HRA RES 1984-20 - 00013947'
RESOLUTI�] NO. HRA 20 - 1984
RFS�,UTI�I APPROVING P,ND AUTHORIZING THE EXECUTION OF A
DEVELOPMENT AGREEMENT WITH HEARLAND REALTY INVESTORS,
INC.� RF�PEGTING 7.HE HOLLY SHOPPING (�TFrER
It is hereby resolved by the Board of Commissioners (the "Board") af the
Aousing and P,edevelognent Authority in and for the City of Fridley, Minnesota
(the "HRA"), as follaas: '
1. Recitals and Fxndings.
A. The HRA has heretofore established its Center City Redevelopment
District and has adopted a redevelopnent plan therefor (the "Redevel�Fxnent
Plan"). The ob7ective� of the Center City Redeveloiznent Plan inclucle the
pr�notion of neww development, the revitalization and redevelopment of
existing develognent, and the providing of assistance by the HRA toward
the realization of such ob�ectives.
B. The property knaan as the I3olly Shopping Center, loc�teci generally an
the northwest corner of the intersection of University Avenue and
Mississippi Street is located within the Center City Reclevelopment
District.
� C. The present owners of the Holly Shopping Center, fIeartl�nd Realty
Investors, Inc., a Minnesota corporation (the "Developer"), and the HRA
are mutually interested in upgrading the T-iolly Shopping Center and
proviaing traffic and greenway improvenents in the immediate vicinity
thereof.
D. The University Avenue and Mississippi Street intersection is conyested
and in need of additional right of way to make traffic improvenents to
allow better fla,� of traffic, and there is a need f-or additional right of
way on Mississippi Street along the Holly Shoppiny Center property.
E. The acquisition by the HRA of the abcve-mentioned right of way woulcl
cause the Holly Shopping Center to lose needed parking spaces. An
abandoned gas station is situated at the southeast corner of the Holly
Shopping Center site, and the HRA, in accord�nce v�ith the goals of the
Redevelognent Plan, would like to improve that property to bring it into
more productive use.
F. The acquisition of the gas station property would allo� the HRP. to
improve that property, to provide indirect benef-it to the ad�acent I-I�lly
Shopping Center site and to campensate the Developer for the loss of the
parking space occasioned by the expansion of the riqht of way of
P'Lississippi Street.
1 G. Attached to and made a part of this resolution is a groposed
Development Agreanent between the HRA and tkie DeveloFer which prwides for
the making of the public improvements described above, together with
unprovements to be undertaken and completed by the Developer to the Yolly
Shopping Center itself.
Paqe 2-- Resolution No. HRA 20 —1984
' H. The Board of the HRA hereby finds that the improvements and
transactions outlined in the attached Development Agreenent woul� promote
the qoals of the Redevelopment Plan and are authorized by the HRA's
authority under l�linnesota Statutes, Section 462.41 et seq.
2. Approval of Development Agxeenent.
Having duly fulfilled the requirement for public hearing per Mxnnesota
Statutes, Section 462.525, the Board hereby approves the Development Agre�nent
substantially in the form attached hereto and hereby authorizes the Chairman
of the Baard and the Director of the Housinq ard Redevelopment l.uthcrity to
execute the same on behalf of the Authority, with additions and modifications
as those officers may deen necessary.
3. Authorization to I3RA Officers.
Sub�ect to the final approval referenced in the foregoing para_c,raph, upon
execution and delivery of the Development Aqreement, the officers and
employees of the HRA are herebg authorized and directed to take or cause to be
taken such actions as may be necessary on behalf af the EiRA to implernent the
terms of the Develo�Znent Agreenent.
PASuED AND ADOPTID BY 7iIE HOUSIIVG AND REDEVE[,OPI�7Q�7`3' AU^1HORITY QE' TI3� CITY OF
FRIDLEY THIS 137H DAY OF DEC�PIBER, 1984. ;""`�
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DIRECi'OR
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HO[JSITIG AidD RIDEVEI,OPMQ�'1' AUTHORITP