11-010 - Laserfiche WebLink

Home Browse Search

CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO.11-010. A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A DEVELOPMENT AGREEMENT WITH THE VIEW AT LONG LAKE, LLC. BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, ;ota (the "City") as follows: Section 1. Recitals. 1.01 The Council previously approved a term sheet with Stuart Development Cora any d/b/a The View at Long Lake, LLC (the "Redeveloper') setting out the terms and con tions under which the City would sell to Redeveloper approximately 4 acres of land in the orthwest Quadrant of the 1-694 and 1-35W interchange west of Old Highway 8 (the "Property") for the purpose of constructing a 124 unit apartment building ("Project"). h 1.02 On December 14, 2010 the City Council approved a Development Agrment (City Approved Agreement)with the Redeveloper for the Project, which was not sign d by the Redeveloper and was therefore never effective.. j 1.03 The City and the Redeveloper have been re -negotiating some of the pro i0ions of the City Approved Agreement with regard to subordination and tax exemption, whi both parties want to memorialize in anew Development Agreement dated January 11, 11("Revised Contract"). Section 2. Findings. 2.01 The Council hereby finds that the Project promotes the objectives outlined in th E City's Modified Development Program established pursuant to Minnesota Statutes, Sec i n 469.124 et seq, and the Tax Increment Financing Plan for Tax Increment Fine ricing District No. 31 and 31A (NWQ Special Law), established pursuantto Minnesota Stat ites, Section 469.174 et seq. and Laws of Minnesota 1998, Chapter 389, Article 11, Se i Dn 24. Section 3. Rescinding Approval of City Approved Contract and Authorization to 3.01 The City Council's Resolution 10-088 and the approval therein is hereby led and the Mayor and City Manager (the "Officers") are hereby authorized and d to execute and deliver the Revised Contract when the following condition is met: