1985-03-28 - Laserfiche WebLink

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COUNCIL PROCEEDINGS CITY OF NEW BRIGHTON 'I ' . Pursuant to notice thereof, a special meeting of the New Brighton City Council was held Thursday, March 28, 1985, at 4:00 p.m. in the municipal building, 803 Fifth Avenue N.W. Present: Mayor Harcus, Council members Bob Benke, Roger Blomquist, and Jeanette Janecek Absent: Councilmember Steve Schmidt Also Present: Henry Sinda, City Manager James Winkels, Director of Community Development Winkels reviewed the action the council took on Tuesday, March 26, 1985 (approved the development for Bill Henning's construction of a 68,000 square foot building on the Lake Trail Motel site and the property just west of that site, contingent on the Development Agreement) and stated there are now a few other documents (Development Agreement and an Assessment Agree- ment) that need to be reviewed and, if approved, signed. I The two property owners have signed Purchase Agreements for their respective properties and those Agreements need to be approved and executed by the City. The project is such that we acquire two pieces of property then we agree (by the Development Agreement) to sell the property to Bill Henning and Company. Henning will take down the motel and build the 68,000 square foot building. Timing is such that the closing of the property would be on or about May 15, 1985, with construction beginning May 16, 1985. ;,; ", J The Development Agreement, which is very similar to previous Agreements signed by the City, was signed by Henning this after- noon. A requirement is that a Letter of Credit be posted to protect the city. As the banks cannot do a Letter of Credit until next week, an Assumption and Indemnification Agreement between the City of New Brighton, Bill Henning, and three others has been drafted by O'Connor & Hannon. If the develop- er has not placed the Letter of Credit with us, they are obligated to assume it and indemnify us from the contract. The Tax Increment District would be done in May, according to schedule. ~' I ): ~ ~ i ! ~ I In response to Blomquist's question, Winkels indicated the sale of the bonds would take place on May 16, 1985. 1 Arlin Waelti. O'Connor & Hannon, explained that the Assumption and Indemnification Agreement is a critical document, assuring tteCity that it is covered; once that is signed we can move forward with the Purchase Agreements. Waelti stated all docu- ments appear to be very complete. t & Developers Agree- ment and Purchase Agreement (Proto and Lake Trail r10te 1 )