061724 Resolution 1484HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1484
RESOLUTION APPROVING EXTENSION OF 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 “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, pursuant to a First Amendment to the Development Agreement, the Developer
is required to commence construction of the Minimum Improvements by December 31, 2023 and
the Executive Director of the Authority was authorized to provide up to two additional extensions of
up to ninety (90) days to commence construction; and
WHEREAS, the Executive Director has provided two extensions of ninety (90) days each
for the Developer and the extensions expire on June 28, 2024; and
WHEREAS, in order to move forward with the Minimum Improvements, the Executive
Director requests the ability to provide an additional extension for the Developer, and if the
Developer is unable to move forward with Minimum Improvements, to find another developer that
is able to move forward with the Minimum Improvements;
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 Executive Director is authorized to provide another extension to September 30,
2024 to the Developer or find another developer that is able to move forward with the Minimum
Improvements.
2.This resolution shall be effective upon adoption.
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Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota this 17th day of June, 2024.
Gordon Hanson, Acting Chair
ATTEST:
Sean Hayford Oleary, Secretary
RC125-387 (JAE)
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