16-1241r HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD,MINNESOTA
RESOLUTION NO. 1241
RESOLUTION APPROVING FIRST AMENDMENT TO CONTRACT FOR PRIVATE
DEVELOPMENT WITH MESABA CAPITAL DEVELOPMENT,LLC
BE IT RESOLVED By the Board of Commissioners (the "Board") of the Housing and
Redevelopment Authority in and for the City of Richfield,Minnesota(the"Authority") as follows:
WHEREAS, the Authority owns certain real property located within Tax Increment Financing
District No. 2014-1 (City Garage Site)(the"Development Property"),which was created within the Richfield
Redevelopment Project(the"Redevelopment Project")in the City of Richfield,Minnesota(the"City");and
WHEREAS, Mesaba Capital Development, LLC, a Minnesota limited liability company (the
"Developer"), has proposed to construct a multifamily housing development with 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 has agreed to convey the Development Property to the Developer for the purpose of
constructing the Minimum Improvements thereon;and
WHEREAS, the Authority and the Developer have previously entered into a Contract for Private
Development, dated February 16, 2016 (the "Original Agreement"), in order to set forth the terms of the
conveyance by the Authority of the Development Property to the Developer and the Developer's construction
of the Minimum Improvements; and
WHEREAS, there has been presented before this Board a First Amendment to Contract for Private
Development(the"First Amendment")proposed to be entered into between the Authority and the Developer,
which will amend and supplement the Original Agreement to modify certain provisions of the Original
Agreement, including but not limited to the provisions with respect to the conveyance of the Development
Property and the transfer by the Developer of the Development Property; and
WHEREAS,the Board is satisfied that the terms thereof carry out the intentions of the parties and
are necessary and appropriate.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Housing and
Redevelopment Authority in and for the City of Richfield,Minnesota that:
1. The proposed First Amendment is hereby approved in all respects.
2. The Chair and Executive Director are hereby authorized to execute and deliver the First
Amendment in substantially the form on file with the Authority, with such additions, deletions, and other
changes as are approved by the Chair and Executive Director. The Chair and Executive Director are further
directed to take all steps and do all things necessary to effectuate the provisions of the First Amendment.
3. The Executive Director is authorized to extend the deadline for the closing on the property
to be conveyed by the Authority to the Developer by three months if the Developer has completed the
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following actions: (i)submitted all paperwork necessary to the City to obtain all required building permits for
the Minimum Improvements; and (ii) obtained a commitment from a lender to provide financing for the
Minimum Improvements.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 21st day of November,2016.
•
Mary B. upple, Cha'
ATTEST:
0
al
Doris Rubenstein, Secretary
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