HRA RES 1999-19 - 00001001HRA RESOLUTION NO. 19-1999
RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF AN ESCROW AGREEMENT BY
AND AMONG THE HOUSING AND REDEVELOPMENT AUTHORITY 1N AND FOR THE CITY OF
FRIDLEY, MINNESOTA, FRIDLEY MA1N L.L.C. AND AN ESCROW AGENT NAMED THEREIN.
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. The Commissioners have heretofore adopted a resolution authorizing the execution and delivery of a
Contract for Private Redevelopment (the "Contract") with Fridley Main L.L.C. (the "Redeveloper").
1.02. It has been proposed that the Authority enter into an Escrow Agreement (the "Agreement") with the
Redeveloper and an escrow agent to be named therein, in order to facilitate the implementation of the
activities contemplated within the Contract.
Section 2. F�.
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 se�c .
2.02. The Authority hereby finds that it is in the best interests of the Authority at this time to approve the
execution and delivery of the Agreement in conjunction with the execution and delivery of the Contract, in
order to promote the objectives as outlined in its Redevelopment Program.
Section 3. Authorizations.
3.01. The Chairman and the Executive Director of the Authority (the "Officers") are hereby authorized to
execute and deliver the Agreement contemporaneously with the execution and delivery of the Contract. The
Agreement will substantially conform with the Agreement 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;
3.02. Upon execution and delivery of the Contract and the Agreement, 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 and the Agreement.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY 1N AND FOR
THE CITY OF FRIDLEY, MINNESOTA THIS 9TH DAY OF DECEMBER, 1999.
LAWRENCE R. COMMERS, CHAIRPERSON
ATTEST:
WILLIAM W. BURNS, EXECUTIVE DIRECTOR