HRA RES 1985-18 - 00013753' RESCd.UTION N0. HRA 18 - 1985
A RFSOLLTrION OF THE BOARD OF aDMMI5SI0NER5 OF THE FRIDLEY
HRA APPR7�TING AN ANIENDED DEVELOPMENT PGRFF�U'�' BE'iWEIN 7.S3E
HRA AND FRILx.EY PLAZA ASSOCIATES LIMITED PARTNERSHIP AND
LOiIIS R LUAIIJGREbI
IT IS HEREBY RESOLVED by the Board of Commissioners (tlhe "Boaru") of the
Housing and Redevelopnent Authority in and for the Ca ty of Fndley, Minnesotz
(the "Authority") , as follaas:
1. The Board has heretofore approved a�ro�oseci Contract for Private
I�velognent (the "Developnent Agreement") by ana between the Authority and
Fridley Plaza Associates Limited Partnershi� and Louis R. LLmdgren concerning
the construction of an approximately 242 unit, 12-story residential rental
facility to be located generally on the southwest quadrant of the intersection
of i�ssissippi Street and Umversity Avenue in the Caty.
2. Sin� such approval, the proposed developers and the G tX Y,ave deterir�ined
that the proposed pro�ect should he scaled down to an approx�mately 115 unit,
6-story residential rental facility. Accord�.nyly, there has been preFared and
presented to the Board a corresponding revision of the above-mentioned
agreanent (the "Develognent Agreenent").
� 3. The Board hereby approves the Developnent Agreement, as so amended, and
authorizes the Executive Director and the other officers and employees of tlze
Authority to eacecute the Developnent Agreanent substantially in its �iresent
form, but with such minor amenchnents, deletions, or insertions as such
officers may deem riecessary or desirable, as evic7enced by their execution
thereof, and the Board further instructs such officers, upon the full
execution of the DeveloFxnent Agreement, to take such actions as may be
necessary to effectuate and impl anent the ternls thereoi.
PASSID AND ACOFPED BY THE FRII%EY HOUSING AND REL7EVL'S,OPN9ENT AUT�SORITY THIS
12�I ➢AY OF DECEMBER, 1985
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