121823 Resolution 1472HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1472
RESOLUTION APPROVING A FIRST AMENDMENT TO THE AMENDED AND RESTATED
CONTRACT FOR PRIVATE DEVELOPMENT WITH 101 E 66TH ST LLC
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority") was created pursuant to Minnesota Statutes, Sections 469.001 through
469.047, as amended, and was authorized to transact business and exercise its powers by a
resolution of the City Council of the City of Richfield, Minnesota (the "City"); and
WHEREAS, the City and the Authority has established the 2020-2 Tax Increment Financing
District — EMI (the "TIF District'), a redevelopment district within the Richfield Redevelopment
Project, pursuant to Minnesota Statutes, Sections 469.174 through 469.1794, as amended; and
WHEREAS, 101 E 66TH ST LLC, a Minnesota limited liability company (the "Developer"),
owns certain property in the City and has proposed to construct thereon approximately 80 rental
housing units, including sixteen affordable housing units, and approximately 2,800 square feet of
commercial space (the "Minimum Improvements"); and
WHEREAS, the Authority and the Developer previously entered into an Amended and
Restated Contract for Private Development (the "Original Development Agreement') pursuant to
which the Developer agreed to construct the Minimum Improvements and the Authority agreed to
reimburse the Developer for certain public redevelopment costs associated with the Minimum
Improvements through the issuance of a tax increment revenue note (the "TIF Note") in the
maximum principal amount of $2,685,000; and
WHEREAS, the Authority and the Developer have proposed to amend the Original
Development Agreement to clarify that the TIF Note will be payable solely from the Available Tax
Increment (as defined in the Original Development Agreement) generated from the TIF District
throughout the duration of the TIF District; and
WHEREAS, the Developer is required to commence construction by December 31, 2023
and the Authority proposes an extension of ninety (90) days with the ability of the Executive
Director of the Authority to authorize an additional extension of up to ninety (90) days to commence
construction; and
WHEREAS, if the Developer commences construction within the extension period, the
Executive Director shall adjust the dates of commencement and completion of construction within
the Amended and Restated Contract, as amended; and
WHEREAS, there has been presented before this Board of Commissioners of the Authority
a First Amendment to the Amended and Restated Contract for Private Development (the "First
Amendment to Development Agreement") between the Authority and the Developer, including a
revised form of the TIF Note, which amends the Original Development Agreement as described
herein; 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:
Section 1. First Amendment to Development Agreement. The First Amendment to
Development Agreement is hereby in all respects authorized, approved, and confirmed, and the
Chair and the Executive Director are hereby authorized and directed to execute the First
Amendment to Development Agreement for and on behalf of the Authority in substantially the form
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.
Section 2. Miscellaneous.
2.01. The Chair and the Executive Director are hereby authorized to execute and deliver
to the Developer any and all documents deemed necessary to carry out the intentions of this
resolution and the Original Development Agreement, as amended by the First Amendment to
Development Agreement.
2.03. This resolution shall be effective upon adoption.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 18th day of December, 2023.
Gordon Hans n, Acting Chair
ATTEST:
Sean Hayford Oleary, Se'&6tary
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