2000 HRA Resolution 0793
HRA RESOLUTION NO. 793
RESOLUTION AUTHORIZING THE ADOPTION OF BUSINESS SUBSIDY AGREEMENT
WITHC.S.M. INVESTORS II, 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,
C.S.M. Investors II, Inc., (“CSM”) has requested that the HRA provide it
with a business subsidy of approximately $1,925,000 to be used for land write-down in
connection with CSM’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 CSM 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 approximately $1,240,000 to be used
for land write-down in connection with CSM’s development is approved.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 27th day of November, 2000.
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Thomas E. Harms, Chair
ATTEST:
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Michael Sandahl, Secretary