04-18-2022 HRA Resolution No. 1428
HRA RESOLUTION NO. 1428
RESOLUTION APPROVING THE EXECUTION AND DELIVERY
OF PRELIMINARY REDEVELOPMENT AGREEMENT WITH
MINNESOTA INDEPENDENCE COLLEGE AND COMMUNITY
WHEREAS, Minnesota Independence College and Community, a Minnesota nonprofit
corporation (the “Redeveloper”), owns the property located at 2000, 2006, and 2018 West 76 th
Street, Richfield, Minnesota (the “Redeveloper Parcels”) and has proposed to purchase from a
third party the property located at 7532 Morgan Avenue South, Richfield, Minnesota (the
“Additional Parcel,” and together with the Redeveloper Parcels, the “Redevelopment Property”);
and
WHEREAS, the Redeveloper proposes to purchase the Additional Parcel, demolish the
building(s) on the Additional Parcel, and construct on the Redevelopment Property a building
with approximately 70 affordable housing units and office and classroom space (the “Project”);
and
WHEREAS, the Redeveloper and the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota (the “Authority”) have been engaged in informal discussion
regarding the Project and the proposed creation of a housing tax increment financing district
including the Redevelopment Property or the use of pooled tax increment from the Affordable
Housing Trust Fund; and
WHEREAS, the Board of Commissioners of the Authority (the “Board”) has been
presented with a Preliminary Redevelopment Agreement (the “Preliminary Redevelopment
Agreement”) between the Authority and the Redeveloper, which sets forth the Redeveloper’s
intentions and the conditions under which the Redeveloper will undertake the Project; and
WHEREAS, the Board has reviewed the Preliminary Redevelopment Agreement and finds
that the execution thereof by the Authority and performance of the Authority’s obligations
thereunder are in the best interest of the City of Richfield and its residents; 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 Preliminary Redevelopment Agreement presented to the Board and on file with the
staff of the Authority is hereby in all respects approved, subject to modifications that do
not alter the substance of the transaction and that are approved by the Chair and
Executive Director; provided that execution of such document by such officials shall be
conclusive evidence of approval.
2. The Chair and Executive Director are hereby authorized to execute the Preliminary
Redevelopment Agreement on behalf of the Authority and to carry out on the Authority’s
obligations thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 18th day of April, 2022.
___________________________
Erin Vrieze Daniels, Vice Chair
ATTEST:
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Maria Regan Gonzalez, Secretary