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RESOLUTION NO. 9257
RESOLUTION APPROVING A BUSINESS SUBSIDY
AGREEMENT BETWEEN THE CITY OF RICHFIELD
AND GRAMERCY CORPORATION.
BE IT RESOLVED by the City of Richfield, Minnesota, (the "City") as follows:
Section 1. Recitals.
1.01. On or about April 15, 2002, the HRA and Gramercy Corporation (the
"Redeveloper") entered into that certain document entitled, Amended and Restated
Contract for Private Redevelopment (the "Contract").
1.02. Section 10.5 of the Contract called 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.
1.03. On or about August 19, 2002 the HRA approved a form of business
subsidy agreement following a public hearing and directed that the
agreement by forwarded to the City Council for consideration.
1.04. On or about October 21, 2002 the HRA conducted a public hearing
regarding certain proposed modifications to 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 modified 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 12th day of
November, 2002.
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Martin J. Kirsch
ATTEST:
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