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HRARESOLUTION NO. 857
RESOLUTION APPROVING A BUSINESS SUBSIDY
AGREEMENT BETWEEN THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF RICHFIELD AND
GRAMERCY CORPORATION
BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota, (the "HRA") 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 There has been presented before the HRA a proposed business subsidy
agreement (the "Agreement") between the HRA, and the Redeveloper, setting
forth the terms and conditions of the business subsidy to be provided to the
Redeveloper.
1.04 The HRA has on this date 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 The HRA has reviewed the Agreement, and finds that the execution thereof by the
HRA and performance of the HRA's obligations thereunder are in the best interest
of the City and its residents.
Section 2. HRA Approval: Further Proceedings.
2.01 The HRA approves the Agreement.
2.02 The Executive Director and Chair are authorized to take all steps and do all
things necessary to carry into effect the provisions of this resolution and the
Agreement.
2.03 The Executive Director is authorized to present the Agreement to the Richfield
City Council for its consideration as required by the Business Subsidy Act.
Approved by the Housing and Redevelopment
Minnesota this 19th day of August, 2002.
Ity in and for he City of Richfield,
Thomas E. Harms, Chair