08-20 HRA Resolution No. 1305
HRA RESOLUTION NO. 1305
RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT
WITH NHH COMPANIES L.L.C. WITH RESPECT TO A TOWNHOMES DEVELOPMENT AND
AUTHORIZING THE CONVEYANCE OF INTEREST IN CERTAIN LAND
WHEREAS
, the City of Richfield, Minnesota (the “City”) and the Housing and
Redevelopment Authority in and for the City of Richfield, Minnesota (the “Authority”) have approved
the creation of Tax Increment Financing District No. 2018-1 (a housing district) (the “TIF District”)
within the Richfield Redevelopment Project in the City (the “Redevelopment Project”) and have
adopted a tax increment financing plan for the purpose of financing certain improvements within
the Redevelopment Project; and
WHEREAS
, NHH Companies L.L.C., a Minnesota limited liability company (the
“Developer”), has proposed to acquire 15 parcels of property (the “Development Property”) located
within the TIF District, including four properties owned by the Authority, which are legally described
in EXHIBIT A attached hereto (the “Authority Property”) and construct on the Development
Property a development which will include (i) approximately 80 owner-occupied affordable
townhomes; and (ii) necessary public infrastructure, including streets and utilities (the “Minimum
Improvements”); and
WHEREAS
, there has been presented before this Board of Commissioners of the Authority
(the “Board”) a Contract for Private Development (the “Development Agreement”) proposed to be
entered into between the Authority and the Developer, pursuant to which the Developer will agree
to 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
WHEREAS
, on the date hereof, the Board conducted a duly noticed public hearing on the
conveyance of the Authority Property to the Developer in accordance with Minnesota Statutes,
Section 469.029, subdivision 2; 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 Development 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 Development 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 finds that the proposed conveyance of the Authority Property is in
accordance with the redevelopment plan approved for the Redevelopment Project.
3. The conveyance of the Authority’s right, title, and interest in the Authority Property to
the Developer described herein is hereby approved.
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 Development Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 20th day of August, 2018.
Mary Sup e, Chair
ATTEST:
Erin Vrieze D niels, S cretary
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HRA Resolution No. 1305
EXHIBIT A
LEGAL DESCRIPTION OF THE AUTHORITY PROPERTY
Lots 3 and 6, Block 1, Iverson’s Second Addition, according to the recorded plat thereof, Hennepin
County, Minnesota
Lots 1 and 2, Block 2, Iverson’s Second Addition, according to the recorded plat thereof, Hennepin
County, Minnesota
A-1
533270v2 JAE RC125-366