06-990r
HRA RESOLUTION NO. 990
RESOLUTION APPROVING
SECOND AMENDMENT TO
CONTRACT FOR PRIVATE DEVELOPMENT
WHEREAS, the Housing and Redevelopment Authority ("the HRA") and Ryan
Companies US, Inc. ("Ryan") did on or about July 27, 2005 enter into an agreement
entitled, Contract for Private Development, (the "Contract"), calling for the
redevelopment of an area of land (the "Property") lying within the City of Richfield; and
WHEREAS, the HRA approved the First Amendment to the Contract on or about
June 30, 2006; and
WHEREAS, events subsequent to the First Amendment have occurred that
require the amendments to the Contract and Agreement for the project to move forward;
and
WHEREAS, the parties desire to address such matters through certain
amendments to the Contract; and
WHEREAS, the HRA has reviewed and is familiar with the proposed amendment
to the Contract entitled: Second Amendment to Contract For Private Redevelopment
("Second Amendment"), and is satisfied that the terms thereof carry out the intentions of
the parties, and are necessary and appropriate for the Development.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The proposed Second Amendment is hereby in all respects approved.
2. Upon completion of such modifications, the Executive Director and
Board Chair are directed to take all steps and do all things necessary to
effectuate the provisions of the Second Amendment.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 21st day of July, 2006.
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M. Sandahl, Chair
ATTEST:
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Donna Drummond, Secretary