HRA Res 2014-10 - Cielo-Trident
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE
CITY OF FRIDLEY
COUNTY OF ANOKA
STATE OF MINNESOTA
HRA RESOLUTION NO. 2014-10
A RESOLUTION ACKNOWLEDGING THE OWNERSHIP ALLOCATION OF CIELO
PARTNERS, LLC IN THE CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF FRIDLEY, MINNESOTA AND CIELO PARTNERS, LLC
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 Authority entered into a Contract for Private Redevelopment (the “Contract”)
with Cielo Partners, LLC (the “Redeveloper”).
1.02. The Contract provides that persons or entities owning at least 50% of the
Redeveloper also own at least 50% of Trident Development LLC.
Section 2. Findings.
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.
2.03 The Authority hereby finds that the Contract promotes the objectives set forth in
its Redevelopment Program.
2.04 The Authority hereby finds that the financing arrangements for the development
of the improvements proposed in the Contract requires additional investors and that the persons
and entities owning at least 50% of Trident Development LLC will own less than 50% of the
Redeveloper.
HRA Resolution No. 2014-10 Page 2
Section 3. Approval.
3.01 It is hereby approved that the persons or entities owning at least 50% of Trident
Development LLC may own less than 50% of the Redeveloper.
PASSED AND ADOPTED BY THE HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF FRIDLEY THIS 7TH DAY OF AUGUST, 2014.
___________________________________
Lawrence R. Commers, Chairman
ATTEST:
_________________________________
Walter T. Wysopal, Executive Director