061625 Resolution No. 1509HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
RESOLUTION NO. 1509
RESOLUTION APPROVING A CONTRACT FOR PRIVATE REDEVELOPMENT
AGREEMENT WITH PENN STATION APARTMENTS LLLP
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 "Authority" owns the real property located at 6501 and 6525 Penn
Avenue South in the City of Richfield, Minnesota (the "City"); and
WHEREAS, JO Companies, LLC, a Minnesota limited liability company, or one of its
wholly owned affiliates (collectively, the "Redeveloper"), proposed to purchase the real property
located at 6501 Penn Avenue South and 6525 Penn Avenue South (collectively, the
"Redevelopment Property") and construct thereon a multifamily housing project consisting of 42
affordable housing units and approximately 34 underground and 14 surface parking spaces (the
"Project"); and
WHEREAS, on June 17, 2024, the Board of Commissioners of the Authority (the
"Board") approved a Preliminary Redevelopment Agreement (the "Preliminary Agreement")
between the Authority and the Redeveloper, which sets forth the Redeveloper's intentions and
the conditions under which the Redeveloper will undertake the Project, and approved an
Amendment to the Preliminary Agreement on July 9, 2024, updating the total amount of financial
assistance and again on February 18, 2025, extending the Preliminary Agreement deadline;
and
WHEREAS, the Developer is requesting Board approval of a Contract for Private
Redevelopment (the "Contract") establishing the terms whereby the Authority will sell the
Redevelopment Property to the Redeveloper's affiliate, Penn Station Apartments, LLLP, a
limited liability limited partnership; and
WHEREAS, after reviewing the need for financial assistance for the Project and finding
that the project meets the housing goals and priorities of the city by providing deeply affordable
units, large bedroom size units, units for people with disabilities, and housing with supportive
services; and
WHEREAS, on June 16, 2025, the Board held a public hearing regarding the sale of the
Redevelopment Property following publication of a legal notice on June 5, 2025; and
WHEREAS, the Board has reviewed the requests and finds that the Contract for Private
Redevelopment terms 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 Contract for Private Redevelopment is hereby approved.
2. The Chair and 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 16th day of June, 2025.
a"KI, L'!A�l
Erin Vriez Daniels, Mfir
,in
Sean Hayford Oleary, Secretary
RC125-399 (JAE)
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