06-9785r
RESOLUTION NO. 9785
RESOLUTION APPROVING AN AMENDMENT TO THE BUSINESS SUBSIDY
AGREEMENT BETWEEN
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF RICHFIELD AND RYAN COMPANIES US, INC.
BE IT RESOLVED By the City of Richfield, Minnesota, (the "City") as follows:
Section 1. Recitals.
1.01. On or about July 27, 2005, the Housing and Redevelopment Authority in and for the
City of Richfield (the "HRA") and Ryan Companies US, Inc. (the "Redeveloper") entered
into that certain document entitled, Contract for Private Redevelopment (the "Contract").
1.02. Section 4.5 of the Agreement calls for the parties to enter into a separate Business
Subsidy Agreement as required by the Business Subsidy Act, setting the level of
assistance that is treated as a business subsidy under the Business Subsidy Act,
(Minnesota Statutes, sections 116J.993 to 116J.995).
1.03. On or about May 30, 2006, the HRA conducted a hearing regarding the amendment
to the business subsidy agreement.
1.04. Following such hearing the HRA approved the amended business subsidy
agreement and referred the matter to the City Council for action as required by law.
1.05 The City Council after consideration of the matter and hearing the report of staff has
determined that the execution thereof by the HRA and the performance of the HRA's
obligations thereunder are in the best interest of the City and its residents.
Section 2. City Approval; Further ProceedinQs.
2.01. The City approves the amended Agreement subject to the changes shown thereon.
2.02. The Mayor and the City Manager are authorized to take all steps and do all things
necessary to carry into effect the provisions of this resolution.
Approved by the City Council of the City of Richfield, Minnesota this 27th day of
June, 2006.
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Martm J. , Mayor
ATTEST:
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Nancy Gibbs, ity Clerk