HomeMy WebLinkAbout1991-036
('\
r
n
RESOLUTION NO. 91-36
WHEREAS, the city of Stillwater has entered into a
Development Contract between the City and Curve Crest Properties
II, a Minnesota general partnership wherein certain tax increment
incentives were pledged to Curve Crest Properties II to encourage
and facilitate certain commercial development within the City,
and
WHEREAS, the Development Contract contained a provision
that the City would subordinate certain interests in the .
Development Contract to the rights of a mortgage lender on the
project, and
WHEREAS, the City Attorney has presented a form of
Assignment and Subordination Agreement to the City Council for
their review.
NOW THEREFORE, BE IT RESOLVED:
That the Assignment and Subordination Agreement and
Amendment to the Development Contract and Assessment Agreement,
as submitted by the City Attorney in his report at the regular
meeting on March 5,1991, be and the same is hereby approved.
The Mayor and City Clerk are hereby authorized to exe~ute this
document.
Enacted by vote of the Stillwater City Council this 5th
day of March, 1991.
Attest:
~o~
nrn
nil
I
irnrl
.1