84-03 HRA Resolution
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Resolution 84-3
r~ay 8, 1984
Commissioner Johnson introduced the following resolution and moved its adoption:
RESOLUTION M~ENDING RESOLUTION MAKING FINDINGS AND DETERMINATIONS
APPROVING LEASE AND SALE OF CERTAIN REAL PROPERTY IN AREA D
OF VALLEY SQUARE PROJECT TO THE NORTHLAND COMPANY AND MODIFYING
VALLEY SQUARE REDEVELOPMENT PLAN
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Golden Valley, Minnesota (hereinafter "HRN') passed a resolution making certain
findings and determinations approving the lease and sale of certain real property
in Area D of the Valley Square Project to The Northland Company at its regular
meeting on March 8, 1984 after holding a public hearing thereon pursuant to
Minn. Stat. ~462.525; and
WHEREAS, certain minor changes to the Private Development Agreement - Area D
approved by said Resolution have been required because the irrevocable commitment
letter for a completion bond was not available and because the parties have
agreed on certain minor modifications to said Agreement; and
WHEREAS, all of the modifications to said Private Development Agreement -
Area D are minor in nature and do not require an additional public hearing;
NOW, THEREFORE, BE IT RESOLVED that the HRA hereby amends its Resolution
passed on March 8, 1984 making certain findings and determinations approving
1 ease and sale of certain real property in Area D of Valley Square Project to
The Northland Company and modifying the Valley Square Redevelopment Plan by
amending the Private Development Agreement - Area D as follows:
A. The Table of Contents on page 2 thereof is amended to provide at Section
4.5 for an "Interim Letter of Credit" and adding Section 4.6 "Completion
Bond or Letter of Credi t. "
B. Section 4.5 of the Private Development Agreement is amended by removing
the language contained therein and substituting in lieu thereof language
providing for an Interim Letter of Credit. The specific language is set
forth on the attached Exhibit A.
C. Section 4.6, Completion Bond or Letter of Credit, is added to the Private
Development Agreement. The specific language is contained on Exhibit A.
D. Section 5.1 is amended in the eighth line thereof to correct the
reference to Exhibit B and substituting in lieu thereof reference to
Exhibit C.
E. Section 5.2(a) of the Private Development Agreement is amended in the fifth
and eighth lines thereof by referring to IIthis Agreement and the Leasell
in both places, rather than vice versa.
F. Section 6.1 (b) (i) is amended in the ninth line thereof by deleting the
reference to "full insurable valuell.
G. Section 6.1 (b) (ii) is amended in the seventh line thereof by deleting
the reference to "and for each yearll.
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Resolutin 84-3 - Continued
t1ay 8, 1984
H. Section 10.2 (g) of the Private Development Agreement is amended to
provide for an offset for any recovery under the Letters of Credit or
Completion Bond in the language on the attached Exhibit A.
I. Section 12.2. is amended by adding the final sentence thereto: IIIn the
event of such termination, the HRA shall return any Letter of Credit or
Completion Bond then in effect under Article IV to Northland.1I
J. The Assessment Agreement, Exhibit C to the Private Development Agreement,
is amended in the first paragraph thereof by deleting the words
"substantially complete" contained therein and substituting in lieu
thereof: IIJanuary 2, 1988, at which date the parties stipulate and agree
there shall be completion of the improvements. . ."
K. The Assessment Agreement, Exhibit C to the Private Development Agreement,
is amended in the second paragraph thereof by adding at the beginning
thereof the words: IICommencing with taxes payable in the year 1989 and
thereafter. . ."
L. The Ground Lease - Area D, Exhibit E to the Private Development Agreement,
is amended in Section 3.3.(a) by deleting the reference to "20 years"
in the last line of the second paragraph thereof and substituting in
lieu thereof: lithe amortization period for the Tax Increment Bonds.1I
M. The Ground Lease - Area D Exhibit E to the Private Development Agreement,
is amended in Section 3.3.(b) in the first sentence thereof by deleting
the words "be 20 years, commencing" and substituting in lieu thereof the
word IIcommence" and, thereafter, delete the words lithe lease Term shall
expire on the last day of the calendar month containing the final
Payment Date" and substituting in lieu thereof the words "shall expire
on the last day of the calendar month containing the final maturity
date for the Tax Increment Bonds. . .11
BE IT FURTHER RESOLVED:
1. That the Private Development Agreement - Area D, as amended (Exhibit A
hereto) is hereby approved in all respects subject to the restrictions contained
in the resolution approved on March 8, 1984.
2. That the Chair of the HRA and the Director of the HRA are hereby
authorized to execute the necessary documents and close the lease and sale of the
Subject Property to The Northland Company pursuant to the terms and restrictions
p rovi ded he reby.
3. That the Director of the HRA is hereby authorized and empowered to take all
necessary steps to acquire the Subject Property and to perform the obligations
imposed on the HRA under the Private Development Agreement - Area D (attached
hereto as Exhibit A).
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Resolution 84-3 - Continued
r1ay 8, 1984
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ATTEST:
~~,y
Je f ee. -Drreetar
The motion for the adoption of the foregoing resolution was seconded by
Commissioner Thompson and upon a vote being taken thereon, the following
voted in favor thereof: Anderson, Johnson, Stockman and Thompson; and the
following was absent: Bakken, and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted, signed by the
Chair and his signature attested by the Director