11-1102r HRA RESOLUTION NO. 1102
RESOLUTION APPROVING A CONTRACT FOR PRIVATE DEVELOPMENT BETWEEN THE
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RICHFIELD AND
WOODLAKE RICHFIELD APARTMENTS, LLC
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield (the
"Authority") and the City of Richfield (the "City") has approved an Amended and Restated Tax Increment
Financing Plan for the establishment of the 2010-1 Housing Tax Increment Financing District (Woodlake
Housing) (the "TIF District") within the Richfield Redevelopment Project Area pursuant to Minnesota
Statutes, Sections 469.001 to 469.047, as amended, and Sections 469.174 to 469.1799, as amended;
and
WHEREAS, the Board of the Authority has been presented with a Contract for Private
Development (the "Contract"), between the Authority and Woodlake Richfield Apartments, LLC (the
"Developer"), which sets forth the terms and conditions of the housing development project to be
constructed by the Developer within the TIF District; and
WHEREAS, the purpose of the Contract is to provide tax increment financing assistance to the
Developer in order to facilitate redevelopment of the property within the TIF District and provide affordable
housing in the area, which will increase the City's tax base and encourage redevelopment of property in the
area; and
WHEREAS, the Authority has reviewed the Contract and finds that the execution thereof by the
Authority and performance of the Authority's obligations thereunder are in the best interest of the City and
its residents; and
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority in and for
the City of Richfield, Minnesota as follows:
1. The Contract presented to the Authority and on file with the Community Development
Director is hereby in all respects approved, subject to modifications that do not alter the substance of the
transaction and that are approved by the Chairperson and Executive Director; provided that execution of
such document by such officials shall be conclusive evidence of approval.
2. The Chairperson and Executive Director 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 Authority in and for the City of Richfield, Minnesota
this 15th day of August, 2011.
4 ,4%,,,,,,„e d 1
Su ne M. Sandahl, Chair
ATTEST:
a-42 /
71 '7
f . A---LIB
J n Helmberger, Secretary C