03-19 HRA Resolution No. 1286 HRA RESOLUTION NO. 1286
RESOLUTION APPROVING ASSIGNMENT AND SECOND AMENDMENT TO AMENDED
AND RESTATED CONTRACT FOR PRIVATE DEVELOPMENT
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 and the City of Richfield, Minnesota (the "City") have heretofore
approved the establishment of the Urban Village Tax Increment Financing District within the
Richfield Redevelopment Project (the "Project") and have adopted a tax increment financing plan
for the purpose of financing certain improvements within the Project in an effort to encourage the
development of certain designated areas within the City; and
WHEREAS, the Authority and the Richfield State Agency, Inc., a Minnesota corporation
(the "RSA"), entered into the Amended and Restated Contract for Private Development, dated
May 21, 2001 (the "Original Contract"), which affects certain property referred to in the Original
Contract as the"Redevelopment Property"; and
WHEREAS, the Contract was amended by the First Amendment to Amended and
Restated Contract for Private Redevelopment, dated January 25, 2005 (the "First Amendment to
Contract," and together with the Original Contract, the "Contract"), between the Authority and
Marshall & Ilsley Corporation, formerly a Wisconsin corporation and the successor in
interest to the RSA ("M&I"); and
WHEREAS, there has been presented before this Board an Assignment and Second
Amendment to Amended and Restated Contract for Private Development (the "Assignment and
Second Amendment to Contract") proposed to be entered into between BMO Harris Bank N.A., a
national banking association and successor by merger to M&I ("BMO"), McDonald's USA, LLC, a
Delaware limited liability company ("McDonald's"), RSA, Woodlake-VEF IV, LLC, a Delaware
limited liability company, and the Authority, pursuant to which BMO will assign its interest under the
Contract to a portion of the Redevelopment Property (the "McDonald's Property") to McDonald's as
well as the minimum improvements constructed thereon (the "McDonald's Minimum
Improvements"), McDonald's will assume the rights, benefits, and certain obligations of liabilities of
BMO under the Contract, and BMO will be released from the Contract; and
WHEREAS, the Assignment and Second Amendment to Contract also contains
amendments to provisions of the Contract with respect to the McDonald's Property and the
McDonald's Minimum Improvements; and
WHEREAS, the Board is satisfied that the terms of the Assignment and Second
Amendment to Contract carry out the intentions of the parties and are necessary and
appropriate and are in the best interests of the City.
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 Assignment and Second Amendment to Contract is hereby approved in all
respects.
2. The Chair and the Executive Director are hereby authorized and directed to execute
the Assignment and Second Amendment to Contract for and on behalf of the
Authority in substantially the forms 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.
3. The Chair and the Executive Director are hereby authorized to execute and deliver
any and all documents deemed necessary to carry out the intentions of this
resolution and the Assignment and Second Amendment to Contract.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 19t day of March, 2018.
V);fi-LI
Mary p B. SLS ple, Chair L
ATTEST:
Erin Vrieze Daniels, Secretary �`