06-1004r
HRA RESOLUTION NO.1 004
RESOLUTION APPROVING FIFTH 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, the HRA approved the Fourth Amendment to the Contract on or about
October 25, 2006, and
WHEREAS, events subsequent to the Fourth 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: Fifth Amendment to Contract for Private Development ("Fifth
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 Fifth Amendment is hereby in all respects approved.
2. The Chair and Executive Director are directed to execute the Fifth
Amendment in substantially the form presented, and to take all steps and do
all things necessary to effectuate the provisions of the Fifth Amendment.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 13th day of November, 2006. 11/ ~
ATTEST:
~~~
Donna Drummond, Secretary