90-02 HRA Resolutions
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Resolution 90-2
March 13, 1990
Commissioner Anderson introduced the following resolution and moved its
adoption:
RESOLUTION FOR FINDINGS AND DETERMINATIONS APPROVING SALE OF
CERTAIN REAL PROPERTY IN THE VALLEY SQUARE REDEVELOPMENT AREA
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Golden Valley, Minnesota (hereinafter referred to as the IIHRAII), and the City
Council of the City of Golden Valley, Minnesota, have approved the Valley Square
Redevelopment Plan; and
WHEREAS, the Valley Square Redevelopment Plan contemplates the redevelop-
ment of Area C, in conjunction with the triangular piece of City property north
of Country Club Drive, into office and restaurant uses, along with the existing
Dahlberg Electronics manufacturing facility; and
WHEREAS, the Clark Equity Corporation, a Minnesota Corporation (hereinafter
referred to as IIDeveloperll) has made a proposal for the construction of a com-
bined retail/apartment development consisting of 110,000 square feet of retail
space and 100 apartment units; and
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 Valley Square Redevelopment Area with some modifica-
tions; and
WHEREAS, the HRA has determined the use value of the real property con-
templated by the Developer's proposal; and
WHEREAS, the HRA has duly given notice (Exhibit A) of a pUblic hearing on
the proposed sale of the property set forth in Exhibit B (hereinafter the
IISubject Propertyl'), pursuant to Minnesota Statutes ~469.029 and has duly held
said public hearing;
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
~469.029;
(2) The use of the Subject Property proposed by the Developer is reasona-
bly within the overall guidelines of the Valley Square Redevelopment
Plan, as modified herein;
(3) The use value of the Subject Property, hereby established as
$1,400,000, is appropriate;
(4) In consideration of the restrictions on the sale and use of the
Subject Property imposed by Minnesota Statute ~469.029 and the
restrictions imposed by the Valley Square Redevelopment Plan, sale of
the Subject Property to the Developer at $1,400,000 is appropriate.
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Resolution 90-2 - Continued
March 13, 1990
BE IT FURTHER RESOLVED that:
(1) The sale of the Subject Property to the Developer on the terms and
conditions set forth in the attached development agreement attached
hereto as Exhibit B is hereby approved; and
(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; and
(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
agreement; and
(4) The Valley Square Redevelopment Plan is hereby amended to the extent
that the Developer's proposal embodied in the private development
agreement attached hereto as Exhibit "B" so modifies it.
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h adoption of the foregoing resolution was seconded by
Commissione om son and upon a vote being taken thereon, the following voted
in favor t e eof: Anderson, Bakken, Johnson, Stockman and Thompson and the
following ted against the same: none, whereupon said resolution was declared
duly passed and adopted, signed by the Chair and his signature attested by the
Director.