021825 Resolution No. 1499 CPRD HempelHOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1499
RESOLUTION APPROVING THE EXECUTION AND DELIVERY OF CONTRACT FOR
PRIVATE REDEVELOPMENT AND DECLARATION OF RESTRICTIVE COVENANTS 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 ("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 to that end the Board
of Commissioners of the Authority (the "Board") approved the execution and delivery of a
Memorandum of Understanding with the Redeveloper at its meeting on January 21, 2025; and
WHEREAS, the Board has been presented with a Contract for Private Redevelopment
(the "Agreement") between the Authority and the Redeveloper, which sets forth the
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, to preserve the affordability of the NOAH properties and to ensure that the
Redeveloper continues to maintain the affordability of the NOAH properties, the Authority
requires that the Redeveloper execute and deliver a Declaration of Restrictive Covenants (the
"Declaration"), a form of which is included in the Agreement on file with the Board, which will
allow the NOAH properties to be eligible for 4d tax classification; and
WHEREAS, the Board has reviewed the Agreement and the Declaration 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 Agreement and the Declaration presented to the Board and on file with the
staff of the Authority are 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 documents by such officials shall be conclusive evidence of
approval.
2. The Chair and Executive Director are hereby authorized to execute the Agreement
and the Declaration on behalf of the Authority and to carry out the Authority's obligations
thereunder.
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3. The Chair and the Executive Director are hereby also authorized to execute any
additional documents or certificates determined to be necessary by staff and counsel to the
Authority in order to carry out the intention of this resolution, the Agreement, and the Declaration.
4. This resolution shall be in full force and effect upon its adoption.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 18th day of February, 2025,
Erin Vriez6 Da ' , Chair
Sean Hayford Oleary, Secretary
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