HRA RES 1983-16 - 00013974�
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� F�'CQTION OF
WITH FRALdR SHEAR
IT IS HERFBY RESOLVID by the Board of Comnissioners (the "Board") of the
Housing and Redevelopment Authority in and ior the City of Fridley,
Minnesota (the "Authonty") , as follaas:
1. Recitals.
A. 'Ihe Authority has all the powers of a housing and redevelopment
authonty under the Munici�l Housing ancl Redevelopment Act, Minnesota
Statutes, Sections 462.411 to 461.716, inclusive, as amended (the
"Act").
B. In furtherance of the objectives of the Act, the Authority has
undertaken a program to acquire, or otherwise pronote development oL-,
open or undeveloped land and in this connection is engaged in carrying
out the redevelopment project known as the Authority's Redevelopment
Pro�ect No. 1(the "Fedevelopment Pro�ect") in an area {the "Pro�ect
Area") locatec] in the City.
C. There has been prepared and approved by the Authority and the City
Council of the City, pursuant to the Act, a[�iodified Redevelo��ment Plan
for the P.edevelopment Pro�ect (the "Redevelopnent Plan").
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D. The acquisition and the subsequent sale or lease of the potential
developrnent property to private developers for commercial development
are statcd ob�ectives of the Redevelopnent Plan.
E. In order to achieve the ob�ectives of the Redevelopmeat Plan and
particularly to make the land in the Pro�ect Area available tor
development by private enterpnse in conformance witY, tlze Redevelopment
Plan, the Authority has determined to provide substantial aic7 anc3
assistance in connection with the Rec�evelopment Plan througn the
financing of certain of the public costs of developnzent in the Pro�ect
Area.
F, Frank Shear Associates, a P9innesota general partnership, has
presented the Authority with a proposal i-or the construction within the
Pro�ect Area of a commercial printing and packaging facility, and a
certain Contract for Private Development between the Authority and Frank
Shear Associates (the "Development Contract"), stating the terns and
conditions of such development and the Authority's responsibilities
respecting the assistance thereof, has been presented to the Board ior
its consideration.
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Page 2--Resolution No. HRA 16-1983
� G. The Development Contract provides for the purchase and reconveyance
by the Authority of the property on which the Shear pro7ect is proposed
to be constructed, and in compliance with P�Iinnesota Statates, Section
462.525, Subdivision 2, follaaing publisYied notice thereof, the Board of
the Authority held a public hearing on such reconveyance at its regular
meeting on October 13, 1983.
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2. The Board hereby approves the Contract for Private Development
substantially in the i-orm attached hereto as Exhibit A, and hereby
authorizes the Chaiir�i and Secretary of the Board to execute the same on
behalf of the Authority, with such additions and modifications as those
officers may deen necessary.
3. Upon execution and delivery of the Contract for Private Development, the
officers and employees of the Authority are hereby authorized and directed
to take or cause to be taken such actions as may be necessary on behalf of
the Authority to implenent such Agreanent.
PASSID AI�II� ADQPTm BY THE HWSING AND RED OP[�1EP7T AU'IHQP�ITY QF ZHE CITY OP
ERIDLEY THIS �3th DAY OF Oct. , 1983�f /� /� �,
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HOUSING 1�1D RIDEVELOP[�iQ�P AfJTHORI'i'Y