06-980r
HRA RESOLUTION NO. 980
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 HRA and Ryan desire to satisfy the preconditions to Closing set forth
in Section 3.12 of the Development Agreement; and
WHEREAS, the HRA has reviewed the terms of a proposed escrow agreement (the
"Agreement") with Ryan, and has received the recommendation of HRA staff regarding the
terms of the amended Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The Agreement is approved in substantially the form presented.
2. The Executive Director and Board Chair are directed to execute the
Agreement on behalf of the HRA and to take all actions and do all things that
are reasonable necessary to the fulfillment of the HRA's obligations under
the Ag reement.
Adopted by the Housing and Redevelopment authority in and for the City of Richfield,
Minnesota this 26th day of June, 2006.
~ft1. ~
Suz Sandahl, Chair
ATTEST:
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Donna Drummond, Secretary