10-16 HRA Resolution No. 1270 HRA RESOLUTION NO. 1270
RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT
WITH CHAMBERLAIN APARTMENTS,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(the "Project") in
the City of Richfield,Minnesota(the"City");and
WHEREAS, on August 29, 2017, the Board of Commissioners of the Authority (the "Board")
adopted a resolution approving a Contract for Private Development proposed to be entered into between the
Authority and Inland Development Partners,LLC,relating to the acquisition and development of certain land
located within the Project and owned by the Authority (the "HRA Property") by Inland Development
Partners,LLC for the purposes of constructing a multifamily housing development;and
WHEREAS, the form and contents of the Contract for Private Development has changed
significantly since the August approval;and
WHEREAS, there has been presented before this Board a new form of Contract for Private
Development (the "Agreement") proposed to be entered into between the Authority and Chamberlain
Apartments, LLC, a Delaware limited liability company(the"Developer"), pursuant to which the Developer
will acquire the IRA Property and certain other parcels of property within the Project (collectively, the
"Development Property") and construct a multifamily housing development with approximately 283
apartment units, substantially rehabilitate three 11-unit apartment buildings, and construct underground
parking (the "Minimum Improvements"), and the Authority will reimburse the Developer for a portion of
land acquisition costs and certain site improvements 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 Directed 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 Board hereby delegates the authority to the Executive Director of the Authority to
investigate the extent of debris and foundations on the HRA Property and whether any
contamination has resulted due to the buried debris and foundations. The Board further
delegates the authority to the Executive Director of the Authority to negotiate an agreement with
Developer regarding the payment of the reasonable costs of the cleanup of the debris and the
foundations on the HRA Property and the reasonable costs of any potential remediation of
environmental hazards that are directly related to the burial of such debris.
3. The Board hereby delegates the authority to the Executive Director of the Authority to negotiate
an agreement with the Metropolitan Airports Commission ("MAC") related to sale of the HRA
Property,the use of the proceeds of the sale of such property,and the consents required from the
MAC pursuant to the Agreement, dated March 20, 2002, related to the $10,000,000 grant
provided by MAC to the City of Richfield under the Airport Improvement Program.
4. 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 16th day of October,2017.
Mary B. Sup' e,Chair
ATTEST:
0, r
Doris Rubenstein, Secretary
2