06-9787r
RESOLUTION NO. 9787
RESOLUTION APPROVING A BUSINESS SUBSIDY AGREEMENT BETWEEN
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF RICHFIELD AND CEDAR POINT-HOME DEPOT
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. On or about May 30, 2006 the HRA approved a Business Subsidy Agreement with
the Developer (the "Basic Agreement").
1.03. On or about June 26, 2006 the HRA approved an Business Subsidy Agreement (the
"Assignment Agreement") assigning a part of the Basic Agreement to Home Depot.
1.04. Following such approval, the HRA has revered the matter to the City Council for
action as required by law.
1.05 The City Council has reviewed the proposed Assignment Agreement between the
HRA and Home Depot, and Home Depot has received the recommendation of staff.
1.06 The City Council has determined that the Assignment Agreement neither changes
any essential provision of the Basic Agreement, nor increases the amount of the business
subsidy to be provided.
1.07 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 Assignment Agreement subject to the changes shown
thereon.
2.03 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.
JJ;~~ W
Martin J. KirscH, or
~~
Nancy Gibb, ity Clerk