06-9790r
RESOLUTION NO. 9790
RESOLUTION APPROVING ESCROW AGREEMENT
WITH RYAN COMPANIES US, INC.
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "Authority") is undertaking a redevelopment project called Cedar
Point, hereinafter called the "Project"; and
WHEREAS, the Project is included within The Richfield Redevelopment Project
Area, duly established by Resolution No. 8030, adopted on June 14, 1993 (the "Project
Area"); and
WHEREAS, The Authority and Ryan Companies US, Inc ("Ryan") entered into that
certain Contract for Private Development dated July 27, 2005, as amended by the First
Amendment to Contract for Private Development dated June 26, 2006 (the "Development
Agreement"); and
WHEREAS, the City and Ryan desire to satisfy the preconditions to Closing set forth
in Section 3.12 of the Development Agreement; and
WHEREAS, the City has reviewed the terms of a proposed escrow agreement (the
"Agreement") with Ryan, and has received the recommendation of City staff regarding the
terms of the amended Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City of Richfield, Minnesota as
follows:
1. The Agreement is approved in substantially the form presented.
2. The Mayor and City Manager are authorized to execute the Agreement on
behalf of the Council and to take all actions and do all things that are
reasonable necessary to the fulfillment of the City's obligations under the
Agreement.
Approved by the City Council of the City of Richfield this 27th day of June 2006.
0~W
Martin J. Kir ayor
ATTEST:
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ancy Gibbs, Ity Clerk