16-1222r HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD,MINNESOTA
IRA RESOLUTION NO. 1222
RESOLUTION APPROVING A CONTRACT FOR PRIVATE DEVELOPMENT WITH MESABA
CAPITAL DEVELOPMENT,LLC,AND AUTHORIZING THE CONVEYANCE OF
INTEREST IN CERTAIN LAND
WHEREAS,the Housing and Redevelopment Authority in and for the City of Richfield,Minnesota
(the "Authority"), owns certain real property legally described in EXHIBIT A attached hereto and located
within Tax Increment Financing District No. 2014-1 (City District Garage Site) (the "Development
Property"),which was created within the Richfield Redevelopment Project(the"Redevelopment Project")in
the City of Richfield,Minnesota;and
WHEREAS, Mesaba Capital Development, LLC, a Minnesota limited liability company (the
"Developer"), has proposed to construct a multifamily housing development with approximately 88 units
designed for seniors, including approximately 60 assisted living units and 28 memory care units (the
"Minimum Improvements"),on the Development Property;and
WHEREAS,in order to promote the redevelopment of land that is underused and underutilized in the
City, the Authority is considering conveying the Development Property to the Developer for the purpose of
constructing the Minimum Improvements thereon; and
WHEREAS, on the date hereof, the Board of Commissioners of the Authority (the "Board")
conducted a duly noticed public hearing on the conveyance of the Development Property to the Developer,in
accordance with Minnesota Statutes, Section 469.029,subdivision 2;and
WHEREAS, there has been presented before this Board a Contract for Private Development (the
"Contract") proposed to be entered into between the Authority and the Developer, pursuant to which the
Developer will agree to purchase the Development Property and construct the Minimum Improvements and
the Authority will agree to reimburse the Developer for a portion of land acquisition costs and certain site
improvement costs related thereto with tax increment generated from the Development Property;and
WHEREAS, the Board has reviewed the Contract and finds that the execution thereof by the
Authority and the 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 Board of Commissioners of the Housing and
Redevelopment Authority in and for the City of Richfield,Minnesota as follows:
1. The Contract is hereby in all respects authorized, approved, and confirmed, and the
Chairperson and the Executive Directed are hereby authorized and directed to execute the Contract for and on
behalf of the Authority in substantially the form now on file with the Community Development Director but
with such modifications as shall be deemed necessary, desirable, or appropriate, the execution thereof o
constitute conclusive evidence of their approval of any and all modifications therein.
2. The Board fmds that the proposed conveyance of the Development Property is in accordance
with the redevelopment plan approved for the Redevelopment Project.
3. The conveyance of the Authority's right, title, and interest in the Development Property to
the Developer described herein is hereby approved.
4. The Chairperson and the Executive Director are hereby authorized to execute and deliver to
the Developer a quit claim deed and any and all documents deemed necessary to carry out the intentions of
this resolution and the Contract.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota
this 16th day of February,2016.
'71 06.cd
Mary Supple, • air
ATTEST: 7)
,k/Cie (/
Doris Rubenstein, Secretary
EXHIBIT A
LEGAL DESCRIPTION OF THE DEVELOPMENT PROPERTY
Lots 1, 2, 4, and 5, Block 4, R.C. Soens Addition, according to the recorded plat thereof on file or of
record in the office of the Registrar of Titles, Hennepin County, Minnesota.
Lot 3, Block 4, R.C. Soens Addition, except the Easterly 121.99 feet of the North 75 feet, according
to the recorded plat thereof on file or of record in the office of the Registrar of Titles, Hennepin
County, Minnesota.