012125 Resolution 1496 HempleRC125-402-1000914.v1
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1496
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF MEMORANDUM OF
UNDERSTANDING WITH HEMPEL HOLDINGS, LLC, OR A SUBSIDIARY THEREOF
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the “Authority”) has recently learned that there are three naturally occurring
affordable housing properties (“NOAH”) properties up for sale in the City of Richfield (the “City”)
and a preservation buyer is interested in purchasing the properties; and
WHEREAS, the NOAH properties consist of the New Orleans Court Apartments and
Townhomes (located at 50 West 78th St), the Richland Court Apartments (located at 1300-1324
East 78th St), and the Winton House Apartments (located at 7500/7544 Cedar Ave); and
WHEREAS, the Authority proposes to work with Hempel Holdings, LLC, a Minnesota
limited liability company, or a subsidiary thereof (collectively, the “Redeveloper”), to preserve
and maintain the affordability of the three existing NOAH properties; and
WHEREAS, the Board of Commissioners of the Authority (the “Board”) has been
presented with a Memorandum of Understanding (the “MOU”) between the Authority and the
Redeveloper, which sets forth the understanding of responsibilities of and actions to be taken
by the Redeveloper and the Authority with respect to the purchase and redevelopment of the
NOAH properties by the Redeveloper; and
WHEREAS, the Board has reviewed the MOU and finds that the execution thereof by the
Authority and performance of the Authority’s obligations thereunder are in the best interest of the
City and its residents; 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 MOU presented to the Board and on file with the staff of the Authority 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 MOU on
behalf of the Authority and to carry out the Authority’s obligations thereunder.
3.This resolution shall be in full force and effect upon its adoption.
(The remainder of this page is intentionally left blank.)
2
RC125-402-1000914.v1
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this ____ day of January, 2025.
Erin Vrieze Daniels, Chair
ATTEST:
Sean Hayford Oleary, Secretary
Erin Vrieze Daniels (Jan 22, 2025 15:30 CST)