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~.~. :....~ RESOLUTION NO. 90---'l.4..4... STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON RESOLUTION APPROVING AND AUTHORIZING EXECUTION OF TERMINATION & CLOSING AGREEMENT BY AND BETWEEN THE CITY OF NEW BRIGHTON, MINNESOTA, (THE CITY) AND S.R. BUILDING COMPANY (THE COMPANY). WHEREAS, the City and the Company have entered into a Contract for Private Development dated as of November 18, 1982, (which Contract, as amended as of the date hereof, is hereinafter referred to as the "Development Contract"); and WHEREAS, pursuant to the Development Contract, the Company has, with City financial assistance, constructed a medical clinic and professional building within the City; and WHEREAS, the City and the Company have entered into, pursuant to the Development Contract, a Lease-Purchase Agreement pursuant to which the " Company agreed to lease and purchase the real property upon which the above- referenced medical and professional building is located (which real property is hereinafter referred to as the "Development Property"; and WHEREAS, the Company and City have entered in an Assessment Agreement dated as of April 30, 1983, establishing a minimum market value for real property i tax purposes for the Development Property and improvements constructed thereon of One Million Three Hundred Thousand Dollars ($1,300,000), which Assessment Agreement by its terms would continue until December 31, 1992; and WHEREAS, the Company has offered to purchase the Development Property and terminate its other obligations to the City by making final payment pursuant to the Lease- Purchase A~eement, and by paying to the City a sum of money sufficient to repay the CIty'S investment in Development Property; and WHEREAS, the City and Company desire to set forth in an Agreement their understandings with respect to the payment of said sum of money and termination of the agreements between the City and Company relating to the development of the Development Property and payment of taxes with respect thereto. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of New Brighton that: .1. The Mayor and Manager are authorized to execute the TERMINATION AND CLOSING AGREEMENT on behalf of the City and to take any further action necessary to comply with the terms thereof. Adopted this 22nd day of May, 1990. gan, irector/City Clerk ~-: ~n:~~~ (SEAL)