06-983r
HRA RESOLUTION NO. 983
RESOLUTION APPROVING AMENDMENT OF 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 approved the Waiver Agreement (the "Waiver Agreement") on
June 26' 2006; and
WHEREAS, the HRA has reviewed the terms of the proposed amendments to the
Waiver Agreement with Ryan, and has received the recommendation of HRA staff
regarding the terms of the proposed amendments to 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 amendments to the Waiver Agreement are approved in
substantially the form presented.
2. The Executive Director and Board Chair are authorized to
execute the amended 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 amended Waiver Agreement.
Approved by the Housing and Redevelopment Authority in and for the City of Richfield this
30th day of June 2006.
ATTEST:
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v
Donna Drummond, Secretary