1994-51787
HRA RESOLUTION NO. 517
RESOLUTION AMENDING CONTRACT FOR PRIVATE
DEVELOPMENT
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield (the "HRA") did, on or about April 29, 1994, execute and enter into a
contract for private redevelopment ("Contract" } with CSM Corporation; and
WHEREAS, it now becomes necessary that certain provisions of the Contract
be amended; and
WHEREAS, the HRA has reviewed the proposed amendments and the
recommendations of its staff and being fully informed of the requested amendments,
NOW, THEREFORE, BE IT RESOLVED by the HRA as follows:
1. Exhibit A to the Contract is hereby amended to read as shown in the
attached document entitled Exhibit A .
2. Exhibit D to the Contract is hereby amended to read as shown in the
attached document entitled Exhibit D .
3. In all other respects, the Contract remains unmodified and in full force
and effect.
Adopted by the Housing and Redevelopment Authority in and for the City of
Richfield this 1st day of August, 1994.
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE
CITY OF RICHFIELD
homas E. Harms, Chairperson
ATTESTe
Vern L ettin Secretary
[1
HRA Resolution No. 517
EXHIBIT A
REDEVF.LOFMENT PROPERTY DESCRIPTIONS
I. Phase I Property:
FARCEL 1
The North 30 feet of the East FIalf of the Southeast Quarter of Southwest Quarter of
the Southeast Quarter of Section 33, Township 28, Range 24, Hennepin County,
Minnesota
PARCEL 2
That part of the fallowing described properties:
The South 85 feet of the Weft Half of the East Half of the Northeast Quarter
of the Southwest Quarter of the Southeast Quarter of Section 33, Township
28, Range 24; Hennepin County, Minnesota
and
Lot 8, NORTHFELT ADDITION, Hennepin County, A~nesota
and
Vacated or unvacated 7?th Street West, as dedicated ~ in th® plat of
NQRTHFELT ADDITION, Hennepin County, M~tnnesota
Being defficribed as follows:
Commencing at the southeast corner of the Northeast Quarter of the Southwest
Quarter of the Southeast Quarter of said Section 33; thenoe South 88 degrees
ail minutes 41 seoonds West, assumed bearing, along the south line of said
Northwest Quarter of Southwest Quarter of Southeast Quarter 86.5$ -feet to
the paint of beginning of the parcel to be described; thence northwesterly
I87.. 04 feet ~atong a non-tangential curve oonoave to the Northeast having a
radius of 610.33 feet and a central angle of 17 degrees 33 minutes 32 seconds,
the chord of said curve bears North 63 degrees 29 minutes 13 seconds West;
thence South 38 degrees 06 minutes 35 seoonds West, not tangent to said
curve, 32.47 feet; thence southerly along a tangential ourve conaeve to the
east having a radius of ].20.00 feet to the south line of said Northeast Quarter
of Southwest Quarter of Southeast Quarter, thecae North 89 degrees 41
miautea 41 seconds East along said south line to the point of beginning.
PARCELS
The North 290 feet of the East 1 J 2 of the Southeast 114 of the Southwest Y /4 of the
Southeast 1J4 t~f Section 33, Township 28, Range 24, except the North Thirty (30)
feet as described in Book 193? oP Deeds, page g32, Henac~pin County, Minnesota
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HRA Res. 517
Subject to the interest of the City of Richfield is an easement for street purposes
over the West 30 feet of said parcel.
PARCEL 4
The East 160 feet of th® South 50 feet of the North 25b fast of the West 320 feet of the
South 112 of the Southeast 1 /4 of the Southeast S /4 of Section 33, Township 28,
Range 24, exoept the East 30 feet, according to the United States Goverzuaent
Susrvey thereof and situate in Hennepia County, Minnesota.
