HRA RES 2007-02 - 14954HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE
CITY OF FRIDLEY
COUNTY OF ANOKA
STATE OF MINNESOTA
HRA RESOLUTION NO. 2007-02
A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A
CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE HOUSING
AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
FRIDLEY AND INDUSTRIAL EQUITIES LLP
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 Industrial Equities LLP (the "Redeveloper") providing
for the construction of not less than 200,000 square feet of commercial/retail space.
Section 2. Findinqs.
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., as
amended and supplemented from time to time.
2.02 The Authority hereby finds that it has approved and created Tax Increment
Financing District No. 19 and approved and adopted a Tax Increment Financing Plan
relating thereto pursuant to Minnesota Statutes, Section 469.174 et seq., as amended and
supplemented from time to time.
2.03 The Authority hereby finds that the Contract promotes the objectives set forth
in its Redevelopment Program.
Page 2 - Resalutian Na.
Sectian 3. Autharizatian far Executian and Deliverlr.
3.01 The Chairman and the Executive Directar af the Autharity are hereby
autharized ta execute and deliver the Gantract when the fallawing canditians are met:
(a} Substantial canfarmity af the Gantract ta the farm af Cantract
presented ta the Autharity as af this date, with such additians and
madificatians as the Officers may deem desirable ar necessary as
evidenced by their executian af the Cantract.
(b} Appraval by the Gity Cauncil af Tax Increment Financing District Na.
19 and adaptian af the Tax Increment Financing Plan relating thereta.
PASSED AND ADOPTED BY THE HOIJSING AND REDEVELOPMENT AIJTHORITY IN
AND FOR THE CITY OF FRIDLEY THIS DAY OF , 2QQ7.
�
Lawrence R. Cammers, Chairman
ATTEST:
. . �/ • �
William W. Burns, Executive Directar