2020-16 Amendment with Fridley Investments
HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE
CITY OF FRIDLEY
COUNTY OF ANOKA
STATE OF MINNESOTA
RESOLUTION NO. 2020-___
A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF AN
ASSIGNMENT AND NINTH AMENDMENT TO THE CONTRACT FOR PRIVATE
REDEVELOPMENT BY AND BETWEEN THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF FRIDLEY MINNESOTA AND FRIDLEY
INVESTMENTS LLC
E IT RESOLVED by the Board of Commissioners (the “Board”) of the housing and
B
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 an Assignment and Ninth
Amendment to the Contract for Private Redevelopment (the “Ninth Amendment”) with
Fridley InvestmentsLLC, a Minnesota limited liability company(the “Redeveloper”).
Section 2. Findings.
2.01.The Board hereby finds that the NinthAmendment promotes the objectives
as outlined in its Development Program established pursuant to Minnesota Statutes,
Section 469.001 et seq.
2.02.The Board hereby finds that it has approved and executed a Contract for
Private Redevelopment between the Authority and the Redeveloper dated as of January
3, 2019, a First Amendment to that Contract dated as of April 4, 2019, a Second
Amendment to that Contract dated as of June 6, 2019, a Third Amendment to that
Contract dated as of June 10, 2019, and a Fourth Amendment to that Contract dated as of
August 1, 2019., a Fifth Amendment to that Contract dated as of December 5, 2019, a
Sixth Amendment to that Contract dated as of March 5, 2020, a Seventh Amendment to
that Contract dated as of June 4, 2020, and an Eighth Amendment to that Contract dated
as of November 5, 2020.
2.03The Board hereby finds that it has approved and executed an Escrow
Agreement dated as of August 8, 2019, which related to the sale and the development of
the parking deck property adjacent to the old City Hall complex. With the Assignment and
Amendment of the Contract, the Escrow Agreement required revision to address the
assignment thereof and the new parties bound thereby.
Section 3. Authorizations.
3.01.The President and the Executive Director (the “Officers”) are hereby
authorized to execute and deliver the Ninth Amendment to the Contract and the Amended
and Restated Escrow Agreement when the following conditions aremet:
Substantial conformance of a Ninth Amendment to the Ninth Amendment
presented to the Authority as of this date with such additions and
modifications as the Officers may deem desirable or necessary as
evidenced by the execution thereof.
Substantial conformance of an Amended and Restated Escrow Agreement
to the Amended and Restated Escrow Agreement presented to the Authority
as of this date with such additions and modifications as the Officers may
deem desirable or necessary as evidenced by the execution thereof.
Adopted by the Board of the Authority this 3rd day of December, 2020.
__________________________________
Chairman
ATTEST:
_________________________________
Executive Director
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