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CITY COUNCIL CITY OF NEW BRIGHTON RESOLUTION NO 09-040 ;SOLUTION AUTHORIZING TERMINATION OF CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN CITY OF NEW BRIGHTON AND :RMAN ASSOCIATES, INC. REGARDING PROPERTY REFERRED TO AS THE tMER LONG LAKE LANDINGS DEVELOPMENT WITHIN THE NORTHWEST QUADRANT WHEREAS, the City of New Brighton and Sherman Associates, Inc. ("Sherman") were parts to a redevelopment agreement dated June 22, 2004 for redevelopment of area referred to as tba former Long Lake Landings within the Northwest Quadrant. That original agreement was replaced by an "amended and restated" contract executed by the parties on December 13, 2005 for rhUevelopment of the area depicted on Exhibit A ("Property"); WHEREAS, the December 13, 2005 contract was the subject of a "First Amendment" eXCC L ted by the parties on August 22, 2006, which altered dates and the scope of the project due to changed circumstances but left many of the operative provisions in place. Together, the December 13, 2005 and August 22, 2006 contracts form the City's complete agreement with She an and establish the parameters of the relationship ("Agreement") with respect to the WHEREAS, on April 23, 2009 the City Council adopted Resolution 09-025, authorizing give notice of default to Sherman as provided in the Agreement; and � 1 WHEREAS, that written notice of default was sent by certified mail dated May 18, 2009 to S rman as required by the Agreement; and WHEREAS, the notice of default informed Sherman that the City had met all of its obli tions under the Agreement and that Sherman had thirty days to cure its default or provide written assurances acceptable to the City that a cure was forthcoming shortly, pursuant to the Aur ent; and in WHEREAS, Sherman acknowledged receipt of the notice of default in a responsive letter May 29, 2009 in which Sherman indicated a belief that, due to significant environmental on the site, the City had not complied with its obligations under the Agreement, resulting ,rman's failure to proceed, but did not cure the default or provide assurances of mance as required under the Agreement to cure the default and as of the date of this tion has not cured or offered assurance of performance;