00-8971r
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RESOLUTION NO. 8971
RESOLUTION APPROVING THE BUSINESS SUBSIDY AGREEMENT BETWEEN THE
RICHFIELD HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY
OF RICHFIELD AND BEST BUY CO., INC.
WHEREAS, a public hearing on the approval of a business subsidy agreement with
Best Buy has been held before the Housing and Redevelopment Authority (the "HRA") on
November 27,2000, at 5:00 p.m. at the Richfield City Hall located at 6700 Portland
Avenue South, Richfield, Minnesota after proper notice; and
WHEREAS, the HRA approved the business subsidy agreement; and
WHEREAS, the Business Subsidy Act provides that the City Council approve of
such an agreement.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Richfield,
Minnesota as follows:
A business subsidy agreement in the amount of be $48,073,127 to be used for land write-
down, $8,350,000 to be used for the Penn Avenue Bridge, and $3,500,000 to be used for
public improvements is approved.
Such approval is contingent upon the necessary modification of the budget for the tax
increment financing plan for the TIF District.
Adopted by the City Council for the City of Richfield, Minnesota this 11th day of
December 2000.
ATTEST:
(j)~,- C\,. ~
Deborah J. GUi~r, Deputy City Clerk