HRA RES 1997-21 - 00001063RESOLUTION NO. HRA 21 - 1997
A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A
RELEASE OF CONTRACT FOR PRIVATE REDEVELOPMENT FROM THE
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
FRIDLEY TO UNIVERSITY AVENUE ASSOCIATES
BE IT RESOLVED by the 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 1. Recitals.
1.01 It has been proposed that the Authority execute a Release of
Contract for Private Development (the "Release") for delivery to
University Avenue Associates, a Minnesota partnership (the
"Developer").
Section 2. Findings.
2.01 The Authority hereby finds that it entered into a Contract for
Private Development with the Developer on the 27tn day of May 1987
(the "Contract") which contained certain covenants and restrictions
in which a breach by the Developer would result in an event of
default thus providing the Authority, its successors and assigns,
with certain remedies as set forth in said Contract.
2.02 The Authority hereby finds that the Developer has performed
said covenants and conditions as outlined in the Contract in a manner
deemed sufficient by the Authority to permit the execution and
delivery of the Release.
Section 3. Authorization for Execution and Deliverv.
3.01 The Chairperson and the Executive Director of the Authority are
hereby authorized to execute and deliver the Release when the
following condition is met:
The Developer paying in full all of its obligations to the
Authority.
PASSED AND ADOPTED BY THE FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF FRIDLEY THIS 11TH DAY OF DECEMBER 1997.
LAWRENCE R. COMMERS - CHAIRPERSON
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR