1994-51181
HRA RESOLUTION NO. _._ _ 511
RESOLUTION RELATING TO RICHFIELD SHOPPES
DEVELOPMENT PROJECT : AUTHORIZING EXECUTION OF
A SUBORDINATION AGREEMENT
BE IT RESOLVED by the Housing and Redevelopment Authority of the City of
Richfield, Minnesota (Authority) as follows:
1. The Authority has entered into a Contract for Private Development
dated October 26, 1983 {Contract) with Richfield Shopper Developers, a Minnesota
partnership (Developer) regarding the development of certain property in the
Lyndale-Hill-Nicollet LHN Redevelopment Project Area.
2. Section 7.6 of the Contract requires Authority consent to subordinate
its interests in the Contract for financing of the Improvements and the Lease
Purchase Agreement, as defined in the Contract.
3. The Developer has agreed to purchase the land subject to the Lease
Purchase Agreement and to refund the commercial development bonds issued by the
City of Richfield to finance the Project.
4. Developer has submitted a form of Subordination Agreement to the
Authority for approval pursuant to Section 7.6 of the Contract.
5. It is found and determined that the execution of the Subordination
Agreement is in the best financial interests of the Authority.
6. The Chair and the Executive Director are authorized and directed to
execute and deliver the Subordination Agreement ora behalf of the Authority.
7 . The Subordination Agreement is not be delivered until the Authority has
received the purchase price under the Lease Purchase Agreement.
Adopted by the Housing and Redevelopment uthority in and for the City
of Richfield, Minnesota this 25th day of 1994.
omas E. Harms, Chairperson
ATTE T
Vern Luettinger, Secre ry