11-15 HRA Resolution No. 1412HRA Resolution No. 1412 1
HRA RESOLUTION NO.
RESOLUTION APPROVING FIRST AMENDMENT TO CONTRACT FOR PRIVATE
DEVELOPMENT WITH LYNK 65, LLC
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the “Authority”) has undertaken a program to promote redevelopment and development
of land that is underused or underutilized within the City and in this connection the Authority
administers a redevelopment project known as the Richfield Redevelopment Project (the
“Redevelopment Project”) pursuant to Minnesota Statutes, Sections 469.001 through 469.047, as
amended; and
WHEREAS, the Authority established Tax Increment Financing District No. 2020-3 (a
redevelopment district) (the “TIF District”) within the Redevelopment Project pursuant to Minnesota
Statutes, Sections 469.174 through 469.1794, as amended (the “TIF Act”), in order to facilitate
redevelopment of certain property in the Redevelopment Project; and
WHEREAS, the Authority and Lynk 65, LLC, a Minnesota limited liability company (the
“Developer”), entered into a Contract for Private Development, dated November 24, 2020 (the
“Original Agreement”), pursuant to which the Developer agreed to acquire certain property within
the TIF District and construct thereon approximately 157 units of housing, with ten (10) affordable
two-bedroom units, and approximately 8,000 square feet of retail space (the “Minimum
Improvements”), and the Authority agreed to reimburse the Developer for certain public
redevelopment costs associated with the Minimum Improvements, as evidenced by a tax
increment limited revenue note (the “TIF Note”); and
WHEREAS, there has been presented before this Board of Commissioners of the Authority
a First Amendment to Contract for Private Development (the “First Amendment”) between the
Authority and the Developer, which amends the Original Agreement to (i) extend the TIF District
from seventeen (17) years to twenty (20) years, in order to capture sufficient available tax
increment to finance the Minimum Improvements; (ii) change the interest rate on the TIF Note from
3.75% to 3.40%; (iii) change the commencement and completion dates for construction of the
Minimum Improvements; and (iv) extend the period that certain affordability covenants are required
from seventeen (17) years to twenty (20) years; 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 First Amendment is hereby in all respects authorized, approved, and confirmed,
and the Chair and the Executive Director are hereby authorized and directed to execute
the First Amendment 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 to
the Developer any and all documents deemed necessary to carry out the intentions of
this resolution and the First Amendment.
HRA Resolution No. 1412 2
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 15th day of November, 2021.
Mary B. Supple, Chair
ATTEST:
Maria Regan Gonzalez, Secretary