HRA RES 1986-07 - 00013773�
RFSOLUTION N0. HEtA 7- 1986
A 1ZESOLUTION APPIZOVING AND AUTHORI2ING THE EXECUTION OF A
CONTRACT FOR PRIVATE DEVELOPMENT WITH THE FRIDLEY PLAZA
ASSOCIATES LIMITED PARTDIERSHIP
IT IS HERE�BY RESOLVED by the Board of Commissioners (the "Board") of the
Housing and Re�velopment Authority in and for the City of Fridley, Minnesota
(the "AUthority"), as follaas:
1. Recitals.
A. The Authority has all the powers of a housing an�1 recrevelopment
authority under the Muriici�:al Housing anc7 Redevelognent Act, Nlinnesota
Statutes, Sections 462.411 to 461.716, inclusive, as amended (the
nA� n �
B. In furtherance of the ob7ectives of the Act, the Authority has
tmdertaken a program to aaluire, or otherwise promote development of,
o�en or undevelopecf land and open or unaeveloped land and in this
connection is enyagea in carrying out the redeveloFxnent pro�ect known
as the Authority's Redevelopment Pro�ect No. 1(the "Redevelopment
Pro�ect") in an area (the "Pro�ect Area") locatecl in the City.
1 C. There has been prepared and approveci by the Authorrty ana the City
Council of the City, pursuant to the Act, a Niodified Redevelopment
Plan for the RedeveloXanent Pro�ect (the "Redevelo�aeent Plan").
D. The acquisition and subsequent sale or lease of the potential
clevelopnent property to private develo�rs for commencal develo�ment
are stated ob7ectives of the Redevelo�nent Plan.
E. In order to achieve the ob7ectives oE the Redevelopment Plan ancl
particularly to make the land in the Pro�ect Area available for
development by private enterprise in conforrnance witl-i the
Redevelopment Plah, the Authority has determined to provide
substantial aid and assistance in connection with the Redevelopment
Plan through the financing of certain of the public costs of
tleveloX:ment in the Pro�ect Area.
F. The Fridley Plaza Associates Limited Partnership, a Nunnesota limited
�rtnership, has presented the Authority with a pro�osal for the
wnstruction within the Pro�ect Area of an Apartment Buildinc� and a
certain Contract for Private Develolanent between the Autkiority and the
Fridley Plaza Associates Limited Partnership (the "Development
Contract"), stating the terms and conditions of such development ana
the Authority's responsibilities zespecting tYie assistance thereof,
has been presented to the Board for its consideration.
' G. On November 14, 1985, the Authority held a public hearing on an
earlier �roposed Contract for Private Development which �rovided for
the Fiurchase and lease by the Authority of the property on which the
Fridley Plaza Associates Limited Partnership pro�ect is proposed to be
constructed. Although that Contract for Private Development has been
terniinated, this proposed tlevelopnent is consistent with one presented
at that November 14, 1985 public hearin�.
Page 2- Resolution No. HRA 7- 1986
2. The Board hereby approve the Contract for Private Development and hereby
authorize the Chainnan and Director to execute the sarne or, behalf of the
' Authority, with such a8ditions and modifications as those officers may
deem necessary.
3. Upon execution and delivery of the Contract for Private Development, the
officers anct employees of the Authority are hereby authorized and directeci
to take or cause to be taken such actions as may be necessary on behalf of
the Authority to implanent such Agreanent.
PASSED AND ADOPTED BY THE HOUSING AND REDEVII,OPNIEN'i' AUTHORITY OF TFIE CITY OE'
FRIDLEY THIS 12TH DAY OF JC7NE, 1986. �
1� ��/ / �
ATPEST:
/" �%�se�r /"/ ' (�-',L,-�—si`-t�'
NASIM M. QUfiFSHI, DIRECiOR
HOUSING AND REDEVII,OPMENT AUTHORITY
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LARI2Y�N�'iERS� CHAIRP7FIN
HOUSI - �iND REDEt7EL0YP9ENT AtiTHORITY