01-21 HRA Resolution No. 1350
HRA RESOLUTION NO. 1350
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF A
PRELIMINARY DEVELOPMENT AGREEMENT WITH \[NORTH BAY ENTITY\]
WHEREAS
, \[North Bay Entity\], a Minnesota limited liability company (the “Developer”),
has proposed purchasing four parcels of real property located in Richfield, Minnesota
(collectively, the “Development Property”), for the purpose of developing an approximately 90-
unit multi-family housing development of which twenty percent (20%) of the units will be set
aside for residents whose income does not exceed fifty percent (50%) of the area median gross
income, including an accessible two-bedroom unit at ground level (the “Project”); and
WHEREAS
, the Developer and the Housing and Redevelopment Authority in and for the
City of Richfield, Minnesota (the “HRA”), have been engaged in informal discussion regarding
the Project and the proposed creation of a housing tax increment financing district and plan
including the Development Property; and
WHEREAS
, the Board of Commissioners of the HRA (the “HRA Board”) has been
presented with a Preliminary Development Agreement (the “Preliminary Development
Agreement”) proposed to be entered into between the HRA and the Developer, which sets forth
the Developer’s intentions and the conditions under which the Developer will undertake the
Project; and
WHEREAS
, the HRA Board has reviewed the Preliminary Development Agreement and
finds that the execution thereof by the HRA and performance of the HRA’s obligations thereunder
are in the best interest of the City of Richfield, Minnesota, and its residents; 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 Preliminary Development Agreement presented to the HRA and on file with the
Executive Director is hereby in all respects approved, subject to modifications that do
not alter the substance of the transaction and that is approved by the Chair and
Executive Director; provided that execution of such document by such officials shall be
conclusive evidence of approval.
2. The Chair and Executive Director are hereby authorized to execute the Preliminary
Development Agreement on behalf of the HRA and to carry out on behalf of the HRA
the HRA’s obligations thereunder.
(The remainder of this page is intentionally left blank.)
1
HRA Resolution No. 1350
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 21St day of January, 2020.
Chair
ATTEST:
Mikit-a't CV-a\
Secretary
•
2
HRA Resolution No. 1350