03-19 HRA Resolution No. 1287 HRA RESOLUTION NO. 1287
RESOLUTION APPROVING AGREEMENTS WITH THE CITY OF RICHFIELD AND NHH
PROPERTIES, LLC
WHEREAS, the Richfield Housing and Redevelopment Authority (the "Authority") is the owner of
certain property located within the City of Richfield (the "Properties"); and
WHEREAS, NHH Properties, LLC, a Minnesota limited liability company (the "Developer") has
proposed purchasing the Properties from the Authority for the purpose of developing a multifamily
housing development consisting of approximately 218 apartment units and 64 townhomes
thereon (the "Project"); and
WHEREAS, the Board of the Authority has been presented with a Preliminary Development
Agreement (the "Preliminary Development Agreement") proposed to be entered into between the
Authority and the Developer, which sets forth the Developer's intentions and the conditions under which
the Developer will undertake the Project; and
WHEREAS, the Authority has reviewed the Preliminary Development Agreement and finds that the
execution thereof by the Authority and 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 Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota as follows:
1. The Preliminary Development Agreement presented to the Authority and on file with the
Community Development Director are hereby in all respects approved, subject to modifications
that do not alter the substance of the transaction and that are approved by the Chairperson and
Executive Director; provided that execution of such document by such officials shall be
conclusive evidence of approval.
2. The Chairperson and Executive Director are hereby authorized to execute the Preliminary
Development Agreement on behalf of the Authority and to carry out on behalf of the Authority the
Authority's obligations thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota
this 19th day of March, 2018.
Mary B. Su ple, Chair
ATTEST:
G tv
Erin Vrieze Daniels, Secretary