08-29 HRA Resolution No. 1267 HRA RESOLUTION NO. 1267
RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT
WITH INLAND DEVELOPMENT PARTNERS, LLC
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority") owns certain property (the "Authority Property") located or to be located
within one or more certain tax increment financing districts within the Richfield Redevelopment
Project in the City of Richfield, Minnesota (the "City"); and
WHEREAS, Inland Development Partners, LLC, a Minnesota limited liability company (the
"Developer"), has proposed to acquire the Authority Property and certain additional parcels of real
property in the City (together, the "Development Property") and to construct thereon a multifamily
housing development with approximately 280 apartment units, substantially rehabilitation three 11-
unit apartment buildings, and construct underground parking (the "Minimum Improvements"); and
WHEREAS, in order to promote the redevelopment of land that is underused and
underutilized in the City, the Authority is considering conveying the Authority Property to the
Developer for the purpose of constructing the Minimum Improvements thereon; and
WHEREAS, there has been presented before this Board a Contract for Private
Development (the "Agreement") proposed to be entered into between the Authority and the
Developer, pursuant to which the Developer will agree to purchase the Authority Property and
construct the Minimum Improvements and the Authority will agree to reimburse the Developer for a
portion of land acquisition costs and certain site improvement costs related thereto with tax
increment generated from the Development Property; 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 Agreement is hereby in all respects authorized, approved, and confirmed, and the
Chair and the Executive Director are hereby authorized and directed to execute the
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 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 Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 29th day of August, 2017.
/' I (A�
r i' ary B. , pple, Chair
AT EST: ;.fit ",.
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oris Rubenst9h, Secretary