09-17 HRA Resolution No. 1313
HRA RESOLUTION NO. 1313
RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT
WITH CEDAR POINT INVESTMENTS LLC WITH RESPECT TO A TOWNHOMES
DEVELOPMENT
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
, on August 20, 2018, the Board of Commissioners of the Authority (the
“Board”) approved a Contract for Private Development (the “Development Agreement”) between
the Authority and NHH Companies L.L.C., a Minnesota limited liability company (“NHH”), pursuant
to which NHH agreed 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 approximately 80 owner-occupied affordable townhomes and
necessary public infrastructure, including streets and utilities (the “Minimum Improvements”), and
the Authority agreed to reimburse NHH for a portion of land acquisition costs and certain site
improvement costs related thereto with tax increment generated from the Development Property;
and
WHEREAS
, following a duly noticed public hearing held on August 20, 2018, the Board
also approved the sale of the Authority Property to NHH in accordance with Minnesota Statutes,
Section 469.029, subdivision 2; and
WHEREAS
, NHH has assigned or will assign its interest in the Authority Property to Cedar
Point Investments LLC, a Minnesota limited liability company (the “Developer”), and the Developer
is now the “Developer” under the Development Agreement; and
WHEREAS
, following the approval of the Development Agreement, the Authority and the
Developer have made substantive changes to the terms of the Development Agreement, and the
Authority has determined to reconsider the Development Agreement in substantially the form now
on file with the Board; 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 revised 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 ratifies the approval of the assignment of the Development Agreement
(and land that has already been conveyed to NHH) to the Developer.
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3. 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.
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Mary Supple;'Chair
Erin Vri ze D r iels, Secretary
2
HRA Resolution No. 1313
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
536534v2 JAE RC125-366