03-9333r
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RESOLUTION NO. 9333
155
RESOLUTION APPROVING A BUSINESS SUBSIDY AGREEMENT BETWEEN
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF RICHFIELD AND L YNDALE GATEWAY L.L.C.
BE IT RESOLVED By the City of Richfield, Minnesota, (the "City") as follows:
Section 1. Recitals.
1.01. On or about August 5, 2002, the Housing and Redevelopment Authority in and
for the City of Richfield (the "HRA") and Lyndale Gateway L.L.C (the "Redeveloper")
entered into that certain document entitled, Contract for Private Redevelopment (the
"Contract").
1.02. Subsequently, on or about February 26, 2003, the HRA and Redeveloper
entered into a Supplemental Agreement (the "Agreement").
1.03. Section 8.2 of the Agreement calls for the parties to enter into a separate
Business Subsidy Agreement as required by the Business Subsidy Act,
setting the level of assistance that is treated as a business subsidy under the
Business Subsidy Act.
1.04. On or about April 21, 2003, the HRA conducted a duly noticed public hearing
regarding the business subsidy agreement at which all interested persons were give an
opportunity to be heard.
1.05. Following such hearing the HRA approved the business subsidy agreement
and referred the matter to the City Council for action as required by law.
1.06 The City Council after consideration of the matter and hearing the report of
staff has determined that the execution thereof by the HRA and the performance of the
HRA's obligations thereunder are in the best interest of the City and its residents.
Section 2. City Approval: Further Proceedings.
2.01. The City approves the Agreement.
2.02. The Mayor and the City Manager are authorized to take all steps and do all
things necessary to carry into effect the provisions of this resolution.
Approved by the City Council of the City of Richfield, Minnesota this 13th day of
May, 2003.
ATTEST:
~MA-<tJ)tNr1
Nancy Gibb, Ity Clerk