15-1211r HRA RESOLUTION NO. 1211
RESOLUTION APPROVING AGREEMENTS WITH THE CITY OF RICHFIELD AND
CEDAR PT II,LLC
WHEREAS,the Richfield Housing and Redevelopment Authority(the"Authority") is the owner of certain
property located within the City of Richfield(the"Properties"); and
WHEREAS, Cedar Pt II, LLC, a Minnesota limited liability company (the "Developer") has proposed
purchasing the Properties from the Authority for the purpose of developing a multifamily housing development
consisting of approximately 200 units thereon(the"Project");and
WHEREAS, prior to moving forward with the Project, the Developer has requested that its consultants
enter the Properties to conduct geotechnical testing, environmental assessments, and other related studies and to
conduct land surveys of the Properties to determine the suitability of the Properties for the development of the
Project; and
WHEREAS, the Board of the Authority has been presented with a Preliminary Development Agreement
(the"Preliminary Development Agreement")proposed to be entered into between the Authority and the Developer,
which sets forth the Developer's intentions and the conditions under which the Developer will undertake the
Project; and
WHEREAS, the Board of the Authority has also been presented with a Right of Entry Agreement (the
"Right of Entry Agreement") proposed to be entered into between the Authority and the Developer, pursuant to
which the Authority will allow the Developer and its employees, consultants, agents, and contractors to enter the
Properties to conduct the proposed testing and studies; and
WHEREAS, the Authority has reviewed the Preliminary Development Agreement and the Right of Entry
Agreement and finds that the execution thereof by the Authority and performance of the Authority's obligations
thereunder are in the best interest of the City and its residents;and
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority in and for the
City of Richfield,Minnesota as follows:
1. The Preliminary Development Agreement and the Right of Entry. Agreement presented to the
Authority and on file with the Community Development Director are hereby in all respects approved, subject to
modifications that do not alter the substance of the transaction and that are approved by the Chairperson and Executive
Director;provided that execution of such documents by such officials shall be conclusive evidence of approval.
2. The Chairperson and Executive Director are hereby authorized to execute the Preliminary
Development Agreement and the Right of Entry Agreement on behalf of the Authority and to carry out on behalf of the
Authority the Authority's obligations thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota this
19th day of October,2015.
Mary Supple, C'air
ATTEST:
/
LA /, , j., .
Doris Rubenstein, Secretary