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<br />'1': .~ <br /> <br />.;\ <br /> <br />.~ <br /> <br />RESOLUTION NO. 90-54 <br /> <br />A RESOLUTION APPROVING AND AUTHORIZING THE <br />EXECUTION OF AN AGREEMENT ACCEPTING TRANSFER <br />OF THOMAS INVESTMENTS' DEVELOPMENT AGREEMENT <br /> <br />IT IS HEREBY RESOLVED by the City Council (the "Council") <br />of the City of New Brighton, Minnesota (the "City"), as follows: <br /> <br />1. Recitals. <br /> <br />(a) The City and Thomas Investments, a Minnesota <br />General Partnership ("Thomas"), executed a certain <br />Contract for Private Development in 1985 and an amend- <br />ment thereto in November of 1989 (collectively, the <br />"Development Agreement"). <br /> <br />(b) In November of <br />project which underlies <br />to State of California <br />System (" PERS" ) . <br /> <br />1989 <br />the <br />Public <br /> <br />Thomas transferred the <br />Development Agreement <br />Employees' Retirement <br /> <br />(c) Thomas has requested <br />the assumption by PERS of the <br />under the Development Agreement <br />from the obligations thereof. <br /> <br />the City to approve <br />obligations of Thomas <br />and to release Thomas <br /> <br />(d) A certain agreement (the "Agreement") proposed <br />to be executed by and between the City, Thomas, and <br />PERS has been presented to the Council for its <br />consideration. <br /> <br />2. Approval and Authorization of Execution of Agreement. <br />The Agreement is hereby approved by the Council, and the officers <br />of the City are hereby authorized, in their discretion and at <br />such time, if any, as they may deem appropriate, to execute <br />and deliver the Agreement on behalf of the City, and thereafter <br />to take such actions as may be desirable or necessary to <br />effectuate its terms. <br /> <br />Adopted this 26th <br />Brighton City Council. <br /> <br />day of <br /> <br />June <br /> <br />1990, by the New <br /> <br />9/6 <br /> <br />~~ <br />Robert n e, ayor <br /> <br /> <br />~ . <br /> <br />David M. Chi~~ger <br /> <br />ATTEST: <br /> <br />\(~(l;(L/- <br /> <br />Marga et Egan, <br /> <br />Clerk/Finance Director <br />