05-20 HRA Resolution No. 1334
HRA RESOLUTION NO. 1334
RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT
WITH MWF PROPERTIES, L.L.C. WITH RESPECT TO A WORKFORCE HOUSING
DEVELOPMENT AND AUTHORIZING THE CONVEYANCE OF 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. 2014-1 (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
, MWF Properties, L.L.C., a Minnesota limited liability company (the
“Developer”), has proposed to acquire one parcel of property located within the TIF District, which
is legally described as Lot 6, Block 4, “R.C. Soens Addition,” according to the recorded plat thereof,
Hennepin County, Minnesota (the “Development Property”) and construct on the Development
Property a development consisting of approximately 55 units of workforce housing, including 4 to 6
units of housing for people with disabilities, accompanied by supportive services (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 sell the Development
Property for a reduced price to the Developer and be reimbursed for the cost of the land with tax
increment generated from the Development Property; and
WHEREAS
, the land write-down the Authority proposes to provide to the Developer is in
the amount of $700,000 and the Authority will be repaid with tax increment derived from the TIF
District with 3.00% per annum; and
WHEREAS
, the Authority understands and acknowledges that the City conveyed the
Development Property to the Authority with the understanding that the Authority would transfer any
proceeds from the sale of the Development Property to the City upon receipt and the Authority will
repay the City for the Development Property with the tax increment funds it receives; 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 Executive 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.
HRA Resolution No. 1334
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 20th day of May, 2019.
Mary B. Sup e, air
ATT QST:
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Erin rieze Da el , Secre
HRA Resolution No.1334