HRA RES 1992-06 - 00013889RESOLUTION NO. HRA 6- 1992
� A RESOLUTION AUTHORIZING EXECUTION AND
DELIVERY OF AN AGREEMENT BY AND SETWEEN TAE
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF FRIDLEY� MINNESOTA; THE CITY OF
FRIDLEY� MINDIESOTA� AIdD LARE P�II�iTE IIZVESTMENT
COMPANY� A LIMITED PARTNERSAIP.
BE IT RESOLVED by the Commissioners (the "Commissioners") of the
Aousing and Redevelopment Authority in and for the City of Fridley,
Minnesota (the "AUthority"), as follows:
Section l. ReCitals.
1.01. It has been proposed that the Authority enter into an
Agreement (the "Agreement") by and between the Authority; the City
of Fridley, Minnesota (the "City'�), and Lake Pointe Investment
Company, a Limited Partnership (the "Redeveloper").
Section 2. Findincrs.
2.01. The Authority hereby finds that it has approved and adopted
a development program known as the Modified Redevelopment Plan for
its Redevelopment Project No. 1(the "Redevelopment Program")
pursuant to Minnesota Statutes, Sections 469.001 et sea,
� 2.02. The Authority hereby finds that the Authority and
Redeveloper entered into a Contract for Private Redevelopment dated
December 20, 1985, to provide the redevelopment of certain real
property described on Exhibit A of the Agreement (the "Site")
located within the City's Redevelopment Program. The Authority
further finds the Authority and the Redeveloper entered into an
Addendum to the Contract dated August 15, 1986.
2.03. The Authority hereby finds that physical development of the
Site by the Redeveloper has not been undertaken as a result of
numerous causes.
2.04. The Authority hereby finds that it is in the best interests
of the Authority and the City to terminate the exclusive rights of
the Redeveloper to acquire and develop the Site.
2.05. The Authority hereby finds that it should retain title to
the Site for future development which should occur at the
discretion of the Authority and the City.
2.06. The Authority hereby finds that the Agreement promotes the
objectives as outlined in its Redevelopment Program.
'
Page 2-- Resolution No. HRA 6-1992
' Section 3. Authorization for Execution and Deliverv.
3.01. The Chairperson and Executive Director are hereby authorized
to execute and deliveY an Agreement which substantially confoYms
to the Agreement presented to the Authority as of this date and all
Exhibits to the Agreement which include a Settlement Escrow
Agreement and a Termination Agreement. The Chairperson and
Executive Director are further authorized to execute and deliver
any document necessary for the implementation of the Agreement.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY THIS
8TH DAY OF OCTOBER, 1992. ,�
� ,: �� � �
�LAWRENCE R. COMMERS, CHAIRPERSON
ATTEST:
%L�c%Z�i��t�7.1r��,��lL-��
WILLIAM W. BURNS, EXECUTIVE DIRECTOR
'
1