02-04 HRA Resolution
Resolution 02-04
May 14, 2002
. Commissioner Tremere introduced the following and moved its adoption:
RESOLUTION CONDITIONALLY DESIGNATING
INFINITY MOTEL HOLDINGS, LLC.
ASDEVELOPER OF A PORTION OF THE
NORTH WIRTH PARKWAY 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, partners in Infinity Motel Holdings, LLC. (hereinafter
"Developer") have property in the Redevelopment Area formerly operated as the
Golden Valley Inn; and,
WHEREAS, the Developer wishes to combine land described as Lot 1,
Block 2, SChaper Addition, with the Golden Valley Inn parcel and construct a
mixed use development project consisting of a 32AOO sq. ft. office building, and
two other neighborhood office and service retail building.; and,
.
WHEREAS, the HRA wishes to conditionally designate Infinity Motel
Holdings, LLC.. developer of Lot 1, Block 2, Schaper Addition.
NOW, THEREFORE, BE IT RESOLVED, by the HRA as follows:
1. Infinity Motel Holdings, LLC. is hereby conditionally designated
developer of Lot 2, Block 1, Schaper Addition.
2. The HRAunderstandsthat Infinity Motel Holdings, LLC. will
undertake all planning and development efforts to construct the project
on such property, and Infinity Motel Holdings, LLC. 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 Infinity Motel Holdings, LLC.
.
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 Infinity Motel Holdings,
LLC. until such time as it determines to terminate such negotiations in
its sole and absolute discretion.
.
.
.
Resolution 02-04 (Con't)
May 14, 2002
4. This designation is effective as ofthe date hereof and shall
automaticallyterminC3te and be of noforce or effect at such time asthe
development agreement between Infinity Motel Holdings, L.L.C. and
the HRA is executed by both parties, or September 1, 2002, whichever
occurs earlier.
ATTEST:
~
Motion forthe ado io of e foregoing resolution was seconded by
Commissioner Grayson; and upon a vote taken thereon, the following voted in
favor thereof: Grayson, Johnson, LeSuer, Loomis and Trernere;and the following
voted agC3instthesame: none; whereupon said resolution was declared duly
passed and adopted, signed by the Chair and his signature attested by the
Director.