87-147 - Laserfiche WebLink

Home Browse Search

. ~ <. ~ . RESOLUTION NO. 87-147 A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A CONTRACT FOR PRIVATE DEVELOP- MENT WITH GOLDEN POND It is hereby resolved by the City Council of the City of Ne\\' Br ighton, Minnesota (the "ei ty"), as follows: 1. Recitals. (a) The City has the powers provided in Minnesota Statutes, Sections 469.124 through 469.134 (the "Act"). (b) Pursuant to and in furtherance of the objec- tives of the Act, the City has undertaken a program to promote development of certain land within the City and in this connect ion is engaged in car ry ing out its de- velopment project known as Development Distr ict No. 1 (the "Development District") in an area (the "Project Area") located in the City. (c) There has been approved by the City Council, pursuant to the Act, a Development Program for the De- velopment Distr ict, as amended (the "Development Pro- gram"). (d) The acquisi tion and the subsequent sale or lease of the potential development property to pr ivate developers for development are stated objectives of the Development Program. (e) In order to achieve the objectives of the Development Program and particularly to make the land in the Project Area available for development by pr i vate enterprise in conformance with the Development Program, the City has determined to provide substantial aid and assistance in connection wi th the Development Program through the financing of certain of the public costs of development in the Project Area. (f) Golden Pond, a Minnesota limited partnership, has presented the City with a proposal for the construc- tion within the Project Area of an approximately 91 unit mature adult apartment facility, and a certain Contract for Private Development between the City and Golden Pond (the "Development Agreement") stating the terms and conditions of such development and the City's responsi- bilities respecting the assistance thereof has been pre- sented to the City Council for its consideration.