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86-01 HRA Resolution . . . Resolution 86-1 March 12, 1986 Commissioner Bakken introduced the following resolution and moved its adoption: RESOLUTION FOR FINDINGS AND DETERMINATIONS APPROVING SALE OF CERTAIN REAL PROPERTY IN THE GOLDEN HILLS REDEVELOPMENT AREA TO CROW MINNESOTA PROPERTIES, INC. AND GOLDEN VALLEY HOTEL ASSOCIATES WHEREAS, the Housing and Redevelopment Authority in and for the City of Golden Valley, Minnesota (hereinafter referred to as the "HRA"), and the City Council of the City of Golden Valley, Minnesota, have approved the Golden Hills Redevelopment Plan; WHEREAS, the Golden Hills Redevelopment Plan contemplates the provision of a redevelopment parcel within the Central Area of the Golden Hills Redevelopment Area for office use, hotel use or a combination of both; WHEREAS, Crow Minnesota Properties, Inc., a Minnesota Corporation, Golden Valley Hotel Associates, a partnership, (Hereinafter collectively "Developer") have made a proposal for the construction of a combined office and hotel development in two connected buildings, one of approximately 8 stories in height and the other approximately 15 stories in height, which proposal substantially conforms to the terms of the Golden Hills Redevelopment Plan; WHEREAS, the Developerls proposal requires minor modifications of the Golden Hills Redevelopment Plan; WHEREAS, the HRA has reviewed the terms of the proposal made by the Developers and they appear to be reasonable and within the overall guidelines for redevelopment of the Central Area of the Golden Hills Redevelopment Area; WHEREAS, the HRA has used the land appraisal services of the City of Golden Valley to determi ne the use value of the real property contemplated by the Developerls proposal; WHEREAS, the HRA has duly given notice of a public hearing on the proposed sale of the property set forth on Exhibit A hereto (hereinafter the "Subject Property") pursuant to Minnesota Statutes ~ 462.525 and has duly held said public h eari ng; and NOW, THEREFORE, BE IT RESOLVED, that the HRA does hereby make the following findings and determinations: (1) Proper published notice of the proposed sale of the Subject Property described above has been given and a public hearing has been held thereon, all in accordance with the provisions of Minnesota Statutes ~ 462.525; (2) The use of the Subject Property proposed by the Developer fully conforms to the terms of the Golden Hills Redevelopment Plan, as modi fi ed he rei n; (3) The use value of the Subject Property is hereby established as $6.00 per squa re foot is appropri ate. Resolution 86-1 - Continued t4arch 12, 1986 . (4) In consideration of the restrictions on the sale and use of the Subject Property imposed by Minnesota Statute ~ 462.525 and the restrictions imposed by the Golden Hills Redevelopment Plan, sale of the Subject Property to the Developer at a price of $6.00 per square foot is appropri ate. BE IT FURTHER RESOLVED that: (1) The sale of the Subject Property to the Developer on the terms and conditions set forth in the two attached development agreements attached hereto as Exhibits "B" and "cu is hereby approved subject to the restrictions set forth below: . (a) The Developer shall carry out or cause to be carried out all terms of the Golden Hills Redevelopment plan, or approved modifications thereof, with respect to the Subject Property; (b) No use shall be made of the Subject Property which does not conform to the Golden Hills Redevelopment Plan; (c) The Developer shall give reasonable assurance in writing of the priority of the obligations of the sale and of conformance to the Golden Hills Redevelopment Plan over any other obligations it may have with respect to said Property; (d) The Developer shall supply the HRA with evidence of its financial and legal ability to carry out and conform to the Golden Hills Redevelopment Plan and the terms and conditions of the sale approved hereby; (e) The Developer shall commence construction of the improvements called for on the Subject Property as set forth in the private development agreements attached hereto as Exhibits "B" and "C"; (f) The Developer shall have no power to assign its interest in the Subject Property unless and until the HRA certifies that all building construct ions and other physical improvements thereon requi red by the Golden Hills Redevelopment Plan have been completed, except as other- wise provided in the private development agreements - attached hereto as Exhibits "B" and "C"; (g) As security for its fulfillment of the terms of the Valley Square Redevelopment Plan with respect to the Subject Property and its agreement with the HRA, the Developer shall furnish letters of credit for the project as set out in both private development agreements - attached hereto as Exh ibits "B" and "C"; (h) There shall be no discrimination in the use of the Subject Property because of race or religion, political or other affiliations; . (i) All of the foregoing restrictions on the sale of the Subject Property to the Developers shall run with the land and shall be included in the documents transferring an interest in said property, except to the extent the HRA I S attorney determi nes are not appropri ate to run wi th the land or be included in the documents of transfer. . . . Resolution 86-1 - Continued March 12, 1986 (2) The Chair of the HRA and the Director of the HRA are hereby authorized to execute the necessary documents and close the sale of the Subject Property to the Developer pursuant to the terms and restrictions provided hereby. (3) 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 agreements - attached hereto as Exhibit "B" and "C" (4) The Golden Hills Redevelopment Plan is hereby amended to the extent that the Developer's proposal embodied in the private development agreements - attached hereto as Exhibits "B" and "C" so modifies it. ((t?~ Ray B. Stockman, Chair ATTEST: The motion fo adoption of the foregoing resolution was seconded by Commissioner T mpson 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. . . . Resolution 86-1 - Continued March 12, 1986 EXHIBIT "A" Legal Description That part of the Southeast V4 of the North 1/2 of Section 4, Township 117, Range 21, lying Easterly of Xenia Avenue South and Southerly of Lot A, Registered Land Survey No. 661, Hennepin County, Minnesota, except that part to be taken by the State of Minnesota for 1-394 and Xenia Avenue South. PERMITTED ENCUMBRANCES: A frontage or backage road to the property and other encumbrances to be supplied.