05-9576r
176
RESOLUTION NO. 9576
RESOLUTION APPROVING AGREEMENT AND
DESIGNATING HOUSING AND REDEVELOPMENT AUTHORITY
TO ADMINISTER FUNDS
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Richfield, Minnesota (the "Authority") is undertaking a redevelopment project called Cedar
Point, hereinafter called the "Project"; and
WHEREAS, the Project is included within The Richfield Redevelopment Project
Area, duly established by Resolution No. 8030, adopted on June 14, 1993 (the "Project
Area"); and
WHEREAS, the City of Richfield (the "City") is contemplating providing financial
assistance to the Project, which will include tax abatements; and
WHEREAS, the Project fits within the goals of a multi-jurisdictional reinvestment
program authorized under Minnesota Statutes Section 383B.79 by including corridor
planning, acquisition of property, development of commercial projects and job creation;
and
WHEREAS, the Board of Commissioners of the County has approved the Project,
and the multi-jurisdictional reinvestment program (the "Program"), and authorized the
County's participation in the Project; and
WHEREAS, the Authority and the HCHRA have the authority to undertake and
participate in the Project pursuant to Minnesota Statutes Sections 469.001 to 469.047,
469.1812 to 469.1815 and other applicable law; and
WHEREAS, the County is authorized to contribute funds to the Project pursuant to
Minnesota Statutes, Sections 383B.79 and 469.041 and other applicable law; and
WHEREAS, the funds provided by the County for will be used to pay qualifying
costs incurred for the Project, which are limited to appraisal costs, real estate purchase
costs, demolition costs, environmental investigation/remediation costs, and relocation
benefits; and
WHEREAS, the funds provided by the County to the City will be furnished by the
City to the Authority for reimbursement of such qualifying costs.
WHEREAS, in accordance with the provisions of Minnesota Statutes, Sections
383B.79 and 471.59 a proposed Cooperative Agreement for Cedar Point Project (the
"Agreement") has been presented to the Authority for its consideration; and
WHEREAS, the City has reviewed the proposed Agreement and received the
recommendation of staff that the Agreement be approved;
NOW, THEREFORE:, BE IT RE~OLVED By the City of Richfield, Minnesota as
follows:
1. The Agreement is approved in substantially the form presented.
2. The funds obtained by the County pursuant to the Agreement are hereby
pledged to the Authority, and the Authority is hereby authorized and directed
to expend such funds pursuant to and in accordance with the provisions of
the Agreement.
3. The Mayor and City Manager are authorized to execute the Agreement on
behalf of the City and to take all actions and do all things that are reasonable
necessary to the fulfillment of the City's obligations under the Agreement.
Approved by the City Council of the City of Richfield this 25th day of January, 2005.
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Martin J. Kirsch
ATTEST: