98-02 HRA Resolution
Resolution 98-02
April 14, 1998
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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.
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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.
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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.