01-21 HRA Resolution No. 1351
HRA RESOLUTION NO. 1351
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF
A PRELIMINARY REDEVELOPMENT AGREEMENT AND RIGHT
OF ENTRY AGREEMENT WITH PENN INVESTMENTS LLC
WHEREAS
, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the “HRA”), owns certain real property located at 6501 Penn Avenue South and
6500 Oliver Avenue South in Richfield, Minnesota (the “Redevelopment Property”); and
WHEREAS
, Penn Investments LLC, a Minnesota limited liability company (the
“Redeveloper”), proposes to Redeveloper proposes to purchase the Redevelopment Property
from the HRA, demolish the blighted buildings on the Redevelopment Property, and construct
a building with approximately 44 to 100 market-rate and affordable housing units and up to
12,000 square feet of commercial space (the “Project”); and
WHEREAS
, the Redeveloper and the HRA, have been engaged in informal discussion
regarding the Project and the proposed creation of a redevelopment tax increment financing
district and plan including the Redevelopment Property; and
WHEREAS
, the Board of Commissioners of the HRA (the “HRA Board”) has been
presented with a Preliminary Redevelopment Agreement (the “Preliminary Redevelopment
Agreement”) proposed to be entered into between the HRA and the Redeveloper, which sets
forth the Redeveloper’s intentions and the conditions under which the Redeveloper will
undertake the Project; and
WHEREAS
, there has also been presented before the HRA Board a form of Right of
Entry Agreement (the “Right of Entry Agreement”) proposed to be entered into between the
HRA and the Redeveloper, pursuant to which the HRA will grant the Redeveloper the right to
enter the Redevelopment Property as necessary for initial testing, surveying, and studies,
subject to the terms and conditions provided therein and marketing the Redevelopment
Property to potential commercial tenants; and
WHEREAS
, the HRA Board has reviewed the Preliminary Redevelopment Agreement
and the Right of Entry 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 Redevelopment Agreement and the Right of Entry Agreement
presented to the HRA and on file with the Executive Director are hereby in all
respects approved, subject to modifications that do not alter the substance of the
transaction and that are approved by the Chair and Executive Director; provided that
execution of such documents by such officials shall be conclusive evidence of
approval.
2. The Chair and Executive Director are hereby authorized to execute the Preliminary
Redevelopment Agreement and the Right of Entry Agreement on behalf of the HRA
and to carry out on behalf of the HRA the HRA’s obligations thereunder.
HRA Resolution No. 1351 1
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 21st day of January, 2020.
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Chair
ATTEST:
MOAkaiL a'11 l
Secretary \,
HRA Resolution No. 1351 2