95-05 HRA Resolution
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Resolution 95-5
June 27, 1995
Commissioner Tremere introduced the following and moved its adoption:
RESOLUTION CONDITIONALLY DESIGNATING
OPUS CORPORATION AS DEVELOPER OF A
PORTION OF AREA C OF THE VALLEY SQUARE
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 Valley Square Redevelopment Plan as amended; and
WHEREAS, OPUS Corporation is interested in developing a portion of
Area C of the Valley Square Redevelopment Area with a retail project of
approximately 47,000 sq. ft.; and,
WHEREAS, the HRA wishes to conditionally designate OPUS Corporation
developer of approximately 7.8 acres in the Area C Redevelopment Area so that
it may construct the project.
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NOW, THEREFORE, BE IT RESOLVED, by the HRA as follows:
1. OPUS Corporation is hereby conditionally designated developer of
approximately 7.8 acres of Area C of the Valley Square Redevelopment area
which will be coordinated with the U.S. Postal Service development on the
northeast corner of the block; and,
2. The HRA understands that OPUS Corporation will undertake all
planning and development efforts to construct the project, and it understands
that it will have to meet the requirements of the HRA and City and that it will
enter into a negotiated development agreement with the HRA, which
development agreement shall contain terms satisfactory to the HRA and OPUS
Corporation.
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3. The designation contained in this resolution is not an offer or an
agreement to sell the development property, or the grant of an option or any
other interest in the development property. The HRA reserves the right to
rescind the designation at any time in its sole and absolute discretion. Subject to
the foregoing, the HRA agrees to commence negotiation of the development
agreement with OPUS Corporation and agrees to use reasonable efforts and
good faith in the negotiation thereof, until such time as it determines to terminate
such negotiations in its sole and absolute discretion.
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Resolution 95-5 - Continued
June 27, 1995
4. This designation is effective as of the date hereof and shall
automatically terminate and be of no force or effect at such time as the
development agreement between OPUS Corporation and the HRA is executed
by both parties, or June 30, 1996, whichever occurs earlier.
~A,~~
David A. Thompson, Chair
ATTEST:
r
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Motion for the a ption of the foregoing resolution was seconded by
CommissionerJohnson, and upon a vote taken thereon, the following voted in
favor thereof: Johnson, Micks, Russell, Thompson and Tremere ; 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.
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