05-957r
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HRA RESOLUTION NO. 957
RESOLUTION APPROVING A BUSINESS SUBSIDY
AGREEMENT BETWEEN THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF RICHFIELD AND
RYAN COMPANIES US INC.
BE IT RESOLVED by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota, (the "HRA") as follows:
Section 1. Recitals.
1.01 On or about July 27, 2005, the HRA and Ryan Companies US, Inc. (the
"Redeveloper") entered into that certain document entitled, Contract for Private
Development (the "Contract").
1.02 Section 4.5 of the Contract called for the parties to enter into a separate Business
Subsidy Agreement as required by the Business Subsidy Act, setting the level of
assistance that is treated as a business subsidy under the Business Subsidy Act.
1.03 There has been presented before the HRA a proposed business subsidy agreement
(the "Agreement") between the HRA, and the Redeveloper, setting forth the terms
and conditions of the business subsidy to be provided to the Redeveloper.
1.04 The HRA has on this date conducted a duly noticed public hearing regarding the
business subsidy agreement at which all interested persons were give an
opportunity to be heard.
1.05 The HRA has reviewed the Agreement, and finds that the execution thereof by the
HRA and performance of the HRA's obligations thereunder are in the best interest of
the City and its residents.
1.06 The HRA has determined after a previous public hearing that the creation or retention
of jobs is not the goal of this redevelopment effort. Accordingly, the wage and job
goals are set at zero.
Section 2. HRA Approval; Further Proceedinas.
2.01 The HRA approves the Agreement.
2.02 The Executive Director and Chair are authorized to take all steps and do all things
necessary to carry into effect the provisions of this resolution and the Agreement.
2.03 The Executive Director is authorized to present the Agreement to the Richfield City
Council for its consideration as required by the Business Subsidy Act.
Approved by the Housing and Redevelopment Authority in an
Minnesota this 21st day of November, 2005.
'hec~
Thomas E. Harms, Chair
ATTEST: