01-15 HRA Resolution No. 1321 HRA RESOLUTION NO. 1321
RESOLUTION APPROVING ASSIGNMENT OF CONTRACT FOR PRIVATE
DEVELOPMENT
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority") has entered into a Contract for Private Development, dated
September 17, 2018 (the "Contract") with NHH Companies, L.L.C., a Minnesota limited liability
company (the "Original Developer"); and
WHEREAS, pursuant to the Contract, the Original Developer has proposed to
construct (i) a multifamily housing development with approximately 218 units; (ii) a parking
ramp with approximately 188 spaces; and (iii) necessary public infrastructure, including streets
and utilities (the "Minimum Improvements") on certain land (the "Development Property") within
the Cedar Avenue Tax Increment Financing District; and
WHEREAS, the Original Developer has proposed to assign the Contract to an affiliated
entity, CPII Development LLC, a Minnesota limited liability company (the "Assignee"), pursuant
to an Assignment of Contract for Private Development (the "Assignment of Contract"),
between the Original Developer, the Assignee, and the Authority and the Assignee has
proposed to assume all of the Original Developer's rights and duties under the Contract; and
WHEREAS, there has been presented to the Board of Commissioners of the Authority
(the "Board") the Assignment of Contract; 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 that:
1. The Assignment of Contract is hereby in all respects authorized, approved, and
confirmed. The Chair of the Board and the Executive Director are hereby
authorized and directed to execute the Assignment of Contract 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
any other documents or certificates deemed necessary to carry out the intentions of
this resolution and the Assignment of Contract.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 1r day of January, 2019.
// (1frial air
Secretary