and
WHEREAS,
the Assignor has asked the HRA to consent to the assignment of the
Note; and
WHEREAS,
the HRA is willing to grant such consent subject to the provisions
hereinafter contained.
NOW THEREFORE,
in consideration of the mutual promises hereinafter
contained, the parties hereto do stipulate and agree as follows:
1.Consent. The HRA hereby consents to the assignment of the Note by the
Assignor to an assignee ("Assignee") to be designated by the Assignor in writing to the
HRA.
2.Release and Indemnity. The Assignor hereby acknowledges that upon such
designation, the HRA will make future payments under the Note to the Assignee, and
hereby releases the HRA, its officers agents and employees from any claim or cause of
action based on making of such payments to the Assignee.The Assignor will also, as a
condition to such assignment, obtain the written agreement of the Assignee accepting
the provisions of this Agreement and agreeing to indemnify and save harmless the
HRA, its officers agents and employees from any claim or cause of action by the
Assignor based on the HRA's payment to the Assignee of amounts due under the Note.
3.No Rights Expanded. The Assignor agrees that the assignment does not
confer on the Assignee any rights with respect to the Note that were not available to
Assignor at the time of assignment.
4.Continuing Obligation. Assignor acknowledges that the Assignment does not
relieve it of any obligations that it may still have under the Contract.
IN TESTIMONY WHEREOF,
the parties have set their hands to this Agreement
as of the day and year first above written.
GRAMERCY PARK COOPERATIVE
AT LAKE SHORE DRIVE, a Minnesota
Cooperative Corporation
By:
Its:
THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY
OF RICHFIELD, MINNESOTA
By:
Its:
}
STATE OF MINNESOTA
ss.:
COUNTY OF
The foregoing instrument was acknowledged before me this ______ day of
_______________________, 2000 by ______________________________, the
_____________________________ of GRAMERCY PARK COOPERATIVE AT LAKE
SHORE DRIVE, a cooperative corporation under the laws of Minnesota, by and on
behalf of said corporation.
Notary Public
}
STATE OF MINNESOTA
ss.:
COUNTY OF
The foregoing instrument was acknowledged before me this ______ day of
_______________________, 2000, by ______________________________, the
_____________________________ of THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF RICHFIELD, MINNESOTA, a Minnesota
public body corporate and politic on behalf of the Authority.
Notary Public