09-16 HRA Resolution No. 1340
HRA RESOLUTION NO. 1340
RESOLUTION APPROVING FIRST AMENDMENT TO CONTRACT FOR PRIVATE
DEVELOPMENT WITH NHH COMPANIES, LLC
WHEREAS
, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the “Authority”) owns certain property (the “Authority Property”)
located or to be located within one or more certain tax increment financing districts within
the Richfield Redevelopment Project (the “Project”) in the City of Richfield, Minnesota (the
“City”); and
WHEREAS
, the Authority and NHH Companies, LLC, a Minnesota limited liability
company (“NHH”), entered into a Contract for Private Development (the “Original
Agreement”) and the Authority approved an assignment of the Original Agreement to CPII
Development LLC, a Minnesota limited liability company (the “Developer”) pursuant to an
Assignment of Contract for Private Development, dated January 15, 2019; and
WHEREAS
, pursuant to the Original Agreement, the Developer agreed to acquire
the Authority Property and certain other parcels of property within the Project (collectively,
the “Development Property”) and construct a development which will include (i) multifamily
housing with approximately 218 units; (ii) a parking ramp with approximately 188 spaces;
and (iii) necessary public infrastructure, including streets and utilities (the “Minimum
Improvements”), and the Authority will reimburse the Developer for a portion of land
acquisition costs and certain site improvement costs related to the Minimum
Improvements; and
WHEREAS
, the Authority and the Developer propose to amend certain terms of the
Original Agreement, including but not limited to extending the closing date,
commencement date for construction, and completion date for the Minimum
Improvements; and
WHEREAS
, there has been presented before this Board of Commissioners of the
Authority a First Amendment to Contract for Private Development (the “First Amendment
to Agreement”) proposed to be entered into between the Authority and the Developer,
which sets forth the modifications to the Original Agreement; 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 First Amendment to 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 First Amendment to 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. 1340
2. 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 First Amendment to Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 16th day of September, 2019.
c—a
Mary B. Sipple, Chair
ATST:/
Erin Vrieze Dan. s, Secretary
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HRA Resolution No.1340