052024 Resolution 1482HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1482
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF A 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 - 781h Street East, Richfield, Minnesota (the
"Property"); and
WHEREAS, the Owner has proposed to donate the Property, including the office
buildings on the Property, to the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "Authority"); and
WHEREAS, the Authority and the Owner entered into a Preliminary Donation
Agreement, dated April 15, 2024, which set forth the terms under which the Authority was
allowed to conduct due diligence on the Property to determine the Property's suitability and
feasibility for redevelopment; and
WHEREAS, following its completion of the due diligence, the Authority has determined
to move forward with accepting the donation of the Property by the Owner; and
WHEREAS, the Board of Commissioners of the Authority has been presented with a
form of a Donation Agreement (the "Agreement") between the Authority and the Owner, which
sets forth the terms of the donation of the Property to the Authority; 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 on the Authority's obligations thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 20th day of May, 2024.
Erin Vrie a baniqk Chair
ATTEST:
Sean Hayford Oldary, Secreta[y