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HRA RESOLUTION NO. 851
RESOLUTION APPROVING AMENDED AND RESTATED CONTRACT FOR
PRIVATE REDEVELOPMENT WITH GRAMERCY CORPORATION
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield
has established the Richfield Redevelopment Project Area ("Project Area") under the authority
of Minnesota Statutes, Chapter 469 (the "Act"), and intends to undertake the necessary
actions to establish within the Project Area the City Bella Redevelopment Tax Increment
District ("TIF District") and to adopt a Tax Increment Financing Plan ("hereinafter defined as
the "Tax Increment Plan") for the TIF District to facilitate the financing of public development
and redevelopment costs in the Project Area; and
WHEREAS, the HRA deems it to be in the public interest to facilitate and encourage
redevelopment of the Project Area by a combination of public and private activity within the
Project Area and in accordance with any Tax Increment Plan to be adopted by the City, and
WHEREAS, the HRA did, on or about December 18, 2000 approve and authorize the
execution of a contract for private redevelopment with Gramercy Corporation following a
determination by the HRA that the development (hereinafter defined as the "Development")
within such Project Area will promote and carry out the objectives for which redevelopment is
undertaken, will be in the vital best interests of the City, will promote the health, safety, morals,
and welfare of its residents and will be in accord with the public purposes and provisions of the
applicable state and local laws and requirements under which activities within the Project Area
have been undertaken and are being assisted; and
WHEREAS, the HRA and Redeveloper entered into a Contract for Private
Redevelopment as of January 16, 2001 relating to the TIF District; and
WHEREAS, the Redeveloper has made substantial progress with respect to the Project,
but has reconfigured the Project, and the parties are desirous that certain revisions be made to
the Contract that reflect changes in circumstances including, without limitation, an extension of
time in which to undertake the project, commence construction and complete construction; and
WHEREAS, the HRA is willing to undertake the Redeveloper's request for such
extension, and to carry out the other modifications all as reflected in the Amended and
Restated Contract for Private Redevelopment (the "Restated Agreement").
NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority
in and for the City of Richfield, Minnesota as follows:
1. The Restated Agreement is hereby approved, and the Chair and Executive
Director are hereby authorized and directed to execute and deliver a copy of the same to
Gramercy Corporation.
2. Once executed by Gramercy, the Chair and Executive Director are directed to
take all actions and do all things necessary to perform the HRA's obligations thereunder.
Adopted by the Housing and Redevelopment Au y In and for the City of Richfield
Minnesota this 15th day of April, 2002. . ~. _. ,
Thomas Harms, Chair