05-15 HRA Resolution No. 1260 HRA RESOLUTION NO. 1260
RESOLUTION APPROVING CONVEYANCE OF CERTAIN REAL PROPERTY TO
INTERSTATE LLC AND APPROVING A PURCHASE AGREEMENT WITH RESPECT
THERETO
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(the"Property")
in the City of Richfield,Minnesota(the"City");and
WHEREAS, Interstate LLC, a Delaware limited liability company (the "Developer"), has proposed
to acquire the Property for redevelopment purposes;and
WHEREAS,in order to promote the redevelopment of land that is underused and underutilized in the
City, the Authority is considering conveying the Property to the Developer for the proposed redevelopment
thereof;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 Property to the Developer, in accordance
with Minnesota Statutes, Section 469.029,subdivision 2;and
WHEREAS, there has been presented before this Board a Purchase Agreement (the "Purchase
Agreement") proposed to be entered into between the Authority and the Developer, pursuant to which the
Authority will agree to sell the Property to the Developer, and the Developer will agree to purchase the
Property from the Developer;and
WHEREAS,the Board has reviewed the Purchase Agreement 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 Purchase Agreement is hereby in all respects authorized, approved, and confirmed, and
the Chairperson and the Executive Director are hereby authorized and directed to execute the Purchase
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.
2. The Chairperson and the Executive Director are hereby authorized to execute and deliver to
the Developer a quit claim deed and any and all other documents or certificates deemed necessary to carry
out the intentions of this resolution and the Purchase Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota
this 15th day of May,2017.
Mary B. Sup e, Chair
ATTEST:
,A1 /Le
Doris Rubenstein, Secretary
EXHIBIT A
LEGAL DESCRIPTION OF THE AUTHORITY PROPERTY
LOT 001,BLOCK 001,CEDAR SUNRISE ADDN
Tax ID—2602824410005
LOT 002,BLOCK 001,CEDAR SUNRISE ADDN
Tax ID—2602824410006
LOT 016,BLOCK 001,CEDAR SUNRISE ADDN
Tax ID—2602824410020
A-1
497258v1 JAE RC125-355