08-1037rHRA RESOLUTION NO. 1037
RESOLUTION APPROVING PARTIAL ASSIGNMENT
OF CONTRACT FOR PRIVATE DEVELOPMENT AND RELEASING RYAN
THEREFROM
WHEREAS, the Housing and Redevelopment Authority ("the HRA") and Ryan
Companies, US, Inc. ("Ryan") did on or about July 27, 2005, enter into an agreement
entitled, Contract for Private. Development, calling for the redevelopment of an area of
land (the "Property") lying within the City of Richfield; and
WHEREAS, the HRA has thereafter approved various amendments to the
contract, including, without limitation, the Sixth Amendment to the Contract earlier
approved on this date; (the initial contract and all subsequent amendments are herein
referred to as the "Contract"); and
WHEREAS, in accordance with the provisions of the Contract, Ryan has
previously transferred ownership of a portion of the Redevelopment Property to GLTCF,
LLC; and
WHEREAS, the portion so assigned is described in the attached Exhibit A; and
WHEREAS, in accordance with the provisions Section 9.3, Ryan has requested
that it be released from its obligations under the Contract relating to the transferred
parcels, and that such obligations become the responsibility of GLTCF, LLC; and
WHEREAS, based on the report and recommendation of staff, the Board finds
and determines that Ryan has met the requirements contained in Section 9.3 of
Contract.
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. The HRA accepts the undertakings of GLTCF, LLC to expressly assume
the obligations of Ryan required to be assumed under the Contract
2. Ryan is hereby released from its obligations under the Contract with
respect to the parcels described in Exhibit A.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 19th day of May, 2008.
ATTEST:
awt~~-- a%Y~
Suza M. Sandahl, Chair
an Helmberger, Secret
Exhibit A
The Property
Lot 4, Block 1, Cedar Point Commons, Hennepin County, Minnesota, together with the
appurtenant easements contained in that certain Operation and Easement Agreement
dated December 12, 2006, filed December 19, 2006, as Doc. No. 8910702 in the Office
of the Hennepin County Recorder.
Lot 8, Block 1, Cedar Point Commons, Hennepin County, Minnesota, together with the
appurtenant easements contained in that certain Operation and Easement Agreement
dated December 12, 2006, filed December 19, 2006, as Doc. No. 8910702 in the Office
of the Hennepin County Recorder and filed December 19, 2006, as Doc. No. 4339055 in
the Office of the Hennepin County Registrar of Titles.