HRA RES 1999-07 - 00000982RESOLUTION NO. HRA 7-1999
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 MEDTRONIC, 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 Medtronic, Inc. (the "Redeveloper").
Section 2. Findin�s.
2.01 The Authority hereby finds that it has approved and adopted a development program
known as the 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 approved and adopted and the City Council has
created Tax Increment Financing District No. 6(the "T.I. District") and the Authority and City
Council have approved and adopted the Tax Increment Financing Plan relating thereto pursuant
to Minnesota Statutes, Section 469.174 through 469.179, inclusive, as amended and
supplemented from time to time.
2.03 The Authority hereby finds that the Contract promotes the objectives as outlined in its
Redevelopment Program.
Section 3. Authorizations.
3.01 The Chairperson and Executive Director of the Authority (the "Officers") are hereby
authorized to execute and deliver the Contract if the following conditions are met:
A. The Contract to be executed substantially conforms to the Contract presented to
the Authority as of this date with such additions and modifications as those
Officers may deem desirable or necessary as evidenced by the execution thereof.
B. Receipt by the Authority of a Letter from the Redeveloper acceptable to the
Officers describing Redeveloper's willingness to assist the City and the Authority
in mitigating any negative impacts to the City and the Authority resulting from
the passage of a special law allowing the extension of the T.I. District provided
that there is no negative financial impact to the Redeveloper.
Resolution No. HRA 7-1999
Page 2
C. The City has approved the Redevelopment Agr�eement by and between the City
and the Redeveloper.
3.02 Upon execution and delivery of the 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 Contract.
PASSED AND ADOPTED BY THE FRIDLEY HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF FRIDLEY, MINNESOTA, THIS 20TH DAY
OF MAY 1999.
LAWRENCE R. COMIV�RS, CHAIRPERSON
ATTEST:
WILLIAM W. BURNS, EXECUTIVE DIRECTOR