06-999r
HRA RESOLUTION NO. 999
RESOLUTION APPROVING FOURTH AMENDMENT TO
CONTRACT FOR PRIVATE DEVELOPMENT
WHEREAS, the Housing and Redevelopment Authority ("the HRA") and Ryan
Companies US, Inc. ("Ryan") did on or about July 27, 2005 enter into an agreement
entitled, Contract for Private Development, (the "Contract"), calling for the redevelopment
of an area of land (the "Property") lying within the City of Richfield; and
WHEREAS, the HRA approved the First Amendment to the Contract on or about
June 30, 2006; and
WHEREAS, the HRA approved the Second Amendment to the Contract on or about
July 21, 2006; and
WHEREAS, the HRA approved the Third Amendment to the Contract on or about
August 16, 2006; and
WHEREAS, events subsequent to the First Amendment have occurred that require
the amendments to the Contract for the project to move forward; and
WHEREAS, the parties desire to address such matters through certain
amendments to the Contract; and
WHEREAS, the HRA has reviewed and is familiar with the proposed amendment to
the Contract entitled: Fourth Amendment to Contract For Private Redevelopment ("Fourth
Amendment"), and is satisfied that the terms thereof carry out the intentions of the parties,
and are necessary and appropriate for the Development.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The proposed Fourth Amendment is hereby approved with the exception
of Section 1 thereof.
2. Discussion of Section 1 is continued to the September 25 Special HRA
Meeting.
3. Upon completion of such modifications, the Executive Director and Board
Chair are directed to take all steps and do all things necessary to effectuate
the provisions of the Fourth Amendment.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 18th day of September, 2006.
ATTEST:
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Donna Drummond, Secretary