1996-60829
HRA RESOLUTION N0.608
RESOLUTION OF THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF RICHFIELD, MINNESOTA
APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT
WITH THE LIMITED, INC.
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority") has properly created and is administering its Redevelopment
District (the "District") pursuant to ~].R. t~.t. Chapter 469 in an effort to encourage the
development and redevelopment of certain designated areas within the City of Richfield; and
WHEREAS, among the development activities proposed to be assisted by the
Authority in the District are the development of retail-commercial facilities; and
WHEREAS, there has been presented before the Authority a form of Contract for
Private Redevelopment ("Contract") between the Authority and The Limited, Inc., setting forth
the parties respective responsibilities in developing retail-commercial facilities; and
WHEREAS, the Authority has reviewed the Contract and finds that the execution of
the same and the Authority's performance of its obligations thereunder are in the best
interest of the Authority and its residents.
NOW, THEREFORE, BE IT RESOLVED by the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota as follows:
1. That the proposed development within the District is not economically feasible without
the assistance to be provided.
2. That the Contract, as presented to the Authority, is hereby in all respects approved,
subject to insubstantial modifications which may be subsequently approved by the
Board Chair and the Authority's legal counsel.
3. That the proper Authority officers are hereby authorized to execute the Contract on
behalf of the Authority and to carry out, on behalf of the Authority, the Authority's
obligations thereunder.
Adopted by the Housing and Redevelopment Aut city in and for the City of Richfield,
Minnesota this 28th day of October, 1996.
Thomas E. Harms, Chair
ATTEST:
Vem Luettinger, Secreta
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