HRA RES 1984-05 - 000139283
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� A RF�[T1.Z0l�I APP12(NII� ADID Aff1HORIZIL� �iE �rrrON
� A�NII2ACP P�OR PRIVATE DEVEUOR'IFNP Wi'lfl TAi�L' "P
IT IS HERffiY RESOLVID by the Board of Commissioner� (the "Board") of the
Housing and Redevelopment Authority in and £or the City of Fridley,
Hlinnesota (the "Authority"), as follaas:
1. Recitals.
A. The Authority has all the powers of a housing and redevelopment
authority under the Municipal Housing and redevelopment Act,
Nlinnesota Statutes, Sections 462.411 to 461.716, inclusive, as
amended (the "Act).
B. In furtherance of the ob�ectives of the Act, the Authority has
undertaken a program to acquire, or otherwise promote clevelopment
of, open or undeveloped land and in this connection is engaged in
carrying out the redevelopment pro�ect known as the Authority's
Redevelognent Project No, 1(the "kedevelognent Pro�ect") in an area
(the "Pro�ect Area") located in the �ity.
C. There has been prep�red and approved by the Authority and the City
Council of the City, pursuant to the Act, a P7odified Redevelopment
Plan for the Redevelopnent Pro�ect (the "RedeveloXxnent Plan") .
� D. The acquisition and subsequent sale or lease of the potential
development property to private developers for commercail
c3evelopment are stated ob�ectives of the RedeveloEanent Plan.
E. In order to achieve the ob�ectives of the Redevelopment Plan and
particularly to make the land in the Pro�ect Area available for
development by private enterprise in conformance with the
RedeveloFxnent Plan, the Authority has determined to provide
substantial aid and assistance in connection with the Redevelopment
Plan through the financing of certain of the public costs of
developnent in the Project Area,
F. Target has presented the Authority with a proposal for the
construction within the Pro�ect Area of an Office Building and a
certain Contract Por Private Developnent between the Authority and
Target (the "Development Contract"), stating the terms and
conditions of such develognent and the Authority's responsibilities
respecting the assistance thereof, has been presented to the Board
for its consideration.
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3A
Page 2--Resolution No. HRA 5- 1984
� G. The Development Contract provides for the purchase and reconveyance
by the Authority of the property on which the Target project is
proposed to be constructed, and in compliance with Minnesota
Statutes, Section 462.525, Subdivision 2, followinq published notice
thereof, the Board of the Authority held a public hearing on sucYi
reconveyance at its regular meeting on April 19, 1984.
2. The board hereby approved the Contract for private Develogment
substantially in the form attached hereto as Exhibit A, and hereby
authorized the Chaixman and Director to execute the same on behalf of
the Authority, with such additions and modificatons as those officers
may deen necessary.
3. Upon execution and delivery of the Contract for Private Develognent, the
officers and employees of the Authority are hereby authorized and
directed to take or cause to be taken such actions as ma�� be necessary
on behalf of the Authority to implement such Agreement.
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PASSED AND ADOPTID BY Z4iE HOUSING ANL) REp�PMIIVT AU7,S�ORSTY OF 24iE CITY OF
FRIDLEY THIS 19th DAY OFADriI , 1984.; �,��; ,f�� �,,'
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T,ARRY �Q �MMERS� CHAIRMAN
� HO[TSIN�' AND RIDEVII�OPP7ECd'i PiTTHORITY
ATTFST:
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DIREG�R
3/0/24/31
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