06-989r
HRA RESOLUTION NO. 989
RESOLUTION AUTHORIZING EXECUTION
AND DELIVERY OF TAXABLE LIMITED REVENUE NOTE AND
AUTHORIZING AMENDMENT TO ESCROW AGREEMENT
WHEREAS, on or about July 27,2005, the Housing Authority in and for the City of
Richfield (the "Authority") and Ryan Companies US, Inc. ("Ryan") entered into a Contract
for Private Development (the "Contract") calling for the redevelopment of certain tracts of
land all as fully described in the Contract; and
WHEREAS, the Contract was amended by First Amendment to Contract for Private
Development dated June 30, 2006, (the Contract and First Amendment being referred to as
the "Amended Contract"; and
WHEREAS, in accordance with the terms of the Amended Contract, the BRA is
required to execute and deliver to Ryan its Taxable Limited Revenue Note (the "Note"); and
WHEREAS, on or about June 30, 2006, the HRA, Ryan and the City of Richfield
did enter into an escrow agreement (the "Escrow Agreement") providing for the delivery
into escrow of certain instruments and documents to be held in escrow and thereafter
delivered all in accordance with the terms of the Escrow Agreement; and
WHEREAS it is the desire ofthe BRA that the Note be executed and delivered into
escrow and that the Escrow Agreement be amended to include the Note, and to be further
amended as provided below.
NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1.
The Chair and Executive Director are authorized and directed to
execute and deliver to the Escrow Agent under the Escrow
Agreement the Note, in substantially the form of the Note contained
in Exhibit D of the Amended Contract, to be kept in escrow for
delivery in accordance with the terms ofthe Amended Contract and
the Escrow Agreement.
2.
The Chair and Executive Director are authorized and directed on
behalf of the HRA, after consultation with HRA legal counsel, to
execute such amendments to the Escrow Agreement as are necessary
to: (i) permit the delivery of the Note thereto, and for the disposition
of the Note; and (ii) delete from Section 4(a) the following provision:
"8/31/06 The HRA shall have acquired title and possession to the Haag
Parcel which is the subject of an BRA condemnation action."
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 17th day of July, 2006.
ATTEST:
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Suz M. Sandahl, ChaIr
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Donna Drummond, Secretary