03-893r
HRA RESOLUTION NO. 893
RESOLUTION APPROVING A BUSINESS SUBSIDY AGREEMENT BETWEEN THE
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
RICHFIELD AND L YNDALE GATEWAY, LLC
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BE IT RESOLVED by the Housing and Redevelopment Authority in and for the
City of Richfield, Minnesota, (the "HRA") as follows:
Section 1. Recitals.
1.01 On or about August 5, 2002, the HRA and Lyndale Gateway, LLC (the
"Redeveloper") entered into that certain document entitled, Contract for Private
Redevelopment (the "Contract").
1.02 In accordance with the provisions of the Contract, the parties have now entered
into a separate agreement entitled Supplemental Agreement (the "Supplemental
Agreement").
1.03 Section 8.2 of the Supplemental Agreement called for the parties to enter into a
separate Business Subsidy Agreement as required by Minnesota Statutes,
Sections 116J.993 through 116J.995 (the "Business Subsidy Act"), setting the
level of assistance that is treated as a business subsidy under the Business
Subsidy Act.
1.04 There has been presented before the HRA a proposed business subsidy
agreement (the "Agreement") between the HRA, and the Redeveloper, setting
forth the terms and conditions of the business subsidy to be provided to the
Redeveloper.
1.05 The HRA has on this date conducted a duly noticed public hearing regarding the
business subsidy agreement at which all interested persons were give an
opportunity to be heard.
1.06 The HRA has reviewed the Agreement, and finds that the execution thereof by the
HRA and performance of the HRA's obligations thereunder are in the best interest
of the City and its residents.
Section 2. HRA Approval: Further Proceedinas.
2.01 The HRA approves the Agreement.
2.02 The Executive Director and Chair are authorized to take all steps and do all
things necessary to carry into effect the provisions of this resolution and the
Ag reement.
2.03 The Executive Director is authorized to present the Agreement to the Richfield
City Council for its consideration as required by the Business Subsidy Act.
Approved by the Housing and Redev
Richfield, Minnesota this 21st day of April,