16-1229r HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD,MINNESOTA
HRA RESOLUTION NO. 1229
RESOLUTION APPROVING FIRST AMENDMENT TO PRELIMINARY DEVELOPMENT
AGREEMENT WITH INLAND DEVELOPMENT PARTNERS,LLC
WHEREAS, the City of Richfield, Minnesota (the "City") was the owner of certain property
located within the City (the "Properties") and has conveyed such Properties to the Housing and
Redevelopment Authority in and for the City of Richfield, Minnesota (the "Authority") for purposes of
development; and
WHEREAS, Inland Development Partners, LLC, a Minnesota limited liability company (the
"Developer")has proposed purchasing the Properties from the Authority for the purpose of developing an
approximately 300 unit apartment building thereon(the"Project"); and
WHEREAS, the City, the Authority, and the Developer previously entered into a Preliminary
Development Agreement, dated October 19, 2015 (the "Preliminary Development Agreement"), which
sets forth the Developer's intentions and the conditions under which the Developer will undertake the
Project; and
WHEREAS, the Developer has requested an extension of the termination date of the Preliminary
Development Agreement and the Board of Commissioners of the Authority has been presented with a
First Amendment to Preliminary Development Agreement, between the Authority and the Developer(the
"First Amendment to Preliminary Development Agreement"); and
WHEREAS, Section 5 of the Preliminary Development Agreement provides the Board of the
Authority to authority to extend the termination date of the Preliminary Development Agreement;
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority in
and for the City of Richfield, Minnesota as follows:
1. The First Amendment to Preliminary Development Agreement presented to the Authority
and on file with the Community Development Director is 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 document by such officials shall be conclusive evidence
of approval.
2. The Chairperson and Executive Director are hereby authorized to execute the Preliminary
Development 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 20th day of June,2016.
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Mary Supp =, Chair
ATTEST:
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oris Rube stein, Secretary
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