HomeMy WebLinkAbout1995-280
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RESOLUTION NO. ~
A RESOLUTION APPROVING THE RELEASE OF A
FORFEITURE PROVISION IN A DEVELOPMENT AGREEMENT
BETWEEN THE CITY OF STILLWATER AND sr. CROIX PRESERVATION COMPANY
WHEREAS, a Development Contract has been previously entered between the City of Stillwater
and St. Croix Preservation Company for the redevelopment of certain property in the downtown of the
City by the construction of a hotel on the property; and,
WHEREAS, the Development Agreement provided that a Deed be issued to the developers
requiring that if the developers have not substantially completed the property within a definite time, that
the property would forfeit by right of reverter to the City; and,
WHEREAS, it appears that the developers have substantially completed the project and are
entitled to a release of the forfeiture provision in the Deed.
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. That a Certificate of Completion be issued to the developers in the form attached to the
Development Agreement waiving the forfeiture provision in the Development Agreement and the
appropriate City Officials are authorized to prepare this instrument, The Mayor and Clerk are authorized
and empowered to sign it and take other action to effectuate th is approval.
Enacted by the City Council this 5th day of December, 1995.
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