05-9689r
289
RESOLUTION NO. 9689
RESOLUTION APPROVING A BUSINESS SUBSIDY AGREEMENT BETWEEN
THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF RICHFIELD AND RYAN COMPANIES US, INC.
BE IT RESOLVED By the City of Richfield, Minnesota, (the "City") as follows:
Section 1. Recitals.
1.01. On or about July 27, 2005, the Housing and Redevelopment Authority in and for the
City of Richfield (the "HRA") and Ryan Companies US, Inc. (the "Redeveloper") entered into
that certain document entitled, Contract for Private Redevelopment (the "Contract").
1.02. Section 4.5 of the Agreement calls for the parties to enter into a separate Business
Subsidy Agreement as required by the Business Subsidy Act, setting the level of assistance
that is treated as a business subsidy under the Business Subsidy Act, (Minnesota Statutes,
sections 116J.993 to 116J.995).
1.03. On or about November 21, 2005, the HRA conducted a duly noticed public hearing
regarding the business subsidy agreement at which all interested persons were give an
opportunity to be heard.
1.04. Following such hearing the HRA approved the business subsidy agreement and
referred the matter to the City Council for action as required by law.
1.05 The City Council after consideration of the matter and hearing the report of staff has
determined that the execution thereof by the HRA and the performance of the HRA's
obligations thereunder are in the best interest of the City and its residents.
Section 2. City Approval: Further ProceedinQs.
2.01. The City approves the Agreement subject to the changes shown thereon.
2.02. The Mayor and the City Manager are authorized to take all steps and do all things
necessary to carry into effect the provisions of this resolution.
Approved by the City Council of the City of Richfield, Minnesota this 13th day of
December, 2005.
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Martin J. Kirsch,"M,ayor .