04-20 HRA Resolution No. 1357
HRA RESOLUTION NO. 1357
RESOLUTION APPROVING DEVELOPER AGREEMENT WITH WEST HENNEPIN
AFFORDABLE HOUSING LAND TRUST DBA HOMES WITHIN REACH
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the “Authority”) intends to provide $80,000 in pooled tax increment (the “Tax
Increment”) to the West Hennepin Affordable Housing Land Trust dba Homes Within Reach, a
Minnesota nonprofit corporation (“WHAHLT”), for the purposes of acquiring and rehabilitating
homes in the City of Richfield, Minnesota; and
WHEREAS, the Authority has proposed that WHAHLT use the Tax Increment to purchase,
rehabilitate, and resell one or more properties to households earning at or below 80% of the area
median income; and
WHEREAS, there has been presented before the Board of Commissioners of the Authority
a Developer Agreement (the “Developer Agreement”) to be executed by the Authority and
WHAHLT, which sets for the terms of the Tax Increment to be provided to WHAHLT and the
agreement by WHAHLT to purchase, rehabilitate, and resell the properties; 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 Developer 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 Developer 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.
2. The Chair and the Executive Director are hereby authorized to execute and deliver any
and all documents deemed necessary to carry out the intentions of this resolution and
the Developer Agreement.
3. This resolution shall be in full force and effect as of the date hereof.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
th
Minnesota this 20 day of April, 2020.
Mary B. Supple, Chair
Maria Regan Gonzalez, Secretary