011723 Resolution Beacon Amended and Restated Preliminary Development AgreementHOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1447
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF AMENDED AND
RESTATED 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
an Amended and Restated 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 Amended and Restated 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 Amended and
Restated Preliminary Redevelopment Agreement on behalf of the Authority and to carry out on the
Authority’s obligations thereunder.
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Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 17th day of January, 2023.
Erin Vrieze Daniels, Acting Chair
ATTEST:
Gordon Hanson, Interim Secretary
RC125-390 (JAE)
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