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<br />~... <br /> <br />RESOLUTION NO. 86- 36 <br /> <br />RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF <br />A LETTER OF INTENT WITH WINFIELD DEVELOPMENTS, INC. <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) Winfield Developments, Inc., a Minnesota <br />corporation ("Winfield") has submitted a letter of intent, <br />dated April 17, 1986 (the "Letter of Intent"), concerning <br />its intentions respecting the development of certain <br />property within the City. <br /> <br />(b) The Letter of Intent, a copy of which is attached <br />hereto, provides a 45-day timetable in which Winfield <br />will conduct and provide the City a copy of a market <br />study on the proposed project and, in the event that <br />such study is satisfactory, a further 45-day period <br />in which the City and Winfield would agree to negotiate <br />a development agreement concerning the proposed project. <br /> <br />2. Approval. The Council hereby approves and authorizes <br />the City officials to execute the Letter of Intent, provided, <br />however, that it be expressly understood that if the market <br />study is not provided to the City within the above-mentioned <br />45-day period (together with Winfield's statement of intent <br />to pursue the project), or if the foregoing conditions do <br />exist but a development agreement is not successfully negoti- <br />ated between Winfield and the City for whatever reason within <br />the above-mentioned gO-day period, then the Letter of Intent <br />would automatically be of no further effect. <br /> <br />Adopted on April 22, 1986, by the New Brighton City <br />Council. <br /> <br />~ <br /> <br />.,- "......"- <br /> <br />>- <br /> <br /> <br />ATTEST: ./ <br /> <br /> <br />City Clerk <br /> <br />(SEA,L) <br />