1998 HRA Resolution 0699
HRA RESOLUTION NO. 699
RESOLUTION APPROVING FIRST AMENDMENT TO CONTRACT FOR PRIVATE
REDEVELOPMENT WITH GRAMERCY PARK COOPERATIVE
WHEREAS
, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the “Authority”) has properly created and is administering its
Redevelopment District (the “District”) pursuant to Minnesota Statutes Chapter 469 in
an effort to encourage the development and redevelopment of certain designated areas
within the City of Richfield; and
WHEREAS
, among the development activities proposed to be assisted by the
Authority in the District are the development of housing facilities; and
WHEREAS
, the Authority did on July 20, 1998, approve a form of Contract for
Private Redevelopment (“Contract”) between the Authority and Gramercy Park
Cooperative at Lake Shore Drive, setting forth the parties respective responsibilities in
developing the facility; and
WHEREAS
, a part of the Contract is labeled Exhibit A and Schedule A related to
the Limited Revenue Tax Increment Note in the amount of $3,000,000; and
WHEREAS
, the development contemplated by the Contract has been
downsized.
NOW, THEREFORE, BE ITRESOLVED
by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1.That the First Amendment to the Contract for Private Redevelopment with Gramercy
Park Cooperative at Lake Shore Drive is hereby approved.
2.That the proper Authority officers are hereby authorized to execute the amendment
on behalf of the Authority and to carry out, on behalf of the Authority, the Authority’s
obligations thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 21st day of December, 1998.
_____________________
Thomas E. Harms, Chair
ATTEST:
Michael Sandahl, Secretary