2020-05 Roers Term Sheet
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE
CITY OF FRIDLEY
COUNTY OF ANOKA
STATE OF MINNESOTA
RESOLUTION NO. 2020 - 05
A RESOLUTION AUTHORIZING AN AMENDMENT TO A TERM SHEET BY
AND BETWEEN THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND
FOR THE CITY OF FRIDLEY MINNESOTA AND
ROERS INVESTMENTS LLC
BE IT RESOLVED by the Board of Commissioners (the “Board”) 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 amend the Term Sheet (the “Term Sheet”)
with Roers Investments LLC, a Minnesota limited liability company (the “Redeveloper”).
Section 2. Findings.
2.01 The Board hereby finds that the Term Sheet was to expire May 8, 2020 and
further finds that additional time is necessary to meet the Term Sheet requirements.
2.02. The Board hereby finds that amending the Term Sheet promotes the objectives as
outlined in its Redevelopment Plan established pursuant to Minnesota Statutes, Section 469.001
et seq.
Section 3. Approval and Authorizations.
3.01 The duration of the Term Sheet is hereby extended to September 15, 2020 (the
“Amendment”).
3.02. The President and the Executive Director (the “Officers”) are hereby authorized
to execute and deliver any documentation necessary to give effect to the Amendment.
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Adopted by the Board of the Authority this 7 day of May, 2020
____________________________________
WILLIAM B. HOLM – CHAIRPERSON
ATTEST:
____________________________________________
WALTER T. WYSOPAL – EXECUTIVE DIRECTOR