10-1084rHRA RESOLUTION NO. 1084
RESOLUTION APPROVING FOURTH AMENDMENT
CONTRACT FOR PRIVATE REDEVELOPMENT
BE IT RESOLVED, by the Board of Commissioners of the Housing and Redevelopment
Authority in and for the City of Richfield, Minnesota (the "HRA") as follows:
WHEREAS, the HRA and Best Buy Company, Inc. (Best Buy") did on or about March
28, 2000 enter into an agreement entitled "Contract for Private Redevelopment" (the "Contract"),
calling for the redevelopment of an area of land (the "Property") lying within the City of Richfield;
and
WHEREAS, the HRA and Best Buy did on or about November 27, 2000, February 20,
2001, and March 5, 2003, enter into agreements entitled, First Amendment to Contract for
Private Redevelopment (the "First Amendment"), Second Amendment to Contract for Private
Redevelopment (the "Second Amendment"), and Third Amendment to Contract for Private
Redevelopment (the 'Third Amendment") respectively, which amended the Contract; and
WHEREAS, the City of Richfield (the "City") previously issued its $8,350,000 General
Obligation Tax Increment Bonds, Series 2001A (the "TIF Bonds") in order to finance a portion of
the cost of the Penn Avenue bridge project which was related to the redevelopment of the
Property and the principal of and interest on such TIF Boncis are payable from Available Tax
Increment (as defined in the Contract); and
WHEREAS, for the purposes of achieving debt service savings on the TIF Bonds, the
City has determined to issue Refunding TIF Bonds (as defined below), the proceeds of which
will be applied to the redemption and prepayment of the TIF Bonds; and
WHEREAS, Best Buy has agreed that the HRA will keelrany- debt- service-savings
realized by refunding the TIF Bonds and such savings will be deposited to the Housing and
Redevelopment Fund; and
WHEREAS, the actions described above necessitate additional modifications to the
Contract; and
WHEREAS, the HRA has been presented with a proposed amendment to the Contract
entitled "Fourth Amendment to Contract for Private Redevelopment"; and
WHEREAS, the HRA has reviewed and is familiar with the proposed amendment to the
Contract, and is satisfied that the terms thereof cant' out the intentions of the parties, and are
necessary and appropriate.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the
Housing and Redevelopment Authority in and for the City of Richfield, Minnesota that:
1. The proposed Fourth Amendment to Contract for Private Development is hereby
approved in all respects.
2. The Executive Director and Board Chair are hereby authorized to execute and
deliver the Fourth Amendment to Contract for Private Development in substantially the form on
file with the HRA, with such additions, deletions, and other changes as are approved by the
Executive Director and Board Chair. The Executive Director and Board Chair are further
directed to take all steps and do all things necessary to effectuate the provisions of the Fourth
Amendment to Contract for Private Development.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota on this 20th day of December, 2010.
-~G
nne Sandahl, Chair
ATTEST:
,e-
J n Helmberger, Secretary