01-820r
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HRA RESOLUTION NO. 820
RESOLUTION APPROVING AN AMENDED AND RESTATED CONTRACT FOR
PRIVATE REDEVELOPMENT BETWEEN THE HRA AND
RICHFIELD STATE AGENCY, INC.
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield ("HRA") has previously entered into a Contract for Private Redevelopment with
Richfield State Agency, Inc. ("Redeveloper") dated as of November 16, 1998, as amended
(the "Original Contract"); and
WHEREAS, under the Original Contract the Redeveloper agreed to construct
certain improvements within the Urban Village Tax Increment Financing District ('TIF
District") and the HRA agreed to provide certain financial assistance to facilitate that
redevelopment effort; and
WHEREAS, in order to implement financing of certain public redevelopment costs
undertaken by Redeveloper under the Original Contract, the parties have determined a
need to amend the Original Contract in several respects; and
WHEREAS, there has been presented before the board of commissioners an
Amended and Restated Contract for Private Redevelopment (the "Amended Contract")
between the Authority and the Redeveloper; and
WHEREAS, the board has reviewed the Amended Contract and finds that the
execution thereof and performance of the Authority's obligations thereunder are in the best
interest of the City and its residents.
NOW, THEREFORE, BE IT RESOLVED:
1. The Amended Contract is approved, subject to modifications that do not
alter the substance of the transaction and that are approved by the Chair and Executive
Director, provided that execution of the documents by such officials shall be conclusive
evidence of approval.
2. The Chair and Executive Director are hereby authorized to execute on
behalf of the Authority the Amended Contract and any documents referenced therein
requiring execution by the Authority, and to carry out, on behalf of the Authority its
obligations thereunder.
Adopted by the Housing and Redevelopment Aut
Richfield, Minnesota this 21st day of May, 2001.
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