08-10064r
RESOLUTION NO.1 0064
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 The United Bankers' Bank (UBB)
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, and will expire at the
same time as the Preliminary Agreement.
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 26th day of
February,200B. ~. ~.
De bie Goettel, Mayor
Attest:
~/\M: JJut'M
Nancy GibbVity Clerk
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Map of Proposed TOLD Development Area
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Legend
City-owned properties in possible redevelopment area
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1:\GIS\Community Development\Staff\Christine\Cedar Corridor\South of 66th Street\TOLD Commitmentmxd