HRA RES 1998-08 - 00001009RESOLUTION NO. HRA 8- 1998
A RESOLUTION RATIFYING A PRIOR RESOLUTION AND
REVOKING ALL PREVIOUS AUTHORIZATION FOR
EXECUTION AND DELIVERY OF CERTAIN CONTRACTS
WHEREAS, the Housing and Redevelopment Authority in and for the City
of Fridley, Minnesota (the "Authority") has for an extended period of
years been attempting to redevelop certain property located within
the City of Fridley (the Lake Pointe site/Fridley Executive Center
site: the "Property"); and
WHEREAS, the redevelopment of the Property has been subject to
extensive negotiations with MEPC American Properties, Inc. ("MEPC"),
who has recently sold part of its U.S. holdings to Duke Realty
Investments, Inc. ("Duke"); and
WHEREAS, the Authority has also had ongoing discussions with
Medtronic Corporation regarding redevelopment of the Property; and
WHEREAS, the Authority has on various occasions authorized for part
of the Property the execution and delivery of a contract for private
redevelopment between the Authority and both MEPC and Duke; and
WHEREAS, neither MEPC nor Duke has delivered executed copies of said
redevelopment contracts; and
WHEREAS, the Authority has negotiated with both MEPC and Duke for a
contract for exclusive negotiations of the Property; and
WHEREAS, there is presently in effect no contract between the
Authority and MEPC and Duke for exclusive negotiations of the
Property; and
WHEREAS, the Authority has recently been contacted by Medtronic
Corporation, which company has expressed an interest in developing
the entirety of the Property in a manner which would be inconsistent
with either a contract for exclusive negotiations of the Property or
a contract for redevelopment of the Property involving MEPC or Duke;
and
WHEREAS, it is in the best interest of the Authority and of the
citizens and taxpayers of the City of Fridley that the Authority
consider both a proposal with Duke, as successor-in-interest to MEPC,
as well as that of Medtronic Corporation; and
WHEREAS, the Authority did hold an emergency meeting on the 26tn of
June 1998, at which time the Authority adopted Resolution No. HRA 7-
1998 entitled "A Resolution Revoking the Authorization for the
Execution and Delivery of a Contract for Private Redevelopment By and
Between the Housing and Redevelopment Authority in and for the City
of Fridley, Minnesota, and Duke Realty Investments, Inc.; and
Page 2-- Resolution No. HRA 8- 1998
WHEREAS, it is the intent and desire of the Authority to take all
actions necessary to authorize the Authority to negotiate with both
Medtronic Corporation and Duke regarding the exclusive negotiations
of and redevelopment of the Property;
NOW, THEREFORE, BE IT RESOLVED by the Authority as follows:
1. The actions taken by the Authority in the passage of Resolution
No. HRA 7- 1998 at the Authority's emergency meeting on June 26,
1998, are hereby in all respects ratified.
2. The Authority hereby sets forth as its policy and intention to
negotiate with Medtronic Corporation with regard to the
redevelopment of the Property so that the Authority may consider
both a redevelopment contract with Medtronic Corporation, as well
as a redevelopment contract and contract for exclusive
negotiations with Duke.
3. The Authority's staff is hereby authorized and directed to enter
into such negotiations with Medtronic Corporation as expeditiously
as possible and report back to the Authority as soon as possible
the results of such negotiation so that the Authority might
compare and consider proposals from both Medtronic Corporation and
Duke so as to determine which contract or contracts would be in
the best interests of the Authority and the citizens and taxpayers
of the City of Fridley.
4. All prior actions, as well as all prior authorization for
execution and delivery of any contracts with any party
inconsistent with the intent and purpose of this Resolution, are
hereby in all respects revoked.
5. The Authority's staff is hereby authorized and directed to provide
any action necessary and convenient to effectuate the intent and
purpose of this Resolution.
PASSED AND ADOPTED BY THE FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF FRIDLEY THIS 2ND DAY OF JULY 1998.
LAWRENCE R. COMMERS - CHAIRPERSON
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR