06-13 Resolution No. 12104CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. _______
RESOLUTION APPROVING AGREEMENTS WITH BEST BUY CO., INC.
BE IT RESOLVED by the City Council of the City of Richfield, Minnesota (the “City”), as
follows:
Section 1. Recitals.
1.01. The Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the “Authority”) and Best Buy Co., Inc., a Minnesota corporation (the
“Redeveloper”), have entered into a Contract for Private Redevelopment, dated March 28, 2000,
as amended by the First Amendment to Contract for Private Redevelopment, dated
November 27, 2000, as amended by the Second Amendment to Contract for Private
Redevelopment, dated February 20, 2001, as amended by the Third Amendment to Contract for
Private Redevelopment, dated March 5, 2003, as amended by the Fourth Amendment to
Contract for Private Redevelopment, dated December 21, 2010, and as amended by the Fifth
Amendment to Contract for Private Redevelopment, dated July 14, 2014 (collectively, the
“Contract”), with respect to the redevelopment of land (the “Property”) located in the City.
1.02. The Authority and the Redeveloper also entered into an Assessment Agreement,
dated March 5, 2003 (the “Assessment Agreement”), which set forth the minimum market value
for the Property as improved by the redevelopment.
1.03. The Authority, the City, and the Redeveloper have proposed to revise the
provisions related to the Assessment Agreement, the overpayment of tax increment by the
Authority, and the release of certain claims.
1.04. There have been presented to the City Council forms of the following documents
(collectively, the “City Documents”): (i) a Sixth Amendment to Contract for Private
Redevelopment between the Authority, the City, and the Redeveloper, which amends the
Contract to govern the overpayment of tax increment; and (ii) an Amended and Restated
Assessment Agreement between the Authority, the City, and the Redeveloper, and including
consents to termination of the Assessment Agreement by Independent School District No. 280
(Richfield Public Schools) and Hennepin County, Minnesota, which amends and restates the
Assessment Agreement to modify the valuation floor of the Property, as improved by the
redevelopment.
Section 2. Approvals.
2.01. The City Documents are hereby in all respects authorized, approved, and
confirmed, and the Mayor and the City Manager are hereby authorized and directed to execute
the City Documents for and on behalf of the City in substantially the forms now on file with the
Community Development 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.
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2.02. The Mayor and the City Manager are authorized and directed to execute any and
all other documents or certificates deemed necessary to carry out the intentions of this
resolution and the City Documents.
Section 3. Effective Date. This resolution shall be in full force and effect from and
after its approval.
Adopted by the City of Richfield, Minnesota this ______ day of June, 2023.
Mary B. Supple, Mayor
ATTEST:
Dustin Leslie, City Clerk
RC125-210 (JAE)
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