07-17 HRA Resolution No. 1261
HRA RESOLUTION NO. 1261
RESOLUTION APPROVING CONVEYANCE OF CERTAIN REAL PROPERTY TO
INTERSTATE DEVELOPMENT LLC, OR ITS ASSIGNEE, AND APPROVING A REVISED
PURCHASE AGREEMENT WITH RESPECT THERETO
WHEREAS
, on May 15, 2017, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the “Authority”) held a public hearing and approved by resolution a Purchase
Agreement providing for the conveyance of certain real property owned by the Authority to Interstate
Development LLC, a Minnesota limited liability company, or its assignee (the “Developer”), and legally
described in EXHIBIT A attached hereto (the “Development Property”) in the City of Richfield, Minnesota
(the “City”); and
WHEREAS
, the Authority and the Developer executed the Purchase Agreement related to the
Development Property on May 25, 2017; and
WHEREAS
, a public street is adjacent to the Development Property and the City has proposed to
vacate the street as part of the Developer’s proposed development; and
WHEREAS
, the Authority owns the real property that abuts the street to be vacated on both sides of
the street and following the vacation of the street by the City, the vacated street property will be owned by the
Authority; and
WHEREAS
, upon completion of the vacation process by the City, the Authority has proposed to
convey the vacated street, as legally described in EXHIBIT B attached hereto (the “Additional Property”), to
the Developer; and
WHEREAS
, in order to promote the redevelopment of land that is underused and underutilized in
the City, the Authority is considering conveying the Additional Property with the Development 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 Development Property and the Additional
Property to the Developer, in accordance with Minnesota Statutes, Section 469.029, subdivision 2; and
WHEREAS
, there has been presented before this Board a revised Purchase Agreement (the
“Revised Purchase Agreement”) proposed to be entered into between the Authority and the Developer,
pursuant to which the Authority will agree to sell the Development Property and the Additional Property to
the Developer, and the Developer will agree to purchase the Development Property and the Additional
Property from the Authority; and
WHEREAS
, the Board has reviewed the Revised 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 Revised 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
Revised Purchase Agreement for and on behalf of the Authority in substantially the form now on file with the
Error! Bookmark not defined.
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 Revised Purchase Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota
this 17th day of July,2017.
Mary B. Su le,Chair
ATTEST:
Doris 'ubenstein, Secretary
2
501300v4 JAE RC125-355
EXHIBIT A
LEGAL DESCRIPTION OF THE DEVELOPMENT PROPERTY
Lots 1 and 2, Block 1, Cedar-Sunrise Addition;
And vacated 17th Avenue South as dedicated in the plat of CEDAR-SUNRISE ADDITION
which lies between the easterly extension of the north line of Lot 1, Block 1, CEDAR-
SUNRISE ADDITION and the easterly extension of the south line of Lot 2, Block 1,
CEDAR-SUNRISE ADDITION.
TOGETHER WITH
Lot 16, Block 1, Cedar-Sunrise Addition.
TOGETHER WITH
That part of vacated 17th Avenue South dedicated in the plat of Wexler’s Addition which
lies between the westerly extension of the north line of Lot 15, Block 2, Wexler’s Addition
and the easterly extension of the south line of Lot 3, Block 1, Cedar-Sunrise Addition.
A-1
501300v4 JAE RC125-355
EXHIBIT B
LEGAL DESCRIPTION OF THE ADDITIONAL PROPERTY
th
That portion of vacated 17 Avenue South accruing to Lots 1 and 2, Block 1, Cedar-Sunrise Addition
th
That portion of vacated 17 Avenue South accruing to Lots 14, 15, and 16, Block 2, Wexler’s Addition
B-1
501300v4 JAE RC125-355