04-16 HRA Resolution No. 1289 HRA RESOLUTION NO. 1289
RESOLUTION APPROVING FIRST AMENDMENT TO 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, the Authority and Chamberlain Apartments, LLC, a Delaware limited liability
company (the "Developer"), entered into a Contract for Private Development (the "Original
Agreement"), pursuant to which the Developer agreed to acquire the Authority 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
WHEREAS, the Authority and the Developer propose to amend certain terms of the
Original Agreement, including but not limited to the price of the property to be purchased, the
closing date, and the acceptance by the Developer of certain restrictions on the Development
Property; and
WHEREAS, there has been presented before this Board of Commissioners of the Authority
a First Amendment to Contract for Private Development (the "First Amendment to Agreement")
proposed to be entered into between the Authority and the Developer, which sets forth the
modifications to the Original Agreement; 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 First Amendment to 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 First Amendment to 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 First Amendment to Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 16th day of April, 2018.
72:-/4
Mary B. upple, Chair
ATTEST:
En n- - Daniels, '= retary