2000 HRA Resolution 0792
HRA RESOLUTION NO. 792
RESOLUTION AUTHORIZING THE ADOPTION OF BUSINESS SUBSIDY
AGREEMENT WITH BEST BUY CO., INC.
WHEREAS,
the Housing and Redevelopment Authority (HRA) in and for
the City of Richfield, Minnesota, as part of its operations, provides economic
assistance to individuals who are engaged in the development and
redevelopment of land within the HRA’s area of operation; and
WHEREAS,
pursuant to legislation enacted by the State of Minnesota,
(“Business Subsidy Act”), the HRA is required to enter into an agreement with
any recipient of a business subsidy conforming to the requirements of the
Business Subsidy Act prior to granting such assistance; and
WHEREAS,
the Business Subsidy Act further provides that the approval
of such an agreement must be preceded by a public hearing on the matter in
situations where the subsidy exceeds $100,000; and
WHEREAS,
Best Buy Co., Inc., (“Best Buy”) has requested that the HRA
provide it with a business subsidy of approximately $48,073,127 to be used for
land write-down, $8,350,000 to be used for the Penn Avenue Bridge, and
$3,500,000 to be used public improvements required in connection with Best
Buy’s development; and
WHEREAS
, the HRA has evaluated the request based on Business
Subsidy Criteria established by the HRA and ordered a public hearing concerning
the matter.
NOW THEREFORE, BE IT RESOLVED
by the Housing and
Redevelopment Authority in and for the City of Richfield, Minnesota as follows:
1.A public hearing on the approval of a business subsidy agreement with Best
Buy has been held before the HRA on November 20, 2000, at 7:00 p.m. in the
City Council Chambers at the Richfield City Hall located at 6700 Portland
Avenue South, Richfield, Minnesota.
2.A business subsidy agreement in the amount of $48,073,127 to be used for
land write-down, $8,350,000 to be used for the Penn Avenue Bridge, and
$3,500,000 to be used public improvements required in connection with Best
Buy’s development is approved.
3.Such approval is contingent upon the necessary modification of the budget for
the tax increment financing plan for the TIF District.
4.Upon completion of such modifications, the Executive Director and Board
Chair are directed to take all steps and do all things necessary to effectuate
the provisions of the First Amendment.
Adopted by the Housing and Redevelopment Authority in and for the City
of Richfield, Minnesota this 27th day of November, 2000.
________________________
Thomas E. Harms, Chair
ATTEST:
_________________________
Michael Sandahl, Secretary