02-865r
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HRA RESOLUTION NO. 865
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. On or about August 19, 2002 the HRA approved a form of business
subsidy agreement and directed that the agreement by forwarded to the
City Council for consideration.
1.04. Since the date of HRA approval, the HRA has been presented with certain
revisions to the business subsidy agreement, and asked to modify its
approval to include the proposed modifications.
1.05. The HRA has on this date conducted a duly noticed public hearing
regarding the modified business subsidy agreement at which all interested
persons were give an opportunity to be heard.
1.06. The HRA has reviewed the proposed 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 ProceedinQs.
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 I
Subsidy Act.
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