06-9799r
RESOLUTION NO. 9799
RESOLUTION APPROVING METROPOLITAN AIRPORT COMMISSION DEED
RESTRICTIONS ON CERTAIN PROPERTIES WITHIN CEDAR POINT
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 Authority 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 City Council and the Metropolitan Airport Commission (MAC)
entered into an Agreement (the "Agreement") whereby MAC granted the City $10 million to
purchase properties located in the Cedar Avenue Corridor Redevelopment Area; and
WHEREAS, six of these properties are located in the Cedar Point development
area and are proposed to be sold to Ryan Companies US, Inc., developer of Cedar Point;
and
WHEREAS, the Agreement requires that any parcel sold to a third party be subject to
a restriction, to be approved by MAC, contained in the deed of conveyance, providing that
they will be developed in conformity with Richfield's Comprehensive Plan, and will adhere to
any MAC, Federal Aviation Administration (FAA), or Minnesota Department of
Transportation, (MnDOT) limitations relating to height, noise, use compatibility, light or
electronic interference; and
WHEREAS, under the Development Agreement, Ryan has the right to terminate the
Contract if Ryan is unsatisfied with the deed restrictions approved by MAC; and
WHEREAS, the City has reviewed the terms of the MAC deed restrictions (the "Deed
Restrictions"), and has received the recommendation of City staff regarding the terms of the
Deed Restrictions.
NOW, THEREFORE, BE IT RESOLVED by the City of Richfield, Minnesota as
follows:
1. The Deed Restrictions are approved in substantially the form presented.
2. The Mayor and City Manager are authorized to execute the Deed
Restrictions on behalf of the Council and to take all actions and do all things
that are reasonable necessary to the fulfillment of the City's obligations under
the Deed Restrictions.
Approved by the City Council of the City of Richfield th's 5t day of' Iy 2006.
m
Martin J. Irs h, Mayor
yEST:
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Nancy Gib~Y Clerk