06-991r
HRA RESOLUTION NO. 991
RESOLUTION APPROVING
FIRST AMENDMENT TO THE ESCROW AGREEMENT
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 Escrow Agreement (the "Agreement") on or
about June 30, 2006; and
WHEREAS, events subsequent to the Escrow Agreement have occurred that
require the amendments to the Agreement for the project to move forward; and
WHEREAS, the parties desire to address such matters through certain
amendments to the Agreement; and
WHEREAS, the HRA has reviewed and is familiar with the proposed amendment
to the Agreement entitled: First Amendment to Escrow Agreement ("First 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 First 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 First 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