06-976r
HRA RESOLUTION NO. 976
RESOLUTION AUTHORIZING THE REPLACEMENT OF PENN PLACE LETTER OF
CREDIT
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield and Penn Place Townhouses LLC have Purchase and Private Redevelopment
Agreement for the development of seven townhouses at Penn Avenue and 69th Street;
and
WHEREAS, the Purchase and Private Redevelopment Agreement is secured by
a Letter of Credit; and
WHEREAS, the Letter of Credit expired as of December 14, 2005.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota, that the Penn Place Letter of Credit
be provided to secure payment of land upon the sale of the seventh townhouse or
December 31,2007, whichever occurs first.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 26th day of June, 2006.
ATTEST:
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Donna Drummond, Secretary