CC PACKET 06222004 - Laserfiche WebLink

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14 WHEREAS, the HRA believes that such proposed redevelopment of the Redevelopment Property.will result in increased housing units to meet the demands of the marketplace, the increase of employment opportunities for residents of the city, the increase of the value of property subject to taxation by the City and other local government units, and the increase of general economic activity in the City, all of which will reduce unemployment, improve living conditions,promote desirable redevelopment of land, remove blight and prevent the emergence of additional blighted property and areas, and encourage and enhance the general health and welfare of the residents of the City; and WHEREAS, representatives of the Rental Housing Developer and of the HRA have been discussing the proposed terms of such development by the Rental Housing Developer on the Redevelopment Property and the means by which such development will be undertaken and the extent of public assistance required for such development, which proposed terms are contained in a Rental Housing Redevelopment Agreement negotiated by such parties, a summary of which has been presented to and reviewed and discussed by the HRA Board (the "Summary"). NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment Authority of St. Anthony as follows: 1. The Board believes that the redevelopment of the Redevelopment Property, as proposed by the Rental Housing Developer, is in the vital and best interests of the City and the HRA, and the proposed tax increment and other public assistance to be provided by the City and HRA to such redevelopment primarily serve a public purpose and are in the public interest by permitting the redevelopment of property in the City in a manner that meets the goals and objectives of the Redevelopment Plan and is in accordance with the provisions of applicable federal, state and local laws. 2. The HRA's Executive Director is hereby authorized and directed on behalf of the HRA to negotiate a Rental Housing Redevelopment Agreement by and between the HRA and the Rental Housing Developer and related agreements the terms of which shall not, in his opinion, substantially alter or impair the rights and obligations of the HRA as set forth in the Summary, and the form of which shall be approved by the HRA Attorney. 3. Adoption of this resolution shall not constitute a contract or agreement on behalf of the City or the HRA, and the Rental Housing Redevelopment Agreement shall not be deemed effective or legally enforceable against the HRA until approved by and executed and delivered on behalf of the HRA by the HRA Chair and Executive Director Adopted this 22nd day of June, 2004. Chair Review for Administration: Executive Director