90-07 HRA Resolutions
Resolution 90-7
July 10, 1990
.
Commissioner Thompson introduced the following resolution and moved its adop-
tion:
RESOLUTION TERMINATING THE CONDITIONAL DESIGNATION OF
THE TRAMMELL CROW COMPANY AS THE DEVELOPER OF THE WEST
AREA OF THE GOLDEN HILLS REDEVELOPMENT AREA
WHEREAS, on February 14, 1989, in Resolution 89-1 the Housing and
Redevelopment Authority did conditionally designate Trammell Crow Company as the
developer for the Golden Hills - West Area, for an office-warehouse project to
begin construction in January of 1990; and
WHEREAS, due to changed market conditions Trammell Crow did not
negotiate a development agreement to develop speculative office-warehouse facil-
ities in 1989 and has indicated no immediate plans to do so; and
WHEREAS, Trammell Crow has promoted the possibility of staged develop-
ment of the site based on lease or sale of portions of the site to suit specific
tenants or purchasers; and
WHEREAS, the Housing and Redevelopment Authority has determined that
under current market conditions it is not feasible to proceed with a comprehen-
sive, single stage development of the site; and
-
WHEREAS, it is to the benefit of the Housing and Redevelopment
Authority to be open to all proposals from multiple developers if the West Area
is to be developed in a phased manner;
NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelopment
Authority in and for the City of Golden Valley, Minnesota, that Trammell Crow's
conditional designation as the developer for the Golden Hills - West Area is
terminated.
BE IT FURTHER RESOLVED THAT the Trammell Crow Company, along with all
other prospective developers, may submit proposals for the phased development of
the Golden Hills - West Area.
Ra@:~ Chair
e
option of the foregoing resolution was seconded by Commis-
sioner Johnson d 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 Director.