HomeMy WebLinkAbout7749 (Res.)
r
r
r
...
.,
"",.,
-
000151
PROPOSED RESOUJrION
FOR CONSIDERATION 8 Y
STU.LVlATER CITY COUNCIL
Tuesday, Jtne 2, 1987
RESOLtrTlON NO. 7749
REGARDING WOODLAND LAKES DEV. PUD, AND MORTGAGE FINANCING
WHEREAS, Robert Scott Companies, Inc., a Minnesota corporation, is
contract vendee to purchase the real property lying and being in the County of
Washington, State of Minnesota, City of Stillwater,legally described on Exhibit "A"
attached hereto ~Land");
WHEREAS, the Stillwater City Council has approved a Planned Unit
Development ("PUD") for the Land involving certain site improvements thereon
~'Public Improvements") and also the improvement of the Land by the construction
thereon of a hotel and mall project ("Private Improvements") and which PUD was
originally adopted on May 27, 1986 and a Refinement of which was adopted on
April 28, 1987 (hereinafter collectively "PUD");
WHEREAS, in connection with the construction of the above described
Private Improvements and Public Improvements, City and Robert Scott Companies,
Inc. did enter into that certain Development Contract relating to the Woodland
Lakes Development dated September 30, 1986~IDevelopment Agreement");
WHEREAS, Robert Scott Companies, Inc. ("Developer") has now secured a
commitment to obtain financing from First Minnesota Federal Savings Bank,
F .S.B., ("First Minnesota") for the purpose of acquiring the Land from the existing
fee owners and to otherwise proceed in accordance with its obligations under the
Development Agreement;
WHEREAS, legal counsel to the Developer has requested that certain
approvals of the City Council be made and certain amendments to the
Development Agreement to occur so as to permit the above described financing by
First Minnesota to proceed;>
WHEREAS, the Developer is selecting a joint venture partner, and is in the
final stages of negotiations with Martin and Michael Grossman, of Dallas, Texas,
who operate M &. G Management Company, Inc. in Dallas, Texas, to form a
partnership with the Developer known as Woodland Lakes Mall Partners;
NOW, THEREFORE, BE IT RESOLVED AS FOLLOWS:
1. Mortll.all.e Financing to be Approved by City Attorney, The City
Council hereby approves, consistent with Section 10.01 of the Development
Agreement, subject to review of all relevant loan documents by the City Attorney,
the placement of the financing as described above with First Minnesota;
2. Modifications of Develo ment A eement. The Council hereby
approves the fo oWing reviSions to ection 9.040 t e evelopment Agreement:
(j) In the sixth and seventh lines thereof, delete the language "or any of
its agents or employees become aware of any such default," and
replace it with the following language:
r
("
r
.'~
..
~ ,
.
000150
"gives notice in writing of any default under the Mortgage to
the Developer ,"; and
(H) The portion of the last sentence of Section 9.04 after the words "until
such amounts are paid" shall be deleted in its entirety.
3. Letter of Credit Re
Improvements. otWlt tan mg any inconSistenCIes etween aragrap s . an
5.03 of the Development Agreement, no contract for the construction of Public
Improvements (as defined in the Development Agreement) shall be let by the City
until the Letter of Credit described in Section 5.03 has been delivered to the City;
provided,however, that prior to the delivery of the Letter of Credit, the City shall
advertise for bids for the Project and consider the bids, all pursuant to the plans
prepared by the City's consulting engineer for the Public Improvements.
4. Approval of Partnership. The City Council hereby approves the
assignment by Robert Scott Companies, Inc. of its interest in the Project, and all
rights and approvals of the Developer from the City, to Woodland Lakes Partners, a
Minnesota general partnership, which partnership is contemplated to be held fifty
percent (5096) by Martin and Michael Grossman or affiliates thereof.
5. Other Provisions Unchan ed. Except as otherwise expressly
described in t is resolution, t e ot er provisions of the Development Agreement
shall remain in full force and effect.
Adopted this 2nd day of June. 1987.
Attest:
~u~~
-2-