01-9067r
10
RESOLUTION NO. 9067
RESOLUTION AUTHORIZING THE EXECUTION
AND DELIVERY OF AN AGREEMENT AMONG THE
CITY, THE HOUSING AND REDEVELOPMENT AUTHORITY
AND BEST BUY CO., INC. REGARDING THE PENN
AVENUE BRIDGE REPLACEMENT PROJECT
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota (City)
as follows:
Section 1. Background: findinQs.
1.01. The reconstruction of the existing bridge over Interstate 494 at Penn
Avenue South in the City (Improvement) is an essential element in the Richfield
Redevelopment Project Area (Project Area) and the Interchange West and Lyndale
Gateway Tax Increment Financing District (TIF District).
1.02. Best Buy Co., Inc. (Company) as owner of at least 35% in frontage of the
property abutting on Penn Avenue where the Improvement will be made has petitioned
the City to construct the Improvement in accordance with Minnesota Statutes, Chapter
429. The City has received the petition and has directed the City Engineer to prepare a
feasibility report on the Improvement, and scheduled a public hearing on the
Improvement for Monday, August 13, 2001.
1.03. In the petition Company has agreed that the entire cost of the
Improvement be specially assessed (Special Assessments) against Company's real
property abutting Penn Avenue South, subject to an undertaking by the Housing and
Redevelopment Authority (HRA) to pay the Company in the amounts and at the time
necessary to make timely payments of the Special Assessments. These undertakings
are embodied in an agreement (Agreement) between Company, City and HRA, the form
of which has been reviewed by this Council, executed by Company, and approved by
the HRA.
1.04. It is found and determined that it is in the best financial interests of the
City, the HRA, the Project Area and the TIF District that the City enter into the
Ag reement.
Sec. 2. Authorization.
2.01. The Mayor and City Manager are authorized and directed to execute and
deliver the Agreement on behalf of the City.
2.02. The City Clerk is authorized and directed to transmit a certified copy of this
Resolution to the HRA and the Company.
Adopted by the City Council of the City of Richfield, Minnesota this 23rd day of
July, 2001.
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ATTEST:
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Nancy Gibbs,. ity Clerk