95-08 HRA Resolution
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Resolution 95-8
August 1, 1995
Commissioner Micks introduced the following and moved its adoption:
RESOLUTION CONDITIONALLY DESIGNATING
GOLDEN VALLEY COMMONS L.L.C. AS DEVELOPER OF A
PORTION OF AREA C OF THE VALLEY SQUARE
REDEVELOPMENT AREA
WHEREAS, on June 27, 1995, the Golden Valley Housing and
Redevelopment Authority (HRA) adopted Resolution 95-5 Conditionally
Designating OPUS Corporation (OPUS) as Developer of a Portion of Area C of
the Valley Square Redevelopment Area; and,
WHEREAS, OPUS wishes to assign its designation to develop the project
to its affiliate, GOLDEN VALLEY COMMONS L.L.C. (GVC); and,
WHEREAS, the HRA understands that negotiations will proceed for the
same project as proposed by OPUS and that OPUS is prepared to provide
financial guarantees for the construction of said project.
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NOW, THEREFORE, BE IT RESOLVED by the Golden Valley Housing
and Redevelopment Authority that Golden Valley Commons L.L.C. (GVC) is
hereby conditionally designated as 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 in place of
OPUS Corporation.
BE IT FURTHER RESOLVED that:
1. The HRA understands that GVC 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 GVC.
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2. 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 GVC 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 95-8 - Continued
August 1, 1995
3. 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 GVC and the HRA is executed by both parties,
or June 30, 1996, whichever occurs earlier.
..~ Jt~ ~
David A. Thompson, Chair
ATTEST:
. Motion for t adoption of the foregoing resolution was seconded by
Commissioner Johnson, 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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