88-7403R73
RESOLUTION N0. 7403.
Resolution Approving The Contract For
Private Redevelopment With The Lincoln Companies
WHEREAS, the City Council of the City of Richfield,
Minnesota (the "City") and the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota (the•"HRA")
have created and established the Cedar Avenue Business Area
Redevelopment Project and Tax Increment Economic Development
District (Project Area) pursuant to the authority .granted in
Minnesota Statutes, Sections 469.001 to 469.047, inclusive, and
469.174 to 469.179, inclusive (collectively, the "Act"); and
WHEREAS, the HRA and the City have, pursuant to the Act,
adopted a tax increment financing plan (TIF Plan) to finance all
or a portion of the public redevelopment costs of the Project
Area; and
WHEREAS, in order to achieve the objectives of the
Redevelopment Plan and for the TIF District and particularly to
make land in the Project Area available for redevelopment by
private enterprise for and in accordance with the uses specified
in the Redevelopment Plan, the City and HRA have determined to
provide aid and assistance to finance the public redevelopment
costs of the Project Area; and
WHEREAS, The Lincoln Companies (Developer) has proposed a
development within the Project Area which the City has determined
will promote and carry out the objectives for which redevelopment
in the Project Area has been undertaken, and will assist in
accomplishing the objectives of the TIF Plan, will be in the
vital best interests of the City and the health, safety, morals
and welfare of its residents, and is in accord with the public
purposes and provisions of the applicable state and local laws
and requirements under which redevelopment in the Project Area
has been undertaken and is being assisted; and
WHEREAS, the City has been presented, for its consideration,
with a proposed contract for the private development of lands
within the Project Area by the Developer (Proposed Contract); and
WHEREAS, the City has been fully informed of the terms and
provisions of the Proposed Contract and approves of the same; and
WHEREAS, the HRA did by resolution on February 16, 1988,
approve the contract and request the approval of the City
Council.
Resolution 7403
NON, THEREFORE, 8£ IT ~E
City of Richfield as follows:
-2-
VED by the City .Council of the
1. The City Manager and Mayor are hereby authorized and directed
to execute, on behalf of the City, a document in substantial
conformance with the Proposed Contract.
2. The City Manager and Mayor are hereby authorized to take all
acts and do all things reasonably necessary to .carry out the
obligations of the City in accordance with such contract.
Adopted by the City Council of the City of Richfield this
22nd day of February, 1988. .
ATTEST:
omas
,~
erber, City Clerk