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96-02 HRA Resolution . . . Resolution 96-2 July 9, 1996 Commissioner Micks introduced the following and moved its adoption: RESOLUTION CONDITIONALLY DESIGNATING CSM CORPORATION AS DEVELOPER OF A PORTION OF 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; and WHEREAS, CSM Corporation is interested in developing a portion of the Golden Hills Redevelopment Area by constructing hotel, retail and restaurant facilities ("the project"); and WHEREAS, the HRA wishes to conditionally designate CSM Corporation developer of approximately 12 acres in the central portion of the redevelopment area. NOW, THEREFORE, BE IT RESOLVED, by the HRA as follows: 1. CSM Corporation is hereby conditionally designated developer of approximately 12 acres of the Golden Hills Redevelopment Area. 2. The HRA understands that CSM Corporation will undertake all planning and development efforts to construct the project on such property, and CSM 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 CSM Corporation 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 CSM Corporation until such time as it determines to terminate such negotiations in its sole and absolute discretion. . . . Resolution 96-2 - Continued July 9, 1996 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 CSM Corporation and the HRA is executed by both parties, or November 1, 1996, whichever occurs earlier. A TIEST: Motion for t e adoption of the foregoing resolution was seconded by Commissioner Russell; and upon a vote taken thereon, the following voted in favor thereof: Anderson, Johnson, LeSuer, Micks and Russell; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted, signed by the Chair and her signature attested by the Director.