PARCEL S
The North 255 feet of the West 320 feet of the South 1/2 of the Southeast 1/4 of the
Southeast 1/4 of Section 33, Township 28, North Range 24, West of the 4th Principal
meridian, except the East 30 feet thereof and except the West 130 feet of the East X60
fast of the South 50 feet thereof, Hennepin County, Minnesota
Subject to the interest of the City of Richfield in an easement for street purposes
dated October 18, 1983, filed December 2, 1953, as Document No. 2848415, over the
North 30 feet of said parcel.
PARCEL B
The South SO Peet of the North 345 feet of the West 320 feet oP the South One Half (S
1 / 2) of the Southeast Quarter (SE 114 } of the Southeast Quarter t SE 1 / 4) of Scotia
33, Township 28 North, Range 24, West of the 4th Prindpal meridian, except
Fast 3o feet thereof, accrording to the United States Government Survey thereo
Hennepin County, Minnesota.
PARCEL 7
All that part of the West 320 feet of the South 1 / 2 of the Southeast Quarter of the
Southeast Quarter of Section 33, Township 28, Range 24, except the North 34S feet
thereof and axaept the parts thereof taken for highway purposes and exoept for
Colfax Avenue South and Market Drive, according to the United States Survey
thereof , ~ienaepin County, Minnesota.
Subject to the rigfits of the State of Minnesota in certain aeaesa restrictions created
by Final Cert3fiaates filed January 14, 1959 as Document No. 3189209 and filed July
17, 1963 as Document No. 3417875.
PARCEL 8
That part of the East one-half of the Southeast quarter of the Southwest quarter of
the Southeast quarter of Section S8, TowashiD 28, Ra7ige,24, which lies South of the
North ?AO feat thereof, except the Weft 30 feet thereof for Emersca Av®Ytue and
except that part taken for highway, Hennepin County, Minnesota.
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HRA Res. 517
PARCEL 9
Tfat part of the West 30 feet of the East Half of the Southeast Quarter of the
Southwest Quarter of the Southeast Quart®r of Section 33, Township 28, Range 24,
Hennepin County, Minnesota which lies South of the North 240 feet thereof except
part taken Por highway.
Subject to the rights of the State of Minnesota in certain access restrictions created
bq Final Certif~tc:at®s filed January 4, 1982 as Document No. 2732832 and filed
September 20, 1983 as Document No. 3431114.
II. ~ Phase II Property:
parcel 1 (PID ~k33 028 24 44 0082)
The West 28.5 feet of Lot 1 and the East 10.34 feet of Lot 2, Block 1, STRAND-
BOWEN SECOND ADDITION, Hennepin County, Minnesota
paraei 2 (PID #33 028 24 44 0083)
Lot 3 and the West 14.88 feet of Lot 2, Biook 1, STRAND-BOWEN SECOND
ADDITION, Hennepin County, Minnesota
parcel 3 (PID #33 028 24 44 0084)
Lots 4 and b, Black 1, STRAND-SOWEN SECOND ADDITION, Hennepin
County, Minnesata
Parcel 4 (PID #33 028 24 44 0085 )
Lat B and the. easterly 4.5 feet of Lot ?, Block 1, STRAND-BOWEN SECOND
ADDITION, Hennepin County, Minnesota
Parcel 8 (PID #33 028 24 44 0088)
That part of Lot ?lying westerly of the easterly 4.3 fe®t thereof and the
easterly 4.5 f®et of Lot 8, all is B1ook 1, STRAND-BOWEN SECOND ADDI-
TION, Hennepin -County, Minnesota .
