09-17 HRA Resolution No. 1314
HRA RESOLUTION NO. 1314
RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT
WITH NHH COMPANIES L.L.C. WITH RESPECT TO A
MULTIFAMILY HOUSING 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 the Cedar Avenue Tax Increment Financing District (a redevelopment 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
, the Authority owns certain property within the TIF District and legally described
in EXHIBIT A attached hereto (the “Development Property”); and
WHEREAS
, NHH Companies L.L.C., a Minnesota limited liability company (the
“Developer”), has proposed to acquire the Development Property from the Authority and construct
on the Development Property a development which will include (i) multifamily housing with
approximately 218 units; (ii) ramp and surface parking with sufficient spaces to comply with the
PUD (as defined herein); and (iii) 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 Development 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 Development 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 Development
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 17th day of September, 2018.
Mary Supple, hair
( ( �
Erin VneZe Dant' s, Secretary
2
HRA Resolution No. 1314
EXHIBIT A
LEGAL DESCRIPTION OF THE DEVELOPMENT PROPERTY
Lots 9, 10, 11, 12, 13, 14, Block 1, Iverson’s Second Addition, according to the recorded plat
thereof, Hennepin County, Minnesota
Lots 9, 10, 11, 12, 13, 14, 15, 16, Block 2, Iverson’s Second Addition, according to the recorded
plat thereof, Hennepin County, Minnesota
A-1
533322v2 JAE RC125-366