02-05 HRA Resolution
Resolution 02-05
October 8, 2002
. Commissioner Johnson introduced the following and moved its adoption:
RESOLUTION EXTENDING THE CONDITIONAL DESIGNATION OF
INFINITY MOTEL HOLDINGS, L.L.C.
AS DEVELOPER OF A PORTION OF THE
NORTH WIRTH PARKWAY REDEVELOPMENT AREA
(Lot 1, Block 2, Schaper Addition)
WHEREAS, on May 14, 2002, the HRA approved Resolution 02-04,
Resolution conditionally Designating Infinity Motel Holdings, L.L.C. as Developer
of a Portion of the North Wirth Parkway Redevelopment Area (Lot 1, Block 2,
Schaper Addition); and,
WHEREAS, Infinity Motel Holdings, L.L.C. (hereinafter "Developer") has
made significant progress in negotiating a development agreement to present to
the Golden Valley Housing and Redevelopment Authority (hereinafter "HRA"),
and such negotiations were not concluded prior to a September 1 , 2002
termination date established in Resolution 02-04; and,
WHEREAS, the HRA is willing to continue these negotiations.
.
NOW, THEREFORE, BE IT RESOLVED, by the HRA as follows:
1. Infinity Motel Holdings, L.L.C.'s conditional designation as developer of
Lot 2, Block 1, Schaper Addition, is herebyextended.
2. The HRA understands that Infinity Motel Holdings, L.L.C. will
undertake all planning and development efforts to construct the project
on such property, and Infinity Motel Holdings, 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 Infinity Motel Holdings, 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 Infinity Motel Holdings,
L.L.C. until such time as it determines to terminate such negotiations in
its sole and absolute discretion.
.
.
.
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Resolution 02-05 (Con't)
ATTEST:
October 8, 2002
4. This designation is effective as ofthe date hereof and shall
automatically terminate and be of no force or effect at such time as the
development agreement between Infinity Motel Holdings, L.L.C. and
the HRA is executed by both parties, or March 1, 2003, whichever
occurs earlier.
.~.
Jan
ector
Motion for the a 0 ti n.of the foregoing resolution was seconded by
Commissioner yson; and upon a roll call vote taken thereon, the following
voted in favor thereof: Grayson, Johnson, LeSuer and Tremere; and the following
voted against the same: Loomis; whereupon said resolution was declared duly
passed and adopted, signed by the Chair and his signature attested by the
Director.