HomeMy WebLinkAbout7809 (Res.)
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RESOLUTION NO. 7809
WHEREAS, the city of Stillwater has entered into a contract
for the private redevelopment of Orleans Homes Number Two, Phase
Two and Orleans Homes Number Three, Phase III; and
WHEREAS, Section 3.10 of the development agreement provides
that the City will reimburse the redeveloper for amounts paid by
the redeveloper for the acquisition of the redevelopment property
described, pursuant to Section 3.01 of the Agreement, to be in
the amount of $268,000.00; and
WHEREAS, the City has been informed by the County Assessor
of Washington County that the improvements set forth in Phase II
of the Agreement have reached the point of seventy five percent
completion; and
WHEREAS, the redeveloper is now entitled to reimbursement in
the amount of $268,000.00;
NOW THEREFORE, BE IT RESOLVED that the City hereby releases
the sum of $268,000.00 to the redeveloper and authorizes the
escrow agent for this phase of the development to release these
sums to the redeveloper.
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Adopted by the City Council this 15th day of September,
1987.
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Wally brahamson, Mayor
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