01-17 HRA Resolution No. 1248 HRA RESOLUTION NO. 1248
RESOLUTION APPROVING FIRST AMENDMENT TO PRELIMINARY DEVELOPMENT
CONTRACT WITH CEDAR PT II L.L.C.
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "Authority"), and Cedar Pt II L.L.C., a Minnesota limited liability
company (the "Developer"), entered into a Preliminary Development Agreement, dated
October 19, 2015 (the "Original Agreement"), pursuant to which the Developer proposed
redevelopment within the City of Richfield which will consist of a multifamily housing
development consisting of at least 165 units with at least 20% affordable units (the
"Project"), and the Authority agreed to support and cooperate with the Developer in its
effort with respect to the Project; and
WHEREAS, the Original Agreement includes a termination date of May 1, 2016,
unless extended in accordance with the terms of the Original Agreement, including but not
limited to approval by the Board of Commissioners of the Authority (the "Board"); and
WHEREAS, there has been presented before this Board a form of First
Amendment to Preliminary Development Agreement (the "First Amendment to
Agreement") proposed to be entered into between the Authority and the Developer, which
would amend the Original Agreement by extending the termination date to April 30, 2017;
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 extension of the termination date set forth in Section 4 of the Original
Agreement is hereby approved.
2. The First Amendment to Agreement is hereby in all respects authorized,
approved, and confirmed, and the Chair and the Executive Directed are hereby authorized
and directed to execute the First Amendment to Agreement 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 to constitute conclusive evidence of their approval of any and all
modifications therein.
3. The Chair and the Executive Director are hereby authorized to execute and
deliver to the Developer any and all documents deemed necessary to carry out the
intentions of this resolution and the Original Agreement, as amended by the First
Amendment to Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 17th day of January, 2017.
up
Mary Ma Suppl , Crvair
ATTEST:
A 41/
• /,
Dor s Rubenstei r, Secretary