Parcel 8 (PID #33 028 24 44 008?) (Torreng Cert. No.'S?9825)
All of Lot 8, eseept the Easterly 4.5 feet thereof; Lots 9 to 113nclusive, Block
1, STRAND-BOWEN SECOND ADDITION, according to the recorded plat
th®r8of, Hennepin County, Minnesota
Parcel ? (PI]~ #33 028 24 44 0088)
Lots 1 through 4 inclusive, Black 2, STRAND-SOWEN SECOND ADDITION,
except highway, liennc~pin County', Miartesota
Parcel 8 (PID #33 028 24 44 0089) tTorrens Cert. No. 528833}
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HRA Res. 517
Lots 8 to 11, inclusive, Block 2, STRAND~BOWEN SECOND ADDITION,
according to the recorded plat thereat, Hennepin County, Minnesota
Parcel 9 (PID #33 OZ8 24 44 4073)
Lots 1 and 2,-Block 1, STRAND-BOWEN ADDITION TO RICHFIELD, Hennepin
County, Minnesota
Parcel 10 (PID #33 028 24 44 0074 )
Lots 3 and 4, Block 1,' STRAND-BOWEN ADDITION TO RICHFIELD, Hennepin
County, Minnesota . -
Parcel 11 (PID #33 028 24 44 0075 }
Lots 5 and 8, Blook 1, STRAND-BOWEN ADDITION TO RICHFIELD, Hennepin
County, Nlianesota
Parcel 12 (PI~ 28 24 44 0078)
Lots ?and 8, Block 1, STRAND-BOWEN ADDITION TO RICHFIELD, Hennepin
County, Minnesota
Pa_,rael 13 (P_ I_ D X33 02 24 44_ pp77)
Lot 9 and that part of Lot 101ying east of the west 10.5 feet thereof, Block 1,
STRAND-BOWEN ADDITION TO RICHFIELD, Henuepia County, NLtwaesota
Parcel 14 (PID #33 028 24 44 0078)
Lot 11 and the west 10.5 Peet of Lot 10, 81ook 1, STRAND-BOWEN ADDITION
TD RICHFIELD -
Also thA east 10.5 feet of Lot 1, Block 1, STRAND-BOWEN SECOND ADDITION
all in Hennepin County, Mvanesota
Parcel 18 (PID #33 028 24 44 0081
Lots 8 to 11, inolusive, Block 2, STRAND-80WEN ADDITION TO RICHFIELD,
e~ccept highway, Hennepin County, Minnesota
Parcel 18 (PTD #33 028 24 44+ Q080)
Lots 4, 5, 6 and 7 and the west 1 toot of Lot 3, Block 2, STRAND-BOWEN
ADDITION TO RICHFIELD, except highway, Hennepin County, Minnesota
Parcel 1? (PID #33 028 24 44 0499}
Lots 1 and 2 and that part of Lot 3 lying east- of the west 1 foot thereof, Block
2, STRAND-BOwEN ADDITION TO RICHFIELD, except highway, Heaaa+pin
County, Minnesota
Pex___ ae~(FY_, D #33 028 24 44 0100)
That part of the vacated Aldrlah Avenue South as dedicated in the plat of
STRAND-SdWEN ADDITION TO RIL".ATr'IELD, lying south of the south line of
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HRA Res. 517
West 77 1 / 2 Street and lying north of the north Line of Interstate Highway 494,
Hennepin County, Minnesota
Parcel 19 (PID #33 .028 29~ 44 0101)
Lot 6, Block 2, STRAND'S SECOND ADDITION TO RICHFIELD, Hennepin
County, Minnesota
Paroel 20 PID #33 ~ 028 24 44 0097
Lot 4, Block 2, STRAND'S SECOND ADDITION TO RICHFIELD, Hennepin
County, Minnesota
Parcel 21 (PID #33 028 24 44 009fi}
Lots 2 and 3, Block 2, STRAND'S SECOND ADDITION TO $iCHFIELD,
Hennepin County, Minnesota
Parcel 22 (PID #33 028 24 44 0098 )
Lot 1, Blook 2, STRAND'S SECOND ADDITION TO RIC.~IFIELD, Hennepin
County, Minnesota
Parcel 23 tPID #33 028 24 44 0084)
1
Lots 10 and 11, Block 1, STRAND'S SECOND ADDITION TO RICHFIELD,
Hennepin County, Nlinneaota
Parcel 24 PTD #S3 028 24 44 0093
Lot' 9, Block 1, STRAND'S SECOND ADDITION TO RICHFIELD, Hennepin
County, Minnesota
Parcel 28 (PID #33 028 24 44 0092
Tbat part of Lot $ lying westerly oP the easterly 6 inches thereof, Blook 1,
STR,AND'S SECOND ADDITION TO RICHFIELD, Hennepin County, Minnesota
Parcel 26 PID #33 028 24 44 0081
Lots 8 and 7 and the easterly 6 inohes of Lot 8; Block 1, STRAND'S SECOND
ADDITION TO RICHFIELD, Hennepin County, Minnesota
Parcel 2?
