02-18 HRA Resolution No. 1354 HRA RESOLUTION NO. 1354
RESOLUTION APPROVING AGREEMENT WITH ENCLAVE
WHEREAS, Enclave Development, LLC, a North Dakota limited liability company, or one
of its wholly owned affiliates (the "Developer") has proposed purchasing certain property located
at 65th Street and Lyndale Avenue in Richfield, Minnesota (the "Development Property"), for the
purpose of developing approximately 130 units of market rate housing and 8,000 square feet of
retail space (the "Project");
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 redevelopment tax increment financing district and
plan including the Development Property;
WHEREAS, the Board of the HRA 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 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 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 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
Development Agreement on behalf of the HRA and to carry out on behalf of the HRA
the HRA's obligations thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 18t day of February, 2020.
Mary B. Supple, Chair
ATTEST:
Irl L
Maria Regan Gonza , Secretary