012125 Resolution 1495 Aster Commons ExtensionRC125-390-1001257.v1
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1495
RESOLUTION APPROVING AN EXTENSION OF A CONTRACT FOR PRIVATE
REDEVELOPMENT WITH ASTER COMMONS LIMITED PARTNERSHIP AND ASTER
COMMONS GP 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, Aster Commons GP LLC, a Minnesota limited liability company (the
“Redeveloper”), has proposed to acquire certain property located in the City (the “Redevelopment
Property”) from the Authority and to transfer the Redevelopment Property to Aster Commons
Limited Partnership, a Minnesota limited partnership (the “Partnership”);
WHEREAS, the Partnership has proposed to construct on the Redevelopment Property a
multifamily housing project consisting of approximately 38 supportive housing units (the “Minimum
Improvements”); and
WHEREAS, to make the Minimum Improvements economically feasible for the Partnership
to construct, the Authority has proposed to provide a grant to the Redeveloper in the principal
amount of $500,000 (the “Grant”) with pooled tax increment from the Affordable Housing Trust
Fund; and
WHEREAS, on June 20, 2023, the Board of Commissioners of the Authority (the “Board”)
approved a Contract for Private Redevelopment (the “Contract”) between the Authority, the
Partnership, and the Redeveloper, which sets forth the terms of the development of the Minimum
improvements and the Grant; and
WHEREAS, in order to obtain all necessary financing to complete the Minimum
Improvements, the Redeveloper is requesting an extension of the Contract deadline set forth in
Section 3.2 (h) for one year to January 31, 2026; and
WHEREAS, the Redeveloper is requesting an extension of the Contract deadline to
commence construction on the Minimum Improvements set forth in Section 4.3 for 18 months to
January 1, 2027;
WHEREAS, the Redeveloper is requesting an extension of the Contract deadline to
substantially complete construction of the Minimum Improvements set forth in Section 4.3 for 18
months to March 30, 2028.
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 Contract is hereby amended.
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RC125-390-1001257.v1
2.The Chair and the Executive Director are hereby authorized to execute and deliver
any and all documents deemed necessary to carry out the intentions of this resolution and the
Contract.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 21st day of January, 2025.
Erin Vrieze Daniels, Chair
ATTEST:
Sean Hayford Oleary, Secretary
Erin Vrieze Daniels (Jan 22, 2025 15:29 CST)