07-9924r
RESOLUTION NO. 9924
RESOLUTION RELATING TO THE
DEVELOPMENT OF CITY -OWNED PROPERTY
WHEREAS, the City of Richfield and the Housing and Redevelopment Authority (HRA)
have established the Richfield Redevelopment Project Area ("Project Area") under the authority of
Minnesota Statutes, Chapter 469; and have established within the Project Area a Redevelopment
Tax Increment District (the "TIF District") and adopted a Tax Increment Financing Plan (hereinafter
the "TIF Plan") for the TIF District to facilitate the fmancing of public improvements and
redevelopment costs in the Project Area; and
WHEREAS, the TIF District includes land generally referred to as the Cedar Corridor; and
WHEREAS, within the Cedar Corridor, the City currently owns certain parcels of land
including those shown on the attached Exhibit A; and
WHEREAS, the HRA has entered into a Preliminary Agreement with Meridian Properties
Real Estate Development LLC ("TOLD") providing a process for determining whether TOLD will
be able to develop portions of the Cedar Corridor; and
WHEREAS, because the areas under consideration by TOLD include parcels of land
currently owned by the City, both the HRA and TOLD have requested that the City commit that,
during the term of the Preliminary Agreement, it will not take certain actions with regard to the
City-owned parcels; and
WHEREAS, the City Council has received the report and recommendation of staff, and has
reviewed the request ofthe HRA and TOLD, and is fully informed as to the same; and
WHEREAS, the City Council deems it to be in the public interest to facilitate and
encourage redevelopment within the Cedar Corridor by making the requested commitment.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota, that:
1. During the initial term of the Preliminary Agreement, the City will not sell or
encumber through easement, license or otherwise any of the land owned by it and located within the
area covered by the Preliminary Agreement. This commitment shall not apply to any contractual
obligations created prior to the date of this resolution, nor to any actions intended to provide
assistance to the owners of 1717 East 66th Street to address parking concerns raised by said owners.
2. The City Clerk is authorized and directed to transmit certified copies of this
resolution to the HRA and TOLD.
Adopted by the City Council of the City of Richfield, Minnesota, the 24th day of April,
2007. ~~~, GJiI
Debbie Goettel, Mayor
Attest:
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Nancy Gibbs, 1 Clerk