06-979r
HRA RESOLUTION NO.979
RESOLUTION APPROVING BUSINESS SUBSIDY AGREEMENT
CEDAR POINT-HOME DEPOT
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield (the "HRA"); and Ryan Companies US, Inc. ("Ryan") have previously executed
and entered into a Business Subsidy Agreement pursuant to action of the HRA and the
City Council approving the same (the "Basic Agreement"); and
WHEREAS, the Basic Agreement has thereafter been amended time to time; and
WHEREAS, in accordance with the terms of the Basic Agreement and the Contract
for Private Redevelopment between Ryan and the HRA, Ryan is now requesting that the
HRA approve a further Business Subsidy Agreement wherein a portion of Ryan's rights
and obligations under the Basic Agreement are assigned to and assumed by Home Depot
(the "Assignment Agreement"); and
WHEREAS, the HRA has reviewed a proposed Assignment Agreement between
the HRA and Home Depot and Home Depot has received the recommendation of staff;
and
WHEREAS, the HRA has determined that the Assignment Agreement neither
changes any essential provisions of the Basic Agreement, nor increases the amount of the
business subsidy to be provided.
NOW, THERE FORE, BE IT RESOLVED, by the HRA as follows:
1. The Assignment Agreement in substantially the form of the attached Exhibit B is
hereby approved and the Executive Director and Chair are authorized and directed to
execute and deliver the same to Ryan.
2. The approval contained in paragraph 1 above is subject to prior review and approval of
the Assignment Agreement by the City Council.
Approved by the Housing and Redevelopment Authority In and for the City of
Richfield this 26th day of June, 2006.
ATTEST:
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Donna Drummond, Secretary