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<br />! <br /> <br />f.. ~ <br /> <br />.- <br /> <br />'" <br /> <br />RESOLUTION NO. 86- 35 <br /> <br />RESOLUTION AUTHORIZING CERTAIN ACTIONS RESPECTING <br />THE DEFAULTED DEVELOPMENT AGREEMENT BETWEEN THE CITY <br />AND WATER RIDGE ASSOCIATES <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) The City has entered in to a certain Contract <br />for Private Development, dated April 26, 1985 (the <br />"Development Agreement"), with Water Ridge Associates, <br />a Minnesota joint venture (the "Company"). <br /> <br />(b) Pursuant to the Development Agreement, the <br />Company agreed to construct certain Minimum Improvements, <br />consisting of 18 single-family homes, 42 apartment/ <br />condominium units and a 53,000 square foot office/retail <br />facility (collectively, the "Project") on certain land <br />within the City (the "Development Property"). <br /> <br />(c) The Company has been and remains in default <br />of its obligations under the Development Agreement, <br />specifically but without limitation under Section 4.5(b) <br />thereof, requiring the provision of a letter of credit <br />or other security. <br /> <br />(d) Pursuant to Section 10.2 of the Development <br />Agreement, on May 20, 1985, the City notified the Company <br />by registered mail of its default under the Development <br />Agreement, and the Company has not cured said default <br />as of the date hereof. <br /> <br />(e) In order to be in a position to fulfill its <br />obligation under the Development Agreement to convey <br />the Development Property to the Company for construction <br />of the Project, the City has acquired a significant <br />portion of the Development Property. <br /> <br />(f) The Council believes that it is in the best <br />interest of the City to take reasonable steps to facilitate <br />development of the Development Property. <br /> <br />(g) Section 10.2(c) of the Development Agreement <br />provides that, if prior to the conveyance of any portion <br />of the Development Property to the Company, the Company <br />is in default under the Development Agreement, and the <br />City gives the Company at least 30 days prior written <br />notice thereof, then the City may refuse to transfer <br />