96-05 HRA Resolution
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Resolution 96-5
December 11, 1996
Commissioner Anderson introduced the following and moved its adoption:
RESOLUTION REGARDING TERMINATION OPTION
OF SHERMAN AND ASSOCIATES, INC.
PRIVATE DEVELOPMENT AGREEMENT
WHEREAS Sherman and Associates Inc. ("Developer") and the Housing
and Redevelopment Authority in and for the City of Golden Valley ("HRA") are
parties to the Sherman and Associates Inc. Private Development Agreement
dated November 14, 1995 ("Agreement"); and
WHEREAS said Agreement was amended by the parties in the First
Amendment dated July 9, 1996: and
WHEREAS the First Amendment added a new Section 7.4. titled HRA's
Option to Terminate, which states: This Agreement may be terminated by the
HRA by written notice to Developer if the HRA is in compliance with all material
terms of this Agreement and Closing has not occurred by November 1, 1996:
provided however, that termination of this Agreement pursuant to this Section
7.4 shall not affect the rights of the HRA to institute any action, claim or demand
for damages suffered as a result of breach or default of the terms of the
Agreement by Developer; and
WHEREAS the HRA approved a Second Amendment to the Agreement at
its October 8, 1996, meeting, which would have extended the date for
termination until March 1, 1997; and
WHEREAS the developer did not execute the Second Amendment and it
therefore is not in effect: and
WHEREAS the Director of the HRA notified to the Developer by letter
dated November 4, 1996, that the HRA was exercising its Option to Terminate
the Agreement.
NOW, THEREFORE BE IT RESOLVED by the Housing and
Redevelopment Authority in and for the City of Golden Valley that its approval of
the Second Amendment to Sherman Associates, Inc. Private Development
Agreement is hereby rescinded and the action of the Director exercising the
Option to Terminate is hereby ratified.
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Resolution 96-5 - Continued
December 11, 1996
ATTEST:
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Martha Micks, Vice Chair
Motion for th doption of the foregoing resolution was seconded by
Commissioner Russell; and upon a vote taken thereon, the following voted in
favor thereof: Anderson, LeSuer, Micks and Russell; and the following voted
against the same: none; and the following was absent: Johnson, whereupon said
resolution was declared duly passed and adopted, signed by the Vice Chair and
her signature attested by the Director.