85-04 HRA Resolution
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Resolution 85-4
October 15, 1985
Commissioner Anderson introduced the following resolution and moved its adoption:
RESOLUTION ISSUING CERTIFICATE OF COMPLETION
FOR PHASE III ON PARCEL 2 OF MEDLEY PARK
AND AUTHORIZING RETURN OF CONFESSION OF JUDGMENT
WHEREAS, the Second Amendment to the Medley Park Private Development
Agreement entered into between the Housing and Redevelopment Authority (HRA) in
and for the City of Golden Valley and Bor-Son Investment Properties Corporation,
dated March 12, 1985, provides that once the HRA staff has completed inspection
to confirm IIfinishedll construction as to a phase on Parcel 2, the HRA shall
issue a Certificate of Completion as to that phase; and
WHEREAS, the Second Amendment to the Medley Park Private Development
Agreement further provides for a $150,000 Confession of Judgment for additional
security, which shall be returned to the developer if construction is "finished"
as to all of Phase III within time deadlines specified in the Private Development
Agreement as amended by the Second Amendment; and
WHEREAS, a unit is defined as IIfinished" in the Second Amendment of the
Medley Park Private Development "when the complete structure in which it is
located has been erected, the exterior thereof finished and landscaped, the
interiors have been provided with utilities, plumbing, heating, electrical and
walls except for sheetrocking, millwork and finish selections...II; and
WHEREAS, HRA staff has filed an inspection report indicating that Phase III
construction on Parcel 2 is IIfinished" as defined herein above within time deadlines
specified in the Private Development Agreement as amended by the Second Amendment;
NOW, THEREFORE, BE IT RESOLVED that the Housing and Redevelopment Authority
(HRA) in and for the City of Golden Valley hereby issues a Certificate of
Completion for Phase III on Parcel 2 of Medley Park and authorizes the HRA Chair
to execute the Certificate of Completion attached as Exhibit A.
BE IT FURTHER RESOLVED that the Director of the Housing and Redevelopment
Authority in and for the City of Golden Valley shall return to the developer the
$150,000 Confession of Judgment.
RaY~~
The motion for h adoption of the foregoing resolution was seconded by
Commissioner Ba en and upon a vote being taken thereon, the following voted
in favor thereof: Anderson, Bakken, Johnson, Stockman and Thompson; 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
Di rector.