-,
.-
Tlsat part of vacated or unvacated Co1Pax Avenue south as dedicated in the
plat of STRAND-BOWEN SECOND ADDITION
and
That part of vacated or unvacated 77 1 / 2 Street West as dedice~ted is the plats
o~ sTaAND-BOwEN SECOND ADDITION, STRAND-BOWEN ADr1ITioN To
RICHFIELD, AND STRAND'S SECOND ADDITION
and
piwto Hof 9T&ANa aoWEN AnnIT ~N TO RICHFIELD an STRAND'S ECOND
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HRA Res. 517
ADDITION, lying worth of the south line of West 77112 Street and lying south
of the south line of 77th Street West
all in Hennepin Caunty, Minnesata
Parcel 28
.~
The North 255 feet of the East 30 feet of the West 320 feet of the South Half o
the Southeast Quarter of the Southeast Quarter of Section 33, Township 28,
Range 24, Hennepin County, Minnesota
Parcel 29~ . -~ . .
.~.,.._ .
The South 90 feet dP the North 346 feet of the Rant 30 feet of the West 320 feet
of the -South Half of the Sout~neast Quarter of the Southeast Quart®r of 8antion
33, Township 28, Range 24, Hennepin County, Minnesota
Pareel 30
~~
The South 89.2 feet of the North 434.92 f®et of t}~e East 30 feet of the West 320
feet of the South Half of the Southeast Quarter of the Southeast Quarter of
eeotion 33, Township 28, Range 24, ~Iennepin County, Minnesota
Par
All that part of the East 3o feet of the West 320 feet of the South HaYf og t.&e
Southeast Quarter of the Southeast Quarter of Seotion 33, Township 28, Range
24, Hennepin County, Minnesota, EXCEPT the North 434.92 feet thereof wad
the parts thereof taken for highway purposes
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HRA Res. 517
EXHIBIT D
$2,196,358
~tJNITED STATES OF AMERICA
STATE OF MINNESOTA
COVNT~' OF HENNEPIN
THE HIN AND FORDTHE CITY' OF~RINCHFIELD RITY
LIMITED REVENUE TAX INCREMENT NOTE
(PHASE I}
The I~ousitag and Redevelopment Authority in and for th® Cite of Riahfieid (the
"Authority") , hereby aoknowledge~s itself to be indebted and, fo>" value received,
promises to pay to the order of CSM Corporation, Ina. , a Minnesate: corporation (the
"Owner" } , solely from the source, to the extent and ~ TWO Million On® undyed
provided, the original principal amount of this Nate, being
Ninety 9ix~Thousand Three Hundred Fifty Eight Dollarffi t$2,198, 388) {the "Prinoipt~l
Amount" } , together With interest thereon accrued from the date of. this Note, at the
rate of interest of eight end one half percent (8. S~) per annum (th® "S'ta'ted Rste") ,
in the amount and on the dates (the "9cheduled Payment Dates"~ set forth on the
Payment Schedule attached as Sch®dul®A hereto and in the amou~ats stated thereon
(the "Sched~ci pea se"~-annual tbasis~~oh Augu~st~1 andt Februaz`Y 1 uatfl
added t p pal
August 1, 1996.
