92-08 HRA Resolutions
Resolution 92-8
December 8, 1992
.
Commissioner Bakken introduced the following resolution and moved its adoption:
RESOLUTION CONDITIONALLY DESIGNATING MEPC AMERICAN PROPERTIES, INC. AS DEVELOPER
OF THE AREA WEST OF XENIA AVENUE IN THE GOLDEN HILLS REDEVELOPMENT AREA
WHEREAS, the HRA in and for the City of Golden Valley (hereinafter "HRA")
and the City Council for the City of Golden Valley (hereinafter "City") have
approved the Golden Hills Redevelopment Plan as amended;
WHEREAS, the HRA has taken an active role to encourage development in the
Golden Hills area through planning activities, purchase of real property, and
environmental clean-up all financed by tax increment financing;
WHEREAS, planning for redevelopment in the Golden Hills area will require a
partnership with private developer{s) interested in making investments in the
a rea;
WHEREAS, prior to making a significant financial commitment to the redevel-
opment area, private developers require time to plan and prepare for such
redevelopment;
.
WHEREAS, MEPC - American Properties, Inc. (hereinafter "MEPC"), a large
international development company with its American headquarters in Dallas,
Texas with properties in St. Louis Park and Golden Valley (the Golden Valley
portion being a part of the Golden Hills Redevelopment Area) has shown interest
in developing a portion of the Golden Hills Redevelopment Area west of Xenia
Avenue.
NOW, THEREFORE, BE IT RESOLVED, by the HRA as follows:
1. MEPC is designated exclusive developer of the area west of Xenia Avenue
in the Golden Hills Redevelopment Area until June 30, 1994 unless extended.
2. MEPC will undertake planning, marketing, and development efforts; all
of MEPC's plans will meet all requirements of the HRA and the City including but
not limited to all building, zoning and planned unit development requirements;
and, MEPC understands that any development requires a negotiated development
agreement between the HRA and the developer which agreement shall contain terms
satisfactory to the HRA and MEPC.
3. The conditional designation is not to be construed as contractually
binding on the HRA, but is a statement of the HRA's commitment to work in good
faith with MEPC during this period unless MEPC fails to diligently pursue rede-
velopment efforts.
(jl~~-
Ray . toc man, Chalr
.
.
e
.
Resolution 92-8 (continued)
December 8, 1992
The motion for the adoption of the foregoing resolution was seconded by
Commissioner Thompson and upon a vote being taken thereon, the following voted
in favor thereof: Bakken, Johnson, Russell, 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.