07-10019r
RESOLUTION NO.1 0019
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 financing 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 approved an extension of the Preliminary Agreement
with TOLD Development Company (TOLD) which provides 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 includes 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 extended, it will not take
certain actions with regard to the City-owned parcels; and
WHEREAS, the City Council previously granted USS Right-of-Entry to these
parcels; and
WHEREAS, the purpose of the extension is for the parties to evaluate the status
of activities, and report to the HRA at its February meeting the appropriateness of any
further extension; and
WHEREAS, the City Council has received the report and recommendation of
staff, and has reviewed the request of the 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 term of the Preliminary Agreement, extended 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.
2. The Right-of-Entry granted to TOLD is also extended.
3. 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 27th day of
November, 2007.
~el~
Attest: