1988-32082
HRA RESOLUTION N0. 320
The Housing and Redevelopment Authority In and For
The City of Richfield, Minnesota
Resolution Approving Agreements Mhich Are Part Op The
Contract For Private Redevelopment Mith The Lincoln Companies
MHEREAS, the City Council of the City of Richfield, Minnesota
(the "City") and the Housing and Redevelopment Authority in and
for the City of Richfield, Minnesota (the "HRA") have created and
established the Cedar Avenue Business Area Redevelopment Project
and Tax Increment Economic Development District (Pro,ject Area)
pursuant to the authority granted in Minnesota Statutes, Sections
469.001 to 469.047, inclusive, and 469.174 to 469.179, inclusive
(collectively, the "Act"); and
MHEREAS, the HRA and the City have, pursuant to the Act,
adopted a tax increment financing plan (TIF Plan) to finance all
or a portion of the public redevelopment costs of the Project
Area; and
MHEREAS,- in order to achieve the objectives of the
Redevelopment Plan and for the TIF District and particularly to
make land in 'thee Project Area available for redevelopment by
private enterprsse for and in accordance with the uses specified
in the Redevelopment Plan, the City and HRA have determined to
provide aid and assistance to finance the public redevelopment
costs of the Project Area; and
MHEREAS, The Lincoln Companies (Developer) has proposed a
development within the Project Area which the City has determined
will promote and carry out the objectives for which redevelopment
in the Project Area has been undertaken, and will assist in
accomplishing the objectives of the TIF Plan, will be in the
vital best interests of the City and the health, safety, morals
and welfare of its residents, and is in accord with the public
purposes and provisions of the applicable state and local laws
and requirements under which redevelopment"in the Project Area
has been undertaken and is being assisted; and
MHEREAS, the City and the HRA have by resolution approved a
contract for the private development of land within the Project
Area by the Developer; and
WHEREAS, to effectuate the Contract, it is necessary to
execute a Transfer Agreement and Subordination Agreement
(Agreements) and to make certain technical changes in the
Contract to fully accommodate the Agreements; and
MHEREAS, the HRA has been fully informed of the terms and
provisions of the Agreements and approve of the same.
HRA~Resolution No. 320
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NOM, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Richfield, as
follows:
1. The Executive Director and Chairman are hereby authorized and
directed to execute, on behalf of the HRA the Agreements.
2. The Executive Director and Chairman are hereby authorized to
take all acts and do all things reasonably necessary to carry out
the obligations of the HRA in accordance with such Agreements.
Adopted by the Housing and Redevelopment Authority in and
for the City of Richfield this 7th day '/ March, 1988.
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`L 1 j!~
Thomas E. Harms, Chairman
ATTEST:
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an Helmberger, Secre ry
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