03-20 HRA Resolution No. 1251 HRA RESOLUTION NO. 1251
RESOLUTION APPROVING ASSIGNMENT AND SECOND AMENDMENT TO CONTRACT
FOR PRIVATE DEVELOPMENT WITH RM SENIOR LIVING RICHFIELD 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 District 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 and provide
the Tax Increment Limited Revenue Note, Series 2016 ("TIF Note") to the Developer for the
purpose of reimbursing the Developer for certain costs 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, which was amended by the First Amendment to
Contract for Private Development, dated November 22, 2016, (collectively, the "Original
Agreement"), in order to set forth the terms of the conveyance of the Development Property and
TIF Note to the Developer and the Developer's construction of the Minimum Improvements; and
WHEREAS, there has been presented before this Board an Assignment and Assumption
of Contract (the "Assignment"), pursuant to which the Developer proposes to assign its interest in
the Original Agreement to RM Senior Living Richfield LLC, a limited liability company; and
WHEREAS, there has been presented before this Board a Second Amendment to Contract
for Private Development (the "Second 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 payment of the purchase price for the Development Property to the Authority by the
Developer; and
WHEREAS, the Board is satisfied that the terms of the Assignment and the Second
Amendment 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 Assignment is hereby approved in all respects.
2. The proposed Second Amendment is hereby approved in all respects.
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3. The Chair and Executive Director are hereby authorized to execute and deliver
the Assignment and the Second 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 Assignment and the Second Amendment.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 20th day of March, 2017.
Mary B. Supple, Chair 7
ATTEST:
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Doris Rubenstein, Secretary
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