96-03 HRA Resolution
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Resolution 96-3
October 8, 1996
Commissioner Anderson introduced the following and moved its adoption:
RESOLUTION RENEWING THE CONDITIONAL DESIGNATION OF
SHERMAN ASSOCIATES INC. AS DEVELOPER OF A
PORTION OF AREA A-1 OF THE VALLEY SQUARE
REDEVELOPMENT AREA
WHEREAS, the Housing and Redevelopment Authority 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 Redevelopmegt Area by constructing up to
75,000 sq. ft. of office space; and
WHEREAS, in Resolution 95-10 dated November 14,1995, the HRA
designated Sherman Associates, Inc. as the developer of approximately 5.5
acres in the western portion of Area A-1 Redevelopment Area for the
construction of office facilities coordinated with the eastern portion of the
property; and
WHEREAS, said designation terminated September 1, 1996 and the HRA
now wishes to renew said designation.
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.
Sherman Associates, Inc. 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 must be satisfactory to
the HRA.
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Resolution 96-3 - Continued
October 8, 1996
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.
4. This designation 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 March 1, 1997,
whichever occurs earlier.
ATTEST:
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Motion for the ado . n of the foregoing resolution was seconded by
Commissioner Russell; and upon a vote taken thereon, the following voted in
favor thereof: Anderson, Johnson and Russell; and the following voted against
the same: LeSuer and Micks , whereupon said resolution was declared duly
passed and adopted, signed by the Chair and her signature attested by the
Director.