97-02 HRA Resolution
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Resolution 97-2
February 11, 1997
Commissioner Anderson introduced the following and moved its adoption:
RESOLUTION AFFIRMING THE CONDITIQNAL DESIGNATION OF
LOGIS AS DEVELOPER OF A
PORTION OF AREA A-1 OF 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, LOGIS is interested in developing a portion of the Valley
Square Redevelopment Area by constructing an office building of approximately
29,000 sq. ft. ("the project"); and
WHEREAS, the HRA has approved by motion the conditional designation
of LOGIS as developer of approximately 2.5 acres in the eastern portion of Area
A-1 of the redevelopment area, which is known as Lot 2, Block 1, of Valley
Creek, P.U.D. No. 71 plat.
NOW, THEREFORE, BE IT RESOLVED, by the HRA as follows:
1. LOGIS is affirmed as the conditionally designated developer of
approximately 2.5 acres of the Valley Square Redevelopment Area.
2. The HRA understands that LOGIS will undertake all planning and
development efforts to construct the project on such property, and LOGIS
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 LOGIS.
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 LOGIS until such time as it determines to terminate such
negotiations in its sole and absolute discretion.
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Resolution 97-2 - Continued
February 11, 1997
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 LOGIS and the HRA is executed by both
parties, or July 1, 1997, whichever occurs earlier.
ATTEST:
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Motion for the adoption of the foregoing resolution was seconded by
Commissioner LeSuer; and upon a vote taken thereon, the following voted in
favor thereof: Anderson, Johnson, LeSuer; the following voted against the
same: Micks; the following absent: Russell; whereupon said resolution was
declared duly passed and adopted, signed by the Chair and her signature
attested by the Director.