HRA RES 1997-14 - 00001053HRA RESOLUTION NO. 14 - 1997
A RESOLUTION AUTHORIZING AN EXTENSION OF TIME FOR THE
EXECUTION AND DELIVERY OF A CONTRACT FOR PRIVATE
REDEVELOPMENT BY AND BETWEEN THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY FRIDLEY
AND NOAH'S ARK OF MINNESOTA, INC.
BE IT RESOLVED by the Board of Commissioners (the "Commissioners") of
the Housing and Redevelopment Authority in and for the City of Fridley,
Minnesota (the "Authority") as follows:
Section l. Recitals.
1.01. The Authority has authorized on March 13, 1997, the execution and
delivery of a Contract For Private Redevelopment (the "Contract") with
Noah's Ark of Minnesota, Inc. (the "Redeveloper").
1.02. The Authority's Resolution of March 13, 1997, required that certain
conditions be met by July l, 1997.
Section 2. Findings.
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, Section 469.001 et seq.
2.02. The Authority hereby finds that the Contract promotes the objectives
as outlined in its Redevelopment Program.
2.03 The Redeveloper requires an extension of time to September l,
1997 to secure the financing for the project contemplated by the Contract.
Section 3. Authorization for Execution and Delivery.
3.01. The Chairman and the Executive Director of the Authority are hereby
authorized to execute and deliver the Contract if the following conditions
are met by September l, 1997:
l. Substantial conformance of a Contract to the Contract
presented to the Authority as of this date; and
2. A final approval by the City of Fridley of a housing
revenue bond to finance the project described in the Contract.
PASSED AND ADOPTED BY THE HOUSING & REDEVELOPMENT AUTHORITY OF THE CITY
OF FRIDLEY THIS 12TH DAY OF JUNE, 1997.
LAWRENCE R. COMMERS - CHAIRMAN
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR