HRA RES 1985-15 - 00013746'
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RFSOL,UTION NO. HRA 15 - 1985
A RESOLilPION APPRWING AND AU7�30RIZING Ri3E FXEQJTION OF A
CONTRA(.T FOR PRIVATE DE�7ELOPMENT WITH COLUMBIA PARK
PROPEI�PIFS
I'I' IS HEREBY RESOLVED by the Boar
Housing and Redevelognent Authority
(the "Authority"), as follaws:
1. Recitals
d of Conunissioners (tl�e "Board") of the
in and for the City of Fridley, Minnesota
A. The Authority has all the powere oi a housing and redevelo�anent
authority under the Municipal Housiny and Redevelopment Act,
Minnesota Statutes, Sections 462.411 to 461 J16, inclusive, as
amended (the "Act").
B. In furtherance of the ob�ectives of the Act, the Authority has
�mdertaken a program to aoquire, or othenaise prwnote dev�].opnent of,
open or imdeveloped land and open or undeveloped land and iri this
wnnection is engaged in carrying out the reclevelopnent pro7ect known
as the Authority's Redevelo�ment Pro7ect Pdo. 1(the "Redevelorxnent
Project") in an area {the "Pro�ect Area") locaten in the G.ty,
C. There has been pre�red and approved by the Authority and the City
�uncil of the City, pursuant to the Act, a Ntoaified Redevelopment
Plan for the Redevelognent Pro7ect (the "Reclevelognent Plan").
D. The acquisition and subsequent salE or lease of thE potential
developnent property to private deve] oFers for commercial develognent
are stated objectives of the Redevelognent Plan.
E. In order to achieve the objectives of the Redevelo�anent Plan and
�rticularly to make the land in the Pro�ect Area available tor
development by private enter�rise in conformance with the
Redevelopnent Plan, the Authority has determineu to provide
sul�stantial aid and assistance in connection witl� the Redevelo�ient
Plan through the financing of certain of the public costs of
develognent in the Pro7ect Area.
F. �lunbia Fark Properties has presente� the Authority with a proposal
for the construction within the Pro�ect Area of ari expansion to and
parking rarnp construction ana a certain Contract for Private
Develognent 6etween the Authority ana Col �ibi� Park Properties (the
"Develognent Contract"), stating the terms and conditions of such
developnent and the Authority's responsibilities res�cting the
assistance thereof, has been �resented to the Board ior its
wnsicleration.
Page 2- Resolution No. HRA 15 - 1985
� G. 1. The Develognent Contraet provides for the sale to Col�mtbia Fark
Properties lx the Authority of the property on which the Columbia
Park Properties pro�ect is proposed to be constructea, and in
compliance with Minnesota Statutes, Section 462.525, Subdivision 2,
follaaing published notice tttereof, the Board of tbE Authority helcl a
public hearing on such reconveyance at rts rec�ul-ar meeting on
NwanF�er 14, 1985.
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2. The Board herel� approves the Contract for Frivate IleveloFanent
and hereYr3 authorize the Chairman and Director to execute the same on
behalf of the Authority, with such additions �nd modifications as
those officers may deem neoessary.
3. Upon execution and delivery of the Contract fox Private
Develognent, the offioers and employees of the Authority are hereby
authorized and directed to take or cause to be taken such actions as
may be necessary on behalf of the Authority to implement such
Agreenent.
H. That an agreed UPM assessed value be placeci in the aevelopment
agreanent to be presented to the City Council �rior to their Decernber
2, 1985 meet�ng.
PASSED AND ADOPPED BY TH� FRILg,EY HOUSING AND FEDEVELUPN]ENT AUTfIQRITY THIS
14TH I]AX OF NWFN�ER, 1985 ;�
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LAWRr7VCE R. �MNIERS - CHASRNI�d
PTPES"P :
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NASIM M. QURFSHI, DIRECII�R