HRA RES 1986-14 - 00013789'
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RESOLUTTON NO HRA 14 - 1986
RESOLUTION APPROVING AND A�THDRIZIIlVfG THE EXECUTION OF A
CON'1'RACT FOR PRIVATE DEVELOPMENT WITH SHOREWOOD, INC
IT IS HEREBY RESOLVED by the Board of Commissioners (the "Board") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority"), as follows
1 Recitals
A The Authority has all the powers of a housing and redevelopment
authority under the Municipal Housing and Redevelopment Act, Minnesota
Statutes, Sections 462 411 to 461 716, inclusive, as amended (the
"Act")
B In furthexance o£ the objectives of the Act, the Authority has
undertaken a program to acquire, or otherwise promote development of,
open or undeveloped land and in this connection is engaged in carrying
out the redevelopment project known as the Authority's Redevelopment
Pro�ect No 1(the "Redevelopment Pro�ect") in an area (the "Pro]ect
Area") located in the City
C There has been prepared and approved by the Authority and the City
Council of the City, pursuant to the Act, a Modified Redevelopment
P1an for the Redevelopment Pro�ect (the "Redevelopment P1an")
D In order to achieve the ob�ectives of the Redevelopment Plan and
particularly to make the land in the Pro�ect Area available for
development by private enterprise in conformance with the
Redevelopment Plan, the Authority has determined to provide
su'bstantial aid and assistance in connection with the Redevelopment
P1an through the financing of certain costs of development in the
Project Area
E The Shorewood Inc , has presented the Authority with a proposal for
the construction within the Pro�ect Area of an expansionfrenovation
pro�ect and a certain Contract for Private Development between the
Authority and Shorewood Inc (the "Development Contract"), stating the
terms and conditions of such development and the Authority's
responsibilities respecting the assistance thereof, has been presented
to the Board for its conslderation
F The Development Contract provl.des that the HRA will provide to
Shorewood, Inc a 5econd Mortgage on the Development Property in an
amount not to exceed $70,000, payable after the following conditions
have been completed to the satisfaction of the HRA
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Construction plans, indicating layout and proposed square
footage, approved by the HRA
All improvements compleCed to building, parking lot and
landscaping according to the approved construction plans
Certificate of Occupancy is issued by the Crty
Page 2- Resolution No HRA 14 - 1986
' 2 The Board hereby approves the Contract for Private Development and here6y
authorize the Chairman and Director to execute the same on behalf of the
Authority, with such additions and modifications as those officers may
deem necessary
3 Upon execution and delivery of the Contract for Private Development, the
officers 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 Agreement
PASSED AND ADOPTED BY THE HOUSING AND REDEVELDPMENT AUTHORITY OF THE CITY OF
FRIDLEY THIS 14TH DAY OF AUGUST, 1986 7
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ATTEST
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NASIM M QURESHI, DIRECTOR
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LARRX GOMMERS, CHATRMA.N