062023 Resolution 1458 Best BuyHOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1458
RESOLUTION APPROVING AGREEMENTS WITH BEST BUY CO., INC.
BE IT RESOLVED by the Board of Commissioners (the "Board") of the Housing and
Redevelopment Authority in and for the City of Richfield, Minnesota (the "Authority"), as follows:
Section 1. Recitals.
1.01. 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 of
Richfield, Minnesota (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 and the Redevelopment 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 Board forms of the following documents
(collectively, the "Authority Documents"): (i) a Sixth Amendment to Contract for Private
Redevelopment between the Authority 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 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 Authority Documents are hereby in all respects authorized, approved, and
confirmed, and the Chair and the Executive Director are hereby authorized and directed to
execute the Authority Documents for and on behalf of the Authority in substantially the forms
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.
2.02. The Chair and the Executive Director 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 Authority Documents.
Section 3. Effective Date. This resolution shall be in full force and effect from and
after its approval.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 20h day of June, 2023.
f
Gordon H nson, Acting Chair
ATTEST:
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_Se retary
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