13-1147r HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD,MINNESOTA
HRA RESOLUTION NO. 1147
RESOLUTION APPROVING A COOPERATIVE AGREEMENT WITH THE CITY OF
RICHFIELD
WHEREAS, pursuant to a resolution adopted February 12, 2013, the City of Richfield (the
"City") has ordered the construction of the Richfield Parkway Phase II Project(Improvement Project No.
CP-41007 (North Richfield Parkway)), which includes reconstruction and widening of the Richfield
Parkway from 66th Street to Bloomington Avenue(the"Richfield Parkway Project"); and
WHEREAS, due to the significant amount of right-of-way that is needed for the Richfield
Parkway Project, the City has determined it necessary to acquire all or portions of 14 parcels of property
located on 17th Avenue (the "Assembled Properties"), because once the right-of-way is provided to the
City,the remainder of the lots will not be usable for residential purposes; and
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield (the
"Authority")has purchased two of the 14 parcels of property that constitute the Assembled Properties and
proposes to convey to the City the easements necessary for the construction of the Richfield Parkway
Project over those parcels; and
WHEREAS, following the completion of the Richfield Parkway Project, the City proposes to
levy special assessments against all properties benefitted by the Richfield Parkway Project and convey to
the Authority the remaining 12 parcels (the "City Parcels"), reserving to the City an easement for the
Richfield Parkway Project; and
WHEREAS, upon conveyance to the Authority of the City Parcels, it is proposed that the
Authority be responsible for the payment of special assessments levied against the Assembled Properties
and all maintenance of the Assembled Properties; and
WHEREAS, the City has proposed to loan funds from its Permanent Improvement Revolving
Fund(the"Interfund Loan")to the Authority in order for the City to prepay the special assessments levied
against the Assembled Properties; and
WHEREAS, it is proposed that the Authority will pledge the following revenues to the repayment
of the principal of and interest on the Interfund Loan in the following order of priority: (i) all proceeds of
the sale of all or any portion of the City Parcels; (ii) tax increment revenues derived from the Cedar
Avenue Tax Increment Financing District and legally available to pay the principal of and interest on the
Interfund Loan; and (iii) any other funds of the Authority that are legally available to pay the principal of
and interest on the Interfund Loan; and
WHEREAS, to memorialize the agreement between the Authority and the City with respect to the
Assembled Properties, a Cooperative Agreement has been drafted and is on file with the Authority; and
WHEREAS, the Authority Board has reviewed the Cooperative. Agreement and finds that the
execution thereof by the Authority and performance of the Authority's obligations thereunder are in the best
interest of the City and its residents; and
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority in and
for the City of Richfield,Minnesota as follows:
1. The Cooperative Agreement presented to the Authority and on file with the Community
Development Director is hereby in all respects approved, subject to modifications that do not alter the
substance of the transaction and that are approved by the Chairperson and Executive Director; provided that
execution of such document by such officials shall be conclusive evidence of approval.
2. The Chairperson and Executive Director are hereby authorized to execute the Cooperative
Agreement on behalf of the Authority and to carry out on behalf of the Authority the Authority's obligations
thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 19th day of February, 2013.
SuzM. Sandahl, Chair
ATTEST:
411,j
Doris Rubenstein, Secretary
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