Any payments on this Nate sha11 be applied first to aaorued'iaterest and then
to the Principal Amount in respect of which gush Payment ig made •
Each payment ata this Note is payable in any min or ourreiaay of the United
States of America which on the date of such payment is legal tender for public sad
private debts and shall be q~ade by check or draft made payable :to the Own®r and
. mailed to the Owner at it postal addr®ss within the United States Which sh+s~U be
designated from~time to time by the Ow'ki®r.
The Note is a s ecial and limited obligation and not a general obligation of the
Authority, which hay been issued by the Authority t4 aid in f3nanoir~ a "project •"
as def3n®d in Minnesota Statutes, 4 489.174, of tlse Authorrity within and for the
benefit of its nterstate- yndale-Nicollet Redevelopmen# Froj+~at Area and Tax
Increment Fiaanoing District ("District") . .
THE NOTE IS NOT A DEBT OF THE AUTHORITY, THE CITY OF RICHFIELD,
OR TX•IE STATE OF MINNESOTA (THE "5TATE"), AND NEITHER THE AUTHORITY,
THE CITY OF RICHFIELD, THE STATE NOR ANY POLITICAL SUBDIVISION
ouT (~~ANY FVNDS OR PROPER YES OTRER TITAN AVA L~-BLE Alt $N RF.MEN'Z'~
AS DEFINED BELOW .
The Scheduled Payment of this Nate due on stay Scheduled Payment Date is
or subu :~~ au a r ymc~~ at Leh a~~btA~ x~~r~s-~em,an t" herebYadefined by tl~
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HRA Res. 517
Authority as tax increment received from April 1, 1994 with respect to that certain
real property located within the District and described in the attached Schedule 8
(hereinafter "Property")after first deducting the HRA's ten percent administrative
charges; but only to the extent that such tax increment has sot been used to make
a Scheduled Paym®nt as of the 8oheduled Repayment Date, has not been used to make
any required fiscal disparities payment.''
Far purposes of this Note, a "Payment Date" shall mean each of the Scheduled
Payment Dates set forth an Exhibit A attached hereto and each additional Payment
Date a~equired in connection with any of the terms of this Note as set forth below,
because of cheeses made in Minnesota Statutes, ~~ 489.174-489.178.
Notwithstanding anything to the contrary in this~ot~ on each of the Payment
Dates, the Authority shall pay to the Owner th® Available Tax Increment up to a
maximum of an amount necessary to amortize aver the term of this Note, at the Stated
Rate, all expenditures made by the Redev®loper to acquire and assemble the
Property. The Authority's fiscal agent will review the statement of such
expenditures and will determ3nc, the amount payable annually and during the fuII
term of this Note, said determination to be final. Ta the extent that on any Payment
Date the Authority is unable to make a payment from Available Tax Increment as a
result of having received, as of such date, ao Available Tax Increment, such failure
shall not constitute a default ender this Note and the amount of such Sch®duled
pay~aant (princi~l. ~mmd interest) al~D be d~gaed paid ands except as provided
below, the Authority shall have no obligation under this Note, or otherwise, to
subsequ®ntly pay eay suoh deficiency unless the deficiency is the direct result of
the failure oP the County to timely remit the proper amount of Tax Increment, in
which vase, suoh deficiency shall be paid promptly upon remittance by the County.
Thi$ note shall terminate upon the earlier of i) the date when the Redeveloper has
been fully reimbursed as reasonably determined by the Authority's fiscal agent; ii)
the date on which the Authority shall no longer be entitled to receive tax increment
from the District; iii) the date on which this Note is otherwise tergninated according
~to its terms .
This Nate shall terminate and the Authority's obligation to make any payments
under this Note shall be discharged and the Authority shall hav®: no obligation and
incur no liability to make any payments hereunder immediately upon the ooaurrence
of an Event of Default ender the Contract for Private Development, dated Apri129,
1894, between the Authority and the Owner, subject to th+a~ Notice and cure
provisions of Section 9.2 thereof .
