Loading...
HRA RES 1985-16 - 00013748' RFS�UTION NO. HRA 16 — 1985 A gF.SOI,iTrIpN APPRWING AND AU�30RIZING �E EXEQJTION OF A QJNTRACT EOR PRIVATE DSUII,OPMENT WITH THE FRIDLEY PLAZA ASSOCIATFS LINIITED PAR`II�7EER.SHIP IT IS HERFBY RESOLVED by the Board of Comrnissioners (the "Board") of the IIousing and Redevelognent Authority in and for the Ca ty of Fnclley, Nlinnesota (the "AUthority"), as follaas: 1. Recita].s A. The Authority has all the powers of a housing and rec3evelo�xnent authority under the Municipal Housiny and Redevelopmerit Act, Minnesota Statutes, Sections 462.411 to 461.716, inclusive, as amended (the "Act"). B. In furtherance of the ob�ectives of the F�ct, the Authority has tmdertaken a program to aa7uire, or othexwise pr�note developnent of, open or �develo�ed land and open or undeveloped lznd and in this connection is engaged in carxying out the redevelognenz pro�ect knaan as the Authonty's Redevelognent Pro�ect DIo. 1(the "Redevelo�anent Pro�ect") in an area (the "Pro7ect Area") locate� in the Ca.ty. ' C. There has been pre�xred and apprwed by the Autk�ority ana the City Council of the City, pursuant to the Act, a Modified Redevelapment Plan for the Redevelognent Pro7ect (the "Redevelopnent Plan"). D. The acquisition and subsequent sale or lease of the potential developnent property to private �evelopers for rental housing develognent are stated ob�ectives of the Redevelopnent Plan. R. In orc;er to achieve the ob�ectives oi the Redevelo�anent Plan and p3rticularly to make the land in the Pro�ect Area available for development by private enterprise in conformance with the Redevelopnent Plan, the Authority has determined to provide substantial aid and assistance in cannection with the Redevelo�nent Plan through the financing of certain of the public costs ot develognent in the Pro7ect Area. F. The Fridley Plaza Associates Limiteci Partner:;hip, a Minnesota 1 united partnership, has presented the Authority with a proposal for the oonstruction within the Pro�ect Area of an A�rtment Building and a certain Contract for Private Develognent between tlae Authority and the Fridl�y Plaza Associates Limited Partnership (the "Develo�anent Contract"), stating the terms and concU.tions of such develo�nent and the Authority's responsibilities respecting the assistance thereof, has been presented to the Board for its consideraticn. � Page 2- Resolution No. HRA 16 - 1985 G. 1. The Development Contract provides for the purchase and ' reconveyance by the Authority of the property on which the Fridley Plaza Associates Limited Partnership pro7ect is proposed to be oonstructed, and in compliance with Niinnesota Statutes, Section 462.525, Subdivision 2, follaaing guhlished notice thereof, the Boarc3 of the Authority held a public hearing on sucl-e reconveyance at its regular meeting on Nove�ber 14, 1985. 2. The Board hereYr� approves the Contract for Private L�evelo�,nlent and hereby authorize the Cliainnan and Director to execute the same on behalf of the Authority, with such additions and moaifications as those offioers nay deem necessaxy. 3. Upon execution and delivery of the Contract �for Frivate Deve1 opnent, the officers and employees of the Autrlority are hereby authorized and �rected to take or cause to be taken sucYi actions as may be necessary on behalf of the F�uthority to implement such Agreanent. H. Rewc�izing the need for Special Use F�nnits, not only are the HRA's obligations under the agreanent contingency upon the ap�roval of sucli speca.al use permits, but if for some reason the speci al use permits are not granted, at that time, either the devel�per or trae IiRA can void or renegotiate the develognent �gree�nent. PASSID AND ADUpI'ED BY THE ERIIY�EY HOUSING AND RBDEVELOPD7ENT AUTHGrRSTY THIS ' 14�I I]�1Y OF NOJEMBER, 1985 ^ r %' r � ,, �� ,/� � ' 'G�`-v��--Z( -�, �yyR.'-.-i�S�� LFWF,Eh7CE R. O�1�RS - Q3AIR1'�'R�,D7 A'i�iR4T: ,�'��,� �-< < ��� NASIM M. QURFS'HI� DIRE(�OR '