03-24-1997 Special
---~
~,
~-- I
Special HRA Meeting
~ ---~
The meeting was called to order by Vice Chair Helmberger at 5:35 p.m.
HRA Members
Present.•
HRA Members:
Absent:
Staff Present
HRA MEETING MINUTES
Richfield, Minnesota
March 24, 1997
Joan Helmberger; Michael Sandahl; and Russ Susag.
Tom Harms and Kristal Stokes.
James Prosser, Executive Director; and Thomas Ferber, City Clerk.
Executive Director Prosser reviewed HRA Letter No. 16 recommending that the
HRA authorize the execution of the following two agreements with Meridian Crossings
Properties Real Estate Development L.L.C., d/b/a TOLD Development Company:
Consent to Assignment, Estopuel and Agreement
This agreement is required by the Developer's lender, Richter-Schroeder Company, Inc.,
of Milwaukee, Wisconsin. Essentially, the Consent to Assignment, Estoppel and
Agreement subordinates the HRA's interest to the lender in the event of a default by the
Developer.
HiZA Special Meeting Minutes
-2-
March 24, 1997
Consent to Assignment and Assum tp ion
Meridian Crossings Properties Real Estate Development L.L.C., d/b/a TOLD Development
Company (Developer) is currently under contract with the HRA for the project. Upon the
HRA's land sale to the Developer, the Developer will grant, transfer and assign its rights
and interests to Meridian Crossings L.L.C. The Assignment and Assumption governs this
transfer. The Consent to Assignment and Assumption acknowledges the HRA's approval
of this transfer.
M/Susag, S/Sandahl to authorize the execution of the (a) Consent to Assignment
Es#Qppel and Agreement and.~b Consent to Assignment and Assumption by the Chair
and Executive Director of the HRA.
Motion carried 3-0.
M/Susag, S/Sandahl to adjourn the meeting.
Motion carried 3-0.
The meeting was adjourned at 5:39 p.m.
Date Approved: 4/21/97
n Helmberg
~i~r~, ~i~~e~ ~~
Thomas P. Ferber Jame D. Prosser
City Clerk x~ utive Director