12-20 HRA Resolution No. 1417
HRA RESOLUTION NO. 1417
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OFA DONATION
AGREEMENT WITH METRO CAMPUS 1 LLC
WHEREAS, Metro Campus 1 LLC, a Minnesota limited liability company (the
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is the fee simple owner of property located at 1600 78Street East,
Richfield, Minnesota (the and
WHEREAS, the Owner has proposed to donate the Property, including the
office building on the Property, to the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota (the and
WHEREAS, the Authority andthe Owner entered into a Preliminary Donation
Agreement, dated October 1, 2021, which set forth the terms under which the
Authority was allowed to conduct due diligence on the Property to determine the
feasibility for redevelopment; and
WHEREAS, following its completion of the due diligence, the Authority has
determinedto move forward with accepting the donation of the Property by the Owner;
and
WHEREAS, the Board of Commissioners of the Authority has been presented
with a ween the Authority and the
Owner, which sets forth the terms of the donation of the Property to the Authority; and
NOW, THEREFORE, BEITRESOLVED,bythe Board ofCommissionersof
the Housing and Redevelopment Authority inand for the City ofRichfield, Minnesota
as follows:
1.The Agreement presented to the Authority andon file with the Executive
Directoris hereby in all respects approved, subject to modifications that donot alter the
substanceof the transaction and that are approved by the Chair and Executive
Director; provided that execution ofsuch document by such officials shall be conclusive
evidence of approval.
2.The Chair andExecutive Director are hereby authorized toexecute the
Agreementonbehalfofthe Authority andtocarryoutonthe
obligations thereunder.
Adopted by the Housing and Redevelopment Authority inand for the City of
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Richfield, Minnesota this 20dayofDecember,2021.
Mary B. Supple, Chair
ATTEST:
Maria Regan Gonzalez, Secretary