HRA RES 1998-19 - 00001027RESOLUTION NO. HRA 19-1998
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 OF 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, and on
February 19, 1998, 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 February 19, 1998, required
that certain conditions be met by July l, 1998.
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 July l,
1999, to secure the financing for the project contemplated by the
Contract.
Section 3. Authorization for Execution and
Delivery.
3.01 The Chairperson and the Executive Director of the Authority
(the "Officers") are hereby authorized to execute and deliver the
Contract if the following conditions are met by July l, 1999:
l. Substantial conformance of a Contract to the Contract
presented to the Authority as of this date; and
RESOLUTION N0. HRA 19-1998
PAGE 2
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 FRIDLEY HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF FRIDLEY, MINNESOTA, THIS 3RD DAY
OF DECEMBER 1998.
LAWRENCE R. COMMERS, CHAIRPERSON
ATTEST:
WILLIAM W. BURNS, EXECUTIVE DIRECTOR