04-927r
101
HRA Resolution No. 927
RESOLUTION APPROVING FIRST AMENDMENT TO
AMENDED AND RESTATED CONTRACT FOR PRIVATE
REDEVELOPMENT BY AND BETWEEN THE HOUSING
AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF RICHFIELD AND RICHFIELD STATE AGENCY, INC.
WHEREAS, the Housing and Redevelopment Authority in and for the city of
Richfield (the "HRA") and Richfield State Agency, Inc ("RSA") did enter into an
Amended and Restated Contract for Private Development dated May 21,2001 (the
"Contract"); and
WHEREAS, Marshall & IIsley Bank, a Wisconsin banking corporation ("M&I") is
the successor to RSA by merger; and
WHEREAS, M&I desires to convey a portion of the Redevelopment Property to a
third party, and following conveyance to have the third party assume certain of the
obligations imposed on the Redeveloper under the Contract; and
WHEREAS, the contemplated transaction requires that the Contract be amended
in certain respects; and
WHEREAS, the HRA has been presented with a proposed first amendment
("First Amendment") to the Contract, and has received the recommendation of staff and
the HRA's counsel that the proposed First Amendment be approved, has fully reviewed
the proposed amendment and is familiar with its contents.
NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield that
1.
The proposed first amendment to the Contract in the form received
by the HRA is hereby approved subject to such further non-
substantive changes approved by the Chair and HRA counsel;
provided that execution of the amendment by the Chair will be
conclusive evidence of such approval.
The Executive Director and Chair are authorized and directed to
execute and deliver such First Amendment.
2.
Adopted by the Housing and Redevelop
of Richfield, Minnesota this 19th day of July, 20 .
ATTEST:
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Kristal Stokes, Secretary