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CITY COUNCIL CITY OF NEW BRIGHTON RESOLUTION NO RESOLUTION DIRECTING CITY STAFF TO NEGOTIATE WITH STUART 4ENT COMPANY FOR THE CONVEYANCE AND DEVELOPMENT OF CERTAIN PROPERTY IN THE NORTHWEST QUADRANT WHEREAS, the City of New Brighton ("City') is the fee owner of certain property ed within the Northwest Quadrant of the City and shown on attached Exhibit A as "H" icel H") and the City is also the fee owner of property adjoining Parcel H located to the west and south of Parcel H labeled "Park" on attached Exhibit A ("Park"); and WHEREAS, Parcel H and the Park are governed by City Code, including, but not limited to, rticle 6 of the City Code the Northwest Quadrant District; and WHEREAS, City Staff has engaged in discussions with Stuart Development Company t") regarding a potential apartment project on Parcel H ("Project"), and possible some ig property; and WHEREAS, City Staff and Stuart have developed general preliminary terms and >ns of the Project, which term sheet is attached hereto as Exhibit B ("Term Sheet'); and WHEREAS, the City Council at its meeting of September 14, 2010 reviewed this matter and )ke Term Sheet. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of New on, Minnesota that the City hereby directs the City Staff to continue discussions with for the purpose of developing necessary agreements to facilitate the Project generally in ance with the Term Sheet; provided, however, that the direction is not an agreement by the enter into an agreement with Stuart with respect to the Project, creates no rights in Stuart aspect to the Project and Parcel H, and the City is under no obligation to enter into any lents with Stuart. BE IT FURTHER RESOLVED, that City Staff shall only continue negotiation as described above upon: (1) Stuart agreeing to pay upon demand all expenses determined by the City, at the City incurs in relation to the Project, including, but not limited to, negotiation of any agreement. Said expenses shall include, but are not limited to, staff time, including, but not limil c d to, hourly wage, overhead and benefits, engineering, legal and other consulting fees reasonably incurred in relation to the development; and (2) Stuart depositing in escrow with the City 7,500.00 to be applied to any above-mentioned expenses.