12-19-17 - Special HRA Agenda Packet A G E N D A
Special Meeting of the
Housing and Redevelopment Authority
Golden Valley City Hall
7800 Golden Valley Road
Council Chamber
December 19, 2017
6:30 pm
Pages
1. Roll Call
2. Approval of Agenda
3. Consider Second Amendment to Development Agreement with Liberty Crossing
Development Partners, LLC
2-6
4. Adjournment
Executive Summary For Action
Golden Valley Housing and Redevelopment Authority Meeting
December 19, 2017
Agenda Item
3. Consider Second Amendment to Development Agreement with Liberty Crossing Development
Partners, LLC
Prepared By
Marc Nevinski, Physical Development Director
Summary
The HRA is asked to consider a second amendment to the development agreement with Liberty
Crossing Investment Partners, LLC to revise the completion date for the project’s townhomes and
apartment building to October 31, 2018. The first amendment, approved in July revised the
completion date to December 31, 2017, and included several conditions which have since been
satisfied. Approval of the second amendment revising the completion date avoids an Event of
Default outlined in the development agreement.
Attachments
• Second Amendment to Liberty Crossing Private Development Agreement (4 pages)
Recommended Action
Staff recommends the HRA approve the Second Amendment to the Development Agreement
with Liberty Crossing Development Partners, LLC.
SECOND AMENDMENT
TO
LIBERTY CROSSING PRIVATE DEVELOPMENT AGREEMENT
THIS SECOND AMENDMENT TO LIBERTY CROSSING PRIVATE
DEVELOPMENT AGREEMENT ("Amendment"), is made and entered into, effective as
of December 19, 2017, by and between THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF GOLDEN VALLEY, a public body corporate
established and existing under Minnesota Statutes, Section 469.001 et seg., with its
principal offices at 7800 Golden Valley Road, Golden Valley, Minnesota 55427 (the
"HRA"), and LIBERTY CROSSING INVESTMENT PARTNERS, LLC, a Minnesota
limited liability company, with its principal office at 3020 France Avenue South,
Minneapolis, Minnesota 55416 ("Developer").
WHEREAS, the HRA and Developer entered into that certain Liberty Crossing
Private Development Agreement, effective April 29, 2016, recorded as Document
No. T05343990 in the Office of the Hennepin County Registrar of Titles, as amended by
the First Amendment to Liberty Crossing Private Development Agreement, effective as
of July 11, 2017, recorded as Document No. T05460731 in the Office of the Hennepin
County Registrar of Titles (as amended, the "Private Development Agreement"),
concerning the Development Property legally described in attached Exhibit A; and
WHEREAS, the HRA and Developer wish to make certain changes to the Private
Development Agreement as set forth herein;
NOW, THEREFORE, in consideration of the foregoing, and in consideration of
the mutual terms and conditions contained herein, the parties hereby agree as follows-
1.
ollows:1. All capitalized terms used but not defined herein shall have the meanings
given to them in the Private Development Agreement.
2. Section 4.2 of the Private Development Agreement is revised to change
the completion date for 100 percent (100%) of the apartment building Improvements to
on or before October 31, 2018, and to change the completion date for 100 percent
(100%) of the townhomes Improvements to on or before October 31, 2018. Developer
agrees that these changes to the completion dates as set forth herein shall not in any
way affect the Assessment Agreements, including the dates by which certain minimum
market values are required under the Assessment Agreements.
3. Except as amended hereby, the Private Development Agreement
continues in full force and effect. In the event of any conflict between the terms,
conditions and provisions of the Private Development Agreement and this Amendment,
the terms, conditions and provisions of this Amendment shall prevail. This Amendment
may be executed in one or more counterparts, each of which shall for all purposes be
deemed to be an original and all of which shall together constitute one and the same
instrument.
IN WITNESS WHEREOF, the HRA has caused this Amendment to be duly
executed in its name and behalf and Developer has caused this Amendment to be duly
executed in its name and behalf, on or as of the date first above written.
THE HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE CITY OF
GOLDEN VALLEY
By-
Andy Snope, Chair
And
Timothy J. Cruikshank, Director
LIBERTY CROSSING INVESTMENT PARTNERS,
LLC
By-
Todd Schachtman, Chief Manager
STATE OF MINNESOTA
ss
COUNTY OF HENNEPIN
The foregoing instrument was acknowledged before me this day of
2017, by Andy Snope, Chair, and Timothy J. Cruikshank,
Director, of THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF GOLDEN VALLEY, on behalf of the organization.
Notary Public
2
STATE OF MINNESOTA
ss
COUNTY OF HENNEPIN
The foregoing instrument was acknowledged before me this day
of &c�e4kSc— , 2017, by Todd Schachtman, Chief Manager of Liberty
Crossing Investment Partners, LLC, a Minnesota limited liability company, on behalf of
the limited liability company.
DREW MICHAEL ZAMANSKY
NOTARY PUBLIC-MINNESOTA
MY COMMISSION EXPIRES 113112021 NotXry Public
DRAFTED BY-
Best & Flanagan LLP (CCB)
60 South Sixth Street, Suite 2700
Minneapolis, Minnesota 55402
011800/315002/52237812
3
EXHIBIT A
LEGAL DESCRIPTION FOR DEVELOPMENT PROPERTY
Lots 1-57, Block 1, Liberty Crossing P.U.D. No. 123, Hennepin County, Minnesota.
Downloads\2017\Liberty Crossing\First Amendment to Private Development Agreement(Liberty Crossing)-
2609.ZPAComments.a 1.d oc