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98-11 HRA Resolution . Resolution 98-11 December 8, 1998 Commissioner Anderson introduced the following and moved its adoption: RESOLUTION CONDITIONALLY DESIGNATING GOLDEN DEVELOPMENT, L.L.C. AS DEVELOPER OF A PORTION OF THE NORTH WIRTH REDEVELOPMENT AREA (Lot 1, Block 2, Schaper Addition) 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 North Wirth Parkway Redevelopment Plan as amended; and, WHEREAS, Golden Development, L.L.C. (hereinafter "Developer") has an option to purchase property in the Redevelopment Area currently operated as the Golden Valley Inn; and, WHEREAS, the Developer wishes to combine land the HRA is platting as Lot 1, Block 2, Schaper Addition, with the Golden Valley Inn parcel and constructing a 72,000 sq. ft. office building and 200' antenna; and, . WHEREAS, the HRA wishes to conditionally designate Golden Development, L.L.C. developer of Lot 1, Block 2, Schaper Addition. NOW, THEREFORE, BE IT RESOLVED, by the HRA as follows: 1. Golden Development, L. L. C. is hereby conditionally designated developer of Lot 2, Block 1, Schaper Addition. 2. The HRA understands that Golden Development, L.L.C. will undertake all planning and development efforts to construct the project on such property, and Golden Development, L.L.C. 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 Golden Development, L.L.C. . 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 Golden Development, L.L.C. until such time as it determines to terminate such negotiations in its sole and absolute discretion. . Resolution 98-11 (Con't) December 8, 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 Golden Development, L.L.C. and the HRA is executed by both parties, or April 1, 1999, whichever occurs earlier. i;;~~~ Gloria Johnson, C ir ATTEST: Motion for the a 0 tion of the foregoing resolution was seconded by Commissioner Le uer; 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. .