06-9803r
RESOLUTION NO. 9803
RESOLUTION 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 HRA 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, on July 17, 2006 the HRA approved the amendment to the Escrow
Agreement; and
WHEREAS, it is the desire of the City Council 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 City Council of the City of Richfield,
Minnesota as follows:
1.
The Mayor and City Manager are authorized and directed on behalf of
the City Council, after consultation with 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 HRA condemnation action."
Adopted by the City Council of the City of Richfield this 25th day of July, 2006.
q~aJS~
Martin J. Kirs h ayor
ATTEST:
~ J:Jvo~
Nancy Gibbs, ~ Clerk