HomeMy WebLinkAbout7695 (Res.)
.~
..
..
.
."
.
~
000011
,
()
CITY OF STILLWATER
RESOLUTION NO. 7695
ACQUISITION OF LAND FOR WASHINGTON SQUARE PROJECT
WHEREAS, the Stillwater City Council held public hearings on December 2, 1986
and December 16, 1986 pursuant to City of Stillwater (hereinafter referred to
as .City") ordinances, for the purpose of considering Case No. 684 filed by
Arthur V. Palmer, co-trustee of the Nelle o. Palmer A and B Trusts ("Trusts")
on beha1fClf said Trusts, Lowell Inn, Inc., Washington Square of Stillwater,
Inc. and other such entities as may be affiliated with the Trusts or the
Palmer family from time to time (all such entities hereinafter being referred
to as "Developer") which case constitutes Developer's request for Final
Planned Unit Development (PUD) approval for Phase I, Washington Square
Development including, but not limited to, the Mount Vernon Wing Addition to
the Lowell Inn at 102 North Second Street, Stillwater, County of Washington,
Minnesota (hereinafter referred to as "Project"); and
WHEREAS, the City has issued General Obligation Tax Increment Financing Bonds,
Series 1986C for One Million Six Hundred Thousand Dollars ($1,600,000) to fund
City improvements to the Project.
WHEREAS, the City, by its authority and Resolution No. 7696 of January 20,
1987, has granted its final approval to Developer's Planned Unit Development
pursuant to applicable ordinances of the City; and
() WHEREAS, the Developer requires certain assurances from the City, prior to
execution of a Development Agreement, regarding the acquisition and
availability for the development of Phase I of the Project and future phases
of development by the Developer ("Development") of all land in Block 19,
Original City of Stillwater with the exception of Lots 1 through 5, the north
twenty-fi ve (25) feet of Lot 6, Lots 11 through 13 and Lots 25 and 26 ("Bl od
19 Land").
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Stillwater
that in the event the Developer secures financing for the Project, the City
hereby agrees to acquire, by outright purchase at fair market value,
dedication/gift, or through its powers of Eminent Domain, unencumbered fee
title to Block 19 Land without reservations, restrictions, or covenants of any
kind.
BE IT FURTHER RESOLVED, that, the City Council of the City of Stillwater
agrees to:
n
1. Make available for Development to Developer all of Block 19 Land
required for Phase I,
2. Grant to Developer exclusive Development rights in all other Block 19
Land for a period of ten (10) years from the completion and
occupancy date of the Project by Developer,
3. Convey such land portions of Block 19 Land which have been conveyed
to City by Developer, to Developer at no cost to Developer, and
.
n
n
r
. ,.-;.
..
...
.
.'
.
.
000010
4. Convey such other land portions of Block 19 Land as shall, from time
to time, be included in future phases of the Development upon payment
to City of
a. U.S. currency in an amount, or
b. an exchange of land, equal to the fair market value of all
or any portion of such Block 19 Land as Developer desires to
purchase, less any City improvements to such land subsequent
to the date below written.
BE IT FURTHER RESOLVED, that, in the event the Developer secures Financing for
the Project; for a period of thirty (30) years commencing on the date of
expiration of the foregoing Purchase Option, the City hereby agrees to grant
to Developer "rights of first refusal" to purchase, for any purpose, all or
any portion of, Block 19 Land in respect to any purchase offer for Block 19
Land received by City from any third party for such Block 19 Land.
BE IT FURTHER RESOLVED, notwithstanding any of the foregoing, that in no
event, nor at any time, shall the Developer be required to pay the City for
any acquisition of Block 19 Land previously conveyed to the City by the
Developer pursuant to the Development Agreement executed between the City and
the Developer subsequent to the date below written.
Adopted by Council this 20th day of January, 1987.
Published: January 30, 1987
dU/W / 4d~
ATTEST: UM..,.,~ '--fJ ~
r - -. 1 cM CLERK (J