03-882r
HRA RESOLUTION NO. 882
RESOLUTION APPROVING SECOND AMENDED AND RESTATED CONTRACT
FOR PRIVATE REDEVELOPMENT WITH GRAMERCY CORPORATION
WHEREAS, the City of Richfield and HRA have established the Richfield
Redevelopment Project Area ("Project Area") under the authority of Minnesota Statutes,
Chapter 469 (the "Act"), and intends to undertake the necessary actions to establish
within the Project Area the City Bella Redevelopment Tax Increment District ("TIF
District") and to adopt a Tax Increment Financing Plan ("hereinafter defined as the "Tax
Increment Plan") for the TIF District to facilitate the financing of public development and
redevelopment costs in the Project Area; and
WHEREAS, the HRA deems it to be in the public interest to facilitate and
encourage redevelopment of the Project Area by a combination of public and private
activity within the Project Area and in accordance with any Tax Increment Plan to be
adopted by the City, and
WHEREAS, the HRA did, on or about April 15, 2002 approve and authorize the
execution of a contract for private redevelopment with Gramercy Corporation (the
"Amended and Restated Contract for Private Redevelopment") following a
determination by the HRA that the development (the "Development") within such
Project Area will promote and carry out the objectives for which redevelopment is
undertaken, will be in the vital best interests of the City, will promote the health, safety,
morals, and welfare of its residents and will be in accord with the public purposes and
provisions of the applicable state and local laws and requirements under which activities
within the Project Area have been undertaken and are being assisted; and
WHEREAS, the Redeveloper has made substantial progress with respect to the
Project, and the parties are desirous that certain revisions be made to the Contract to
address such issues as the need to revise performance timelines, and to more clearly
address the form and nature of the tax increment note to be issued to the Redeveloper;
and
WHEREAS, the HRA is willing to make the modifications all as reflected in the
Second Amended and Restated Contract for Private Redevelopment (the "Second
Amendment").
NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield as follows:
1. The Second Amendment is hereby approved, and the Chair and Executive
Director are hereby authorized and directed to execute and deliver a copy of the same
to Gramercy Corporation.
2. Once executed by Gramercy, the Chair and Executive Director are
directed to take all actions and do all things necessary to perform the HRA's obligations
thereunder.
4
Adopted by the Housing and Redevelopment AuthqriWln and for thE/City of
Richfield, Minnesota this 21st day of January 2003. {/:!~"l" ...~. . /1/
LJp~p~.
Thomas E. Harms, Chair
56