021825 Resolution No. 55 HempelRICHFIELD ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 55
RESOLUTION APPROVING THE USE OF THE APARTMENT REMODELING LOAN
PROGRAM FOR THE REHABILITATION OF NOAH PROPERTIES BY HEMPEL
HOLDINGS, LLC, OR A SUBSIDIARY THEREOF
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority") approved a Contract for Private Redevelopment with Hempel
Holdings, LLC, a Minnesota or a subsidiary thereof (collectively, the "Redeveloper") on February
18, 2025, for the preservation and rehabilitation of three naturally occurring affordable housing
("NOAH") properties up for sale in the City of Richfield (the "City"); and
WHEREAS, the NOAH properties consist of the New Orleans Court Apartments and
Townhomes (located at 50 West 78th St), the Richland Court Apartments (located at 1300-1324
East 78th St), and the Winton House Apartments (located at 7500/7544 Cedar Ave); and
WHEREAS, under the terms of the Contract, the Authority has agreed to provide a loan
in an amount up to $1.57 million toward the acquisition and rehabilitation of the NOAH properties
by the Redeveloper and to provide $200,000 in additional assistance through rehabilitation
loans; and
WHEREAS, in 2010 and 2018, the Authority and the Richfield Economic Development
Authority (the "EDA") provided rehabilitation loans to the NOAH properties and repayment of
those loans will be required upon the sale of the NOAH properties; and
WHEREAS, the EDA administers an Apartment Remodeling Loan Program, and the
guidelines limit the issuance of loans to one per property, in this instance the EDA agrees that
because of the significant benefits the preservation and rehabilitation of the NOAH properties
provide to the residents and the community and given the availability of repayment funds, one
additional loan per property should be made to the NOAH properties; and
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the
Richfield Economic Development Authority as follows:
1. The Redeveloper is eligible to apply for one Apartment Remodeling Loan per
NOAH property in a total amount of $200,000.
2. The President and the Executive Director are hereby authorized to execute any
additional documents or certificates determined to be necessary by staff and counsel to the EDA
in order to carry out the intention of this resolution.
3. This resolution shall be in full force and effect upon its adoption -
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Adopted by the Richfield Economic Development Authority this 18th day of February, 2025.
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G
Erin Vr(eA Daniels esidenY
Melissa Poehlman, Executive Director
RC125-402-1008022 vl