95-10 HRA Resolution
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Resolution 95-10
November 14, 1995
Commissioner Johnson introduced the following and moved its adoption:
RESOLUTION CONDITIONALLY DESIGNATING
SHERMAN ASSOCIATES INC. AS DEVELOPER OF A
PORTION OF AREA A-1 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, Sherman Associates Inc. is interested in developing a portion
of Area A-1 of the Valley Square Redevelopment Area by constructing up to
75,000 sq. ft. of office space; and
WHEREAS, the HRA wishes to conditionally designate Sherman
Associates Inc. developer of approximately 5.5 acres in the western portion of
Area A-1 Redevelopment Area so that it may construct office facilities
coordinated with the eastern portion of the property.
NOW, THEREFORE, BE IT RESOLVED, by the HRA as follows:
1. Sherman Associates Inc. is hereby conditionally designated developer
of approximately 5.5 acres of Area A-1 of the Valley Square Redevelopment
area which will be coordinated with other development on the block.
2. The HRA understands that Sherman Associates, Inc. will undertake all
planning and development efforts to construct the office facility on such property,
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
Sherman Associates, Inc.
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 Sherman Associates, Inc. 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 95-10 - Continued
November 14, 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 Sherman Associates, Inc. and the HRA is
executed by both parties, or September 1, 1996, whichever occurs earlier.
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David A. Thompson, Chair
ATTEST:
Motion for the tion of the foregoing resolution was seconded by
Commissioner ompson; and upon a vote taken thereon, the following voted in
favor thereof: Johnson, Thompson and Tremere; the following was absent:
Russell; and the following voted against the same: Micks , whereupon said
resolution was declared duly passed and adopted, signed by the Chair and his
signature attested by the Director.