06-1002r
HRA RESOLUTION NO.1 002
RESOLUTION APPROVING
ASSIGNMENT AND SUBORDINATION OF 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, on May 24, 2005 the City Council approved property tax abatement of
the City's portion of real estate taxes for 15 years for Cedar Point; and
WHERAS, on July 17, 2006 the HRA approved the issuance of the Taxable Limited
Revenue Note in the amount of $2,068,700, pursuant to the terms and subject to the
conditions in the Contract; and
WHEREAS, prior to M&I Bank disbursing of the Construction Loan to Ryan, M&I
Bank is requesting the HRA, Ryan and M&I Bank enter into a Assignment and
Subordination Agreement; and
WHEREAS, the HRA has reviewed and is familiar with the proposed Agreement
entitled: Assignment and Subordination of Contract for Private Development ("Assignment
and Subordination Agreement"), 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 Assignment and Subordination Agreement in substantially
the form presented is hereby in all respects approved.
2. The Executive Director and Board Chair are directed to take all steps and
do all things necessary to effectuate the provisions of the Assignment and
Subordination Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 25th day of October, 2006.
ATTEST:
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Donna Drummond, Secretary