06-981r
HRA RESOLUTION NO. 981
RESOLUTION APPROVING WAIVER AGREEMENT WITH RYAN
COMPANIES US, INC. FOR CEDAR POINT COMMONS
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 contingencies set forth in the
Development Agreement; and
WHEREAS, the HRA has reviewed the terms of the proposed Waiver Agreement
(the "Waiver Agreement") with Ryan, and has received the recommendation of HRA staff
regarding the terms of the Waiver Agreement.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows: .
1. The Waiver Agreement is approved in substantially the form presented.
2. The Executive Director and Board Chair are authorized 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 Waiver Agreement.
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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Sandahl, Chair
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Donna Drummond, Secretary