12-20 HRA Resolution No. 1418
HRA RESOLUTION NO. 1418
RESOLUTION APPROVING CONTRACT FOR PRIVATE DEVELOPMENT
WITH MWF PROPERTIES, LLC
WHEREAS, the Housing and Redevelopment Authority in and for the City
of
Sections 469.001 through 469.047, as amended, and was authorized to
transact business and exercise its powers by a resolution of the City Council of
the City of Richfield,
WHEREAS, MWF Properties, LLC, a Minnesota limited liability company
(the
construct thereon an approximately 55-unit
multifamily housing development, including two (2) one bedroom units of housing for
people with disabilities, accompanied by supportive services for persons or families
whose income is thirty percent (30%) or less of the metro areamedian gross
income and five (5) two bedroom units reserved for persons or families whose income
is fifty percent (50%) or less of the metro median gross income
; and
WHEREAS, there has been presented before this Board of Commissioners of
the Authority
will agree to construct the Minimum Improvements,and the
Authority will agree to reimburse the Developer for certain public redevelopment
costs associated with the Minimum Improvements
; and
WHEREAS, pursuant to Development Agreement, the Authority proposes
to convey property to the Developer with a land write-down of $700,000, which land
write-down can be repaid with available sources, including pooled tax increment; and
WHEREAS, in order to make the Minimum Improvements economically feasible
for the Developer to construct, the Authority plans to reimburse the Developer for
public redevelopment costs in the amount of up to $881,848 by either (i) establishing a
housing
Minnesota Statutes, Section 469.174 through 469.1794, as amended; or (ii)
drawing funds ; 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:
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Section 1. The Development Agreement. The Development 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 Development
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.
Section 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 Development Agreement.
Section 3. This resolution shall be effective upon full execution of the
Development Agreement.
Adopted by the Housing and Redevelopment Authority in and for the City of
th
Richfield, Minnesota this 20 day of December, 2021.
Mary B. Supple, Chair
ATTEST:
Maria Regan Gonzalez, Secretary
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