041524 Resolution 1480HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO.1480
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF A PRELIMINARY
DONATION AGREEMENT WITH OLIN 1 LLC
WHEREAS, Olin 1 LLC, a Minnesota limited liability company (the "Owner"), is the fee simple
owner of property located at 1620 and 1640 - 78' Street East, Richfield, Minnesota (the "Property"); and
WHEREAS, the Owner has proposed to donate the Property, including the two buildings on the
Property, to the Housing and Redevelopment Authority in and for the City of Richfield, Minnesota (the
"Authority"); and
WHEREAS, the Authority desires to accept the donation of the Property for future
redevelopment; and
WHEREAS, prior to accepting the donation of the Property, the Authority has requested the
opportunity to do due diligence on the Property, including reviewing title work, entering and inspecting
the Property, and performing environmental testing to determine its suitability and feasibility for
redevelopment; and
WHEREAS, the Board of Commissioners of the Authority (the `Board") has been presented with
a form of a Preliminary Donation Agreement (the "Agreement") between the Authority and the Owner,
which sets forth the terms under which the Authority may conduct due diligence on the Property; 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 Agreement presented to the Authority and on file with the Executive Director 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 Agreement on behalf
of the Authority and to carry out the Authority's obligations thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 15th day of April, 2024.
ATTEST: Erin Wit
ri D2tni ,Chair
Sean Hayford leary, ecretary
RC125-383-944450.v1