14-1184r HOUSING AND REDEVELOPMENT AUTHORITY
OF RICHFIELD,MINNESOTA
HRA RESOLUTION NO. 1184
RESOLUTION APPROVING
FIFTH AMENDMENT TO
CONTRACT FOR PRIVATE REDEVELOPMENT
1. BE IT RESOLVED By the Board of Commissioners of the Housing and Redevelopment
Authority of Richfield,Minnesota(the"HRA")as follows:
WHEREAS,the HRA and Best Buy Company, Inc. ("Best Buy")did on or about March 28, 2000
enter into an agreement entitled "Contract for Private Redevelopment" (the "Contract"), calling for the
redevelopment of an area of land(the"Property") lying within the City of Richfield(the"City"); and
WHEREAS, the HRA and Best Buy did on or about November 27, 2000, February 20, 2001,
March 5, 2003, and December 21, 2010, enter into agreements entitled the First Amendment to Contract
for Private Redevelopment (the "First Amendment"), the Second Amendment to Contract for Private
Redevelopment (the "Second Amendment"), the Third Amendment to Contract for Private
Redevelopment (the "Third Amendment"), and the Fourth Amendment to Contract for Private
Redevelopment(the"Fourth Amendment"),respectively,which amended the Contract; and
WHEREAS, the HRA and the Redeveloper propose to amend the Contract further to revise the
provisions related to the City's administrative fees and housing fund fees; and
WHEREAS,the actions described above necessitate additional modifications to the Contract; and
WHEREAS,the HRA has been presented with a proposed amendment to the Contract entitled the
"Fifth Amendment to Contract for Private Redevelopment"; and
WHEREAS,the HRA has reviewed and is familiar with the proposed amendment to the Contract,
and is satisfied that the terms thereof carry out the intentions of the parties, and are necessary and
appropriate.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Housing and
Redevelopment Authority of Richfield,Minnesota that:
1. The proposed Fifth Amendment to Contract for Private Redevelopment is hereby
approved in all respects.
2. The Chairperson and Executive Director are hereby authorized to execute and deliver the
Fifth Amendment to Contract for Private Redevelopment in substantially the form on file with the HRA,
with such additions,deletions, and other changes as are approved by the Chairperson and Executive Director.
The Chairperson and Executive Director are further directed to take all steps and do all things necessary
to effectuate the provisions of the Fifth Amendment to Contract for Private Redevelopment.
Adopted by the Housing and Redevelopment Authority of Richfield, Minnesota this 16th day of
June,2014.
Mary B. upple, Acting Chair
ATTEST:
Doris Rubenstein, Secretary