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98-02 HRA Resolution Resolution 98-02 April 14, 1998 . Commissioner LeSuer introduced the following and moved its adoption: RESOLUTION CONDITIONALLY DESIGNATING MEPC AMERICAN PROPERTIES, INC. AS DEVELOPER OF A PORTION OF GOLDEN HILLS (CENTRAL) 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; and WHEREAS, ME PC American Properties, Inc., is interested in developing a portion of the Golden Hills (Central) Redevelopment Area by constructing an office building of at least 210,000 sq. ft. ("the project"); and WHEREAS, the HRA wishes to conditionally designate MEPC American Properties, Inc. developer of that part of the Golden Hills Central Area bounded by 1-394 on the south, Golden Hills Drive on the north, Xenia Avenue on the east and the Canadian Pacific Railway tracks on the west. . NOW, THEREFORE, BE IT RESOLVED, by the HRA as follows: 1. MEPC American Properties, Inc. is hereby conditionally designated developer of that part of the Golden Hills (Central) Area bounded by 1-394 on the south, Golden Hills Drive on the north, Xenia Avenue on the east and the Canadian Pacific Railway tracks on the west. 2. The HRA understands that MEPC American Properties, Inc. will undertake all planning and development efforts to construct the project on such property, and MEPC American Properties, 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 shall contain terms satisfactory to the HRA and MEPC American Properties, 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 ME PC American Properties, Inc. until such time as it determines to terminate such negotiations in its sole and absolute discretion. . . . . Resolution 98-02 - Continued April 14, 1998 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 MEPC American Properties, Inc. and the HRA is executed by both parties, or July 31, 1998, whichever occurs earlier. ATTEST: Motion for the aaoption of the foregoing resolution was seconded by Commissioner Bakken; and upon a vote taken thereon, the following voted in favor thereof: Anderson, Bakken, Johnson, LeSuer and Micks; 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.