HRA RES 1985-19 - 00013754'
RFSC�LilPION N0. HRA 19 — 1985
A RES�,IFPION OF THE BOARD OF ODNI�ffSSIONERS OF THE FRIDLEY
HRA APPRWING A ODNTRAGT ItUR PRIVATE REDEUELOPMENT BY AND
BE'iWEEN �IE FRILIL,EY HRA AND L11RE PDINTE INV�SSTMENT �MPANY'
IT IS HEREBY RESOLVED by the Board of Commissioners (the "Board") of the
Housing and Redevelopnent Authority in and for the City of Fridley, Minnesota
(the "Authority"), as follaas:
1. There has been gresented to the Board a certain Contract for Private
Redevelopnent (the "Redevelognent Agreenent") by and between the Authority and
Lake Pointe Investment Company concerning the redevelopment of certain
property within and aroimd the Authority's Tax Increment Financing District
No. 6.
2. The Authority has taken all actions necessary prior to the consideration
and approval of the Redevelognent Aqreanent, includtny the holding of a gublic
hearing thereon preceded by notioe thereof duly published as required by law.
3. The Board hereL� appra�es the Redevelognent Agreanent and authorizes the
E�recutive Director and the other officers of the Authority to execute the
Redevelognent Agreenent substantially in its present form, but witli such minor
' wnenc�nents, deletions, or insertions as such officers may deErn necessary or
desirahle, as evidenced by their execution thereof, and the Board further
instructs such officers, upon the full execution of the Redevelopment
Agreement, to take such actions as may be necessary to effectuate and
implanent the terms thereof.
4. Pursuant to the terms of the Redevelo�nent Agreement, the Authority
undertakes to ao�uire certain property therein specified as the Access
Property, if necessary via the exercise of tlie Authority's power of eminent
domain. The Board herelx finds that the aoqu�.sition of such property by the
Authority pursuant to the Redevelogneht Agreenent, whether by negotiation or
pursuant to the exercise of tYie Authority's power of eminent domain, is and
would be in the public interest pursuant to the purposes of the Redevelo�anent
Agreenent and the goals of the Authority's Niodified Redevelopnent Plan for its
Redevelopnent Pro�ect No. 1, and the Board hereby authorizes the officers and
agents of the Authority, at the direction of the Executive Director, upon the
execution of the Redevelopnent Agreenent, to wnanence immediately such eiforts
as may be necessary, including private negotiation and the institut�on of
aninent domain proceedings, to aoquire said property, consistent with the
ternls of the Redevelognent Agreenent.
FURTFIER BE IT RFS�VID that the HRA's attorney be specifically authorizea to
take possession pursuant to MSA 117.D42 and to take any and all other action
necessary and desiraYzle to carry out the pur�oses of this resolution.
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Page 2- Resalution No. HRA 19 - 1985
PASSED AND ADOFPED BY THE ERILI,EY HOUSING AND REDEVELOPD7ENT AUTHQRITY THIS
' 12�I IY1Y OF DEC�MBER� 1985
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Li�L7RENCE R. MMERS - Q3AIIlN1AN
A'iTF_ST:
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NASIM M. QURFSHI - DIREC'i1�R
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