HRA RES 1998-06 - 00001007RESOLUTION NO. HRA 6- 1998
A RESOLUTION AUTHORIZING 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 DUKE REALTY INVESTMENTS, 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 1. Recitals.
1.01.It has been proposed that the Authority enter into a Contract for
Private Redevelopment (the "Contract") with Duke Realty Investments,
Inc. (the "Redeveloper").
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 it has previously authorized the
execution of the Contract with MEPC American Properties, Inc. ("MEPC").
Prior to the Authority's execution of the Contract with MEPC, MEPC sold
many of its United States assets to the Redeveloper. The Redeveloper
has requested that the Authority now authorize the execution of the
Contract with the Redeveloper.
2.03.The Authority hereby finds that it has previously approved the
sale of property to MEPC in accordance with the terms of the Contract
and that with the approval of this Resolution, the Redeveloper shall be
substituted for MEPC.
2.04.The Authority hereby finds that the Contract promotes the
objectives as outlined in its Redevelopment Program.
Section 3. Authorization for Execution and Delivery.
3.01.The Chairperson and the Executive Director of the Authority are
hereby authorized to execute and deliver the Contract.
PASSED AND ADOPTED BY THE FRIDLEY HOUSING AND REDEVELOPMENT AUTHORITY
OF THE CITY OF FRIDLEY THIS 4TH DAY OF JUNE 1998.
LAWRENCE R. COMMERS - CHAIRPERSON
ATTEST:
WILLIAM W. BURNS - EXECUTIVE DIRECTOR