Tbis Note shall not be payable from ar canatitute a charge upon any funds of
the Authority or the City of Richfield and the Authority shall nod be subject to any
liability hereon or be deemed to have obligated itself to pay hereon from any funds
except the Available Tax Increments, sad then only to the extent: and in the manner
herein specified.
1Ia the event that during the term of this Nate the City of Richfield makes either
of the elections available to it ursder Laws 1882, Cha,~ster 811, Artici+a 9, Section 26,
then the term "Available Tax Increment" shall also exclude the annual increase stn tax
increment resulting from the election up to an amount nec~e,eaxy to aawr~ize the
~6c~o, eon adc9iticnal reimbursement over the remaining term of the Note at 8. S~ per
annum .
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HRA Res. 517
The Owner shall sever Dave or be deemed to have the right to compel eay
exercise of say tsxiag power ~ the Authority or the City of Richfield or of amy other
public body, sad neither the Authority or the City' of Richfield aor aay director,
commissioner, aounoil member, board member, officer, employee .or age ~t~ No ~
Authority or the City of Richfield, nor ~Y persoa executing or reg~steriag
shall be 13able personsAy hereon by reason of the iffiguanoe or regisiratioa hereof or
otherwise •
Thin Note shall not be traasferable or assigaabie, in whole or is part, by thQ
Owner without the prior written consent of the Authority; provided that the Owner.
may pledgs~ the payments ~er® ttea notice thereof t the Authorityurchaser of the
project, but only with prio wri
This Note may be prepaid in full at any time at the option of the Authority;
and may also be prepaid at the request of the Owner, but in either instance only if
the Authority first determines 'that sufficient tax ino umoe ~t ~®g ~ b~~pa~en
to permit such prepayment, and the parties agree p
amount. '
This Note is issued pursuant proper action of the Authority.and is entitled to
the beuefita thereof, which Resolution is incorporated herein by xefeaenoe.
IT YS HEREBY CERTIFIED AND RECITED that as sots, coaditioas, and things
required by the Constitution and laws of th® State oP Mianesota to. be don®, to have
happened, and to be performed preoed®nt to sad is the issuance 'of this Note have
been done, have happened, aad have been performed is regular aid due form, tune,
and mgr as required by law; and that this Note, together with sit other
indebtedness of the Authority or the City of Richfield outstsading on 'the date hereof
and on the date of its actual issuance and de]ivery, does sot cause the indebtedness
of the Authority or the City of R,ichffeld to exceed say ~astitutionai or statutory
limitation thereon.
IN WITNESS WHEREaF, the Board of Commissioners of the Authority hers
caused this Note to be executed by the manual sig~setures of the Chairperson end the
Executive Director of the Authority and has caused this Note to b® dated
,. 189.
Chairperson I - -
Executive Director
1
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HRA Res. 517
SCHEDULE A
. SCHEDULED
gCgEDULED FAYI4~ENT DATES FA14Y 8S
August 1, 1998 ~ 149,798
Febxua~,y 1, 1997 1,49, 798
August 1, 1997
February 1, 1998 149,788
• • August 1, 1998 . ~ 149, 798
Februarry 1, 1999 148,788
• August 1, 1998 148, 798
February 1, 2000 149,798
August 1, 2000 148, 798
February 1, 2001 149,798
August 1, 2001 149,798
February 1, 2002 149,798 .
August 1, 2002 149, 798
February 1, 2003 148,798
August 1, 2003 149,?98
February 1, 2004 149,798
. - August 1, 2004 149 , 788
Fe?~~ar~ 1, 2AQ8 149 s ?98
August 1, 2005 149, 798
February' 1, 2008 149, 798 .
August 1, 2008 " 148, 798
February 1, 200? 149,798
August 1, 2007 149,798
February 1, 2008 149,798
August 1, 2008 149,798
February 1, 2008 149,798
August 1, 2009 149,788
February 1, 2010 149,798
August 1, 2010 149,798
February 1, 2011 149,788 _
August 1, 2011 149,?98 _.
February 1, 2012 ~ ~ 149, 798
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