87-01 HRA Resolution
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Resolution 87-1
Ap r i1 21, 1987
Commissioner Anderson introduced the following resolution and moved its adoption:
RESOLUTION FOR CONSENT TO ASSIGNMENT OF THE MEDLEY PARK
DEVELOPMENT AGREEMENT TO HARVARD DEVELOPMENT AND CONTRACTING, INC.
WHEREAS, The Housing and Redevelopment Authority in and for the City of
Golden Valley ("HRA") entered into a Private Development Agreement with Bor-Son
Investment Properties Corporation, a Minnesota corporation ("Bor-Son") dated
July 2, 1982 which was subsequently amended by a First Amendment, a Second
Amendment, a Third Amendment and a Fourth Amendment ("Development Agreement");
WHEREAS, the Development Agreement provides for development of real property,
a portion of which is the subject of this Resolution and legally described as:
Lots 2 and 3, Block 1, Medley Lane, P.U.D. No. 30-B.
WHEREAS, Bor-Son desires to assign its rights in the Development Agreement
and Harvard is willing to accept the same.
NOW, THEREFORE, BE IT RESOLVED by the HRA that it consents to the Partial
Assignment of the Private Development Agreement - Medley Park in the form and
under the terms and conditions of the attached Partial Assignment Agreement.
BE IT FURTHER RESOLVED that this consent to partial assignment does not
release the remaining $225,000 letter of credit which has been posted by Bor-Son
to guarantee completion of the project.
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The motion for \ adoption of the foregoing resolution was seconded by
Commissioner Johnson 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.