04-18-2022 HRA Resolution No. 1429
HRA RESOLUTION NO. 1429
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF PRELIMINARY
REDEVELOPMENT AGREEMENT WITH BEACON INTERFAITH HOUSING COLLABORATIVE
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the “Authority”) owns the real property located at 6613-6625 Portland Avenue South (the
“Redevelopment Property”) in the City of Richfield, Minnesota (the “City”); and
WHEREAS, the Beacon Interfaith Housing Collaborative, a Minnesota nonprofit corporation
(the “Redeveloper”) proposes to purchase the Redevelopment Property from the HRA and construct
on the Redevelopment Property a multifamily housing project consisting of 40 supportive housing
units and 25 underground parking spaces (the “Project”); and
WHEREAS, the Redeveloper proposes that all of the units within the Project will be
affordable, with a portion of the units occupied by residents whose incomes do not exceed thirty
percent (30%) of the area median gross income and the remainder of the units occupied by
residents whose incomes do not exceed fifty percent (50%) of the area median gross income; and
WHEREAS, the Redeveloper and the Authority have been engaged in informal discussion
regarding the Project, including consideration of the Authority selling the Redevelopment Property to
the Redeveloper at a reduced cost, providing financial assistance for the Project using pooled tax
increment from the Affordable Housing Trust Fund or providing both; 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.
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Erin Vrieze Daniels, Vice Chair
ATTEST:
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Maria Regan Gonzalez, Secretary