07-9887r
RESOLUTION NO. 9887
RESOLUTION APPROVING AMENDMENT AND
DESIGNATING HOUSING AND REDEVELOPMENT AUTHORITY
TO ADMINISTER FUNDS
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "Authority") is undertaking a redevelopment project called Cedar
Point, hereinafter called the "Project"; and
WHEREAS, the Project is included within The Richfield Redevelopment Project
Area, duly established by Resolution No. 8030, adopted on June 14, 1993 (the "Project
Area"); and
WHEREAS, the City of Richfield (the "City") will be providing financial assistance to
the Project, which will include tax abatements; and
WHEREAS, the Project fits within the goals of a multi-jurisdictional reinvestment
program authorized under Minnesota Statutes Section 383B.79 by including corridor
planning, acquisition of property, development of commercial projects and job creation;
and
WHEREAS, the Board of Commissioners of the County has approved the Project,
and the multi-jurisdictional reinvestment program (the "Program"), and authorized the
County's participation in the Project; and
WHEREAS, the Authority and the Hennepin County Housing and Redevelopment
Authority have the authority to undertake and participate in the Project pursuant to
Minnesota Statutes Sections 469.001 to 469.047, 469.1812 to 469.1815 and other
applicable law; and
WHEREAS, the funds provided by the County will be used to pay qualifying costs
incurred for the Project, which are limited to appraisal costs, real estate purchase costs,
demolition costs, environmental investigationlremediation costs, and relocation benefits;
and
WHEREAS, the funds provided by the County to the City will be furnished by the
City to the Authority for reimbursement of such qualifying costs; and
WHEREAS, in accordance with the provisions of Minnesota Statutes, Sections
383B.79 and 471.59 a proposed Amendment to the Cooperative Agreement for Cedar
Point Project (the "Amendment") has been presented to the Authority for its consideration;
and
WHEREAS, the City has reviewed the proposed Amendment and received the
recommendation of staff that the Amendment be approved;
NOW, THEREFORE, BE IT RESOLVED By the City of Richfield, Minnesota as
follows:
1. The Amendment is approved in substantially the form presented.
2. The funds obtained by the County pursuant to the Amendment are hereby
pledged to the Authority, and the Authority is hereby authorized and directed
to expend such funds pursuant to and in accordance with the provisions of
the Amendment.
3. The Mayor and City Manager are authorized to execute the Amendment on
behalf of the City and to take all actions and do all things that are reasonable
necessary to the fulfillment of the City's obligations under the Amendment.
Approved by the City Council of the City of Richfield this 23rd day of January, 2007.
9~ u:tIJ..
Debbie Goettel, Mayor
ATTEST: