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10 <br /> r <br /> NOW, THEREFORE,BE IT RESOLVED,by the Board as follows: <br /> 1. The HRA and Council believes that the redevelopment of the Redevelopment Property as proposed <br /> by the Developer,'are in the vital and best interests of the City and the proposed tax increment and other public <br /> assistance to be provided by the City and HRA to such redevelopment primarily serve a public purpose and are <br /> in the public interest by permitting the redevelopment of property in the City in a manner that meets the goals <br /> and objectives of the Redevelopment Plan and is in accordance with the provisions of applicable federal, state <br /> and local laws. <br /> 2. The Executive Director is hereby authorized and directed on behalf of the HRA to negotiate a <br /> Contract for Private Development, by and' among the City, the HRA and the Developer and related <br /> agreements (the Contract for Private Redevelopment and related agreements are herein together referred to as <br /> the"Redevelopment Agreement") the terms of which shall not, in his opinion, substantially alter or impair the <br /> rights and obligations of the City and HRA as set forth in the Term Sheet, and the form of which shall be <br /> approved by the City Attorney. <br /> 3. The Chair and Executive Director are hereby authorized to execute and deliver on behalf of the <br /> HRA the Redevelopment Agreement subject to the conditions set forth in paragraph 2. <br /> 4. Neither the adoption of this resolution nor the Term Sheet shall constitute a contract or agreement <br /> on behalf of the HRA, and the Redevelopment Agreement shall not be deemed effective or legally <br /> enforceable against the HRA until executed and delivered on behalf of the HRA by the Chair and Executive <br /> Director. <br /> Adopted this day of , 2003. <br /> Chair <br /> Executive Director <br />