06-973r
HRA RESOLUTION NO. 973
RESOLUTION APPROVING
FIRST AMENDMENT
TO
CONTRACT FOR PRIVATE DEVELOPMENT
WHEREAS, the Housing and Redevelopment Authority (lithe HRA") and Ryan
Companies US, Inc. ("Ryan") did on or about July 27, 2005 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 occurred that require the
amendment to the Contract for the project to move forward; and
WHEREAS, the parties desire to address such matters through certain
amendments to the Contract; 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. 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.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 30th day of May, 2006.
~;1!
M. Sandahl, Chair
ATTEST:
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Donna Drummond, Secretary