RES 1992-80 - 00003548230
RESOLUTION NO. 80 - 1992
' A RESOLUTION AUTHORIZING EXECUTION AND
DELIVERY OF AN AGREEMENT BY AND BETWEEN THE
CITY OF FRIDLEY, MINNESOTA; THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF
FRIDLEY, MINNESOTA AND LAKE POINTE INVESTMENT
COMPANY, A LIMITED PARTNERSHIP
BE IT RESOLVED by the City Council (the "Council ") of the City of
Fridley, Minnesota (the "City "), as follows:
Section 1. Recitals.
1.01. It has been proposed that the City enter into an Agreement
(the "Agreement ") by and between the City; the Housing and
Redevelopment Authority in and for the City of Fridley, Minnesota
(the "Authority "), and Lake Pointe Investment Company, a Limited
Partnership (the "Redeveloper ").
Section 2. Findings.
2.01. The Council hereby finds that it has approved and adopted
a development program known as the Modified Redevelopment Plan for
its Redevelopment Project No. 1 (the "Redevelopment Program ")
pursuant to Minnesota Statutes, Sections 469.001, et seq.
' 2.02. The Council hereby finds that the Authority and Redeveloper
entered into a Contract for Private Redevelopment, dated
December 20, 1985, to provide the redevelopment of certain real
property described on Exhibit A of the Agreement (the "Site ")
located within the City's Redevelopment Program. The Council
further finds the Authority and the Redeveloper entered into an
Addendum to the Contract, dated August 15, 1986.
2.03. The Council hereby finds that physical development of the
Site by the Redeveloper has not been undertaken as a result of
numerous causes.
2.04. The Council hereby finds that it is in the best interests
of the City and the Authority to terminate the exclusive rights of
the Redeveloper to acquire and develop the Site.
2.05. The Council hereby finds that the Authority should retain
title to the Site for future development which should occur at the
discretion of the Authority and the City.
2.06. The Council hereby finds that the Agreement promotes the
objectives as outlined in its Redevelopment Program.
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Page 2 -- Resolution No. 80 -1992
' Section 3. Authorization for Execution and Delivery.
3.01. The Mayor and the City Clerk are hereby authorized to
execute and deliver an Agreement which substantially conforms to
the Agreement presented to the Council as of this date and all
Exhibits to the Agreement which include a Settlement Escrow
Agreement and a Termination Agreement. The Mayor and the City
Clerk are further authorized to execute and deliver any document
necessary for the implementation of the Agreement.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY THIS 5TH DAY OF
OCTOBER, 1992.
ATTEST:
�0-
SHIRLEY A. AAPALA - C&TY CLERK
u
WILLIAM J. NEE V- MAYOR