2000 HRA Resolution 0794
HRA RESOLUTION NO. 794
RESOLUTION APPROVING
FIRST AMENDMENT
TO
CONTRACT FOR PRIVATE DEVELOPMENT
WHEREAS, the HRA and Best Buy Company, Inc. did on or about March 28,
2000 enter into an agreement entitled, Contract for Private Development, (the
"Contract"), calling for the redevelopment of an area of land (the "Property") lying within
the City of Richfield; and
WHEREAS, events subsequent to the Contract have established that the land
acquisition costs and the costs of constructing the necessary Public Improvements to
serve the project are substantially greater than was then contemplated; and
WHEREAS, the parties desire to address such matters through certain
amendments to the Contract; and also to modify the form by which portions of the
economic assistance will be provided to the HRA; and
WHEREAS, the HRA has reviewed and is familiar with the proposed amendment
to the Contract entitled: First Amendment to Contract For Private Redevelopment ("First
Amendment"), and is satisfied that the terms thereof carry out the intentions of the
parties, and are necessary and appropriate for the Development.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1.The proposed first amendment is hereby in all respects approved.
2.Such approval is contingent upon the necessary modification of the
budget for the tax increment financing plan for the TIF District.
3.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.
Dated:____________________________________________
Thomas E. Harms, Chair
ATTEST:
_____________________________
Michael Sandahl, Secretary