HRA RES 1987-01 - 00013807�
RESOLUTION N0. HRA 1- 1987
RESOLUTION AUTHO$IZING THE EXECZDTIOPd OF A CDNTRA.CT FOR
PRIVATE DEVEIAPMENT WITH THE UNIVERSI'PY AVENUE ASSOCIATES,
A MINNESOTA PARTNERSHIP
IT IS HEREBY RESOLVED by the Board of Commissioners (the "Board") of the
Housing and Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority") as follows
1 Recitals
A The Authority has all the powers of a housing and redevelopment
authority under the Municipal Housing and 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 promote development of open
or undeveloped land and in this connection is engaged in carrying out the
redevelopment pro�ect known as the Authority's redevelopment Pro�ect No 1
(the "Redevelopment Pro�ect") in an area (the "Pro]ect Area") located in
the City
� C There has been prepared and approved by the Authorrty and the City
Council of the City, pursuant to the Act, a Modified Redevelopment P1an
for the Redevelopment Project (the "Redevelopment P1an")
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D In order to achieve the objectives of the Redevelopment Plan and
particularly to make the land in the Pro�ect Area available for
development by private enterprise in conformance with the Redevelopment
Plan, the Authority has determined to provide substantial aid and
assistance in connection with the Redevelopment Plan
E The University Avenue Associates, a Minnesota partnership, has
presented the Authority with a proposal for the construction, within the
Pro�ect Area, of a 358 unit apartment complex and a certain Contract for
Private Development between the Authority and the University Avenue
Associates (the "Development Contract"), stating th2 terms and conditions
of such development and the Authority's responsibilities respecting the
assistance thereof
F The Board hereby approves the contract for Private Development and
authorizes the Chairman and Executive Director to execute the same on
behalf of the Authority, with such additions and modifications as those
officers may deem necessary
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Page 2- Resolution No HRA 1- 1987
G Upon execution and delivery of the Development Contract, 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 implement the Development contract
PASSE➢ AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF
FRIDLEY THIS STH DAY OF SANUARY. 1957
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LAWRENCE COMMERS
CHAIRMAN
ATTEST
S N L
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t7CK" ROBERTSON
DIRECTOR
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