HomeMy WebLinkAbout2019-026 (execution of a First Amendment to Contract for Private Development and an Estoppel Certificate) RESOLUTION 2019-026
RESOLUTION AUTHORIZING EXECUTION OF A FIRST
AMENDMENT TO CONTRACT FOR PRIVATE DEVELOPMENT
AND AN ESTOPPEL CERTIFICATE
WHEREAS, the City of Stillwater, Minnesota (the "City") and Curve Crest Villa
Limited Partnership, a Minnesota limited partnership (the "Developer") entered into a
Contract for Private Development, dated as of June 4, 2002 (the "Agreement") in
connection with the construction of a 90-unit multi-family rental housing facility in the City
(the "Project"); and
WHEREAS, the Developer proposes to sell the Project to Curve Crest Housing
Associates, LLC, a Minnesota limited liability company(the"Purchaser"); and
WHEREAS, pursuant to Section 3.11 of the Agreement, the City will receive a
portion of the profits from the sale (the "Sale Proceeds); and
WHEREAS, in connection with the sale and the proposed U.S. Department of
Housing and Urban Development ("HUD") financing of the purchase, it is necessary to
amend the Agreement; and
WHEREAS, the City has been requested to deliver to HUD at closing of the
purchase an Estoppel Certificate.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Stillwater,
Minnesota, that the City Council hereby approves the First Amendment to Contract for
Private Development and the Estoppel Certificate in substantially the forms submitted,
and the Mayor and City Administrator are hereby authorized and directed to execute
the First Amendment to Contract for Private Development and the Estoppel Certificate on
behalf of the City.
BE IT FURTHER RESOLVED,by the City Council of the City of Stillwater, Minnesota,
that the City Council approval hereby given to the First Amendment to Contract for Private
Development and the Estoppel Certificate includes approval of such additional details
therein as may be necessary and appropriate and such modifications thereof, deletions
therefrom and additions thereto as may be necessary and appropriate and approved by
the City officials authorized by this resolution to execute the First Amendment to
Contract for Private Development and the Estoppel Certificate. The execution of the
First Amendment to Contract for Private Development and the Estoppel Certificate by the
appropriate officer or officers of the City shall be conclusive evidence of the approval of
the First Amendment to Contract for Private Development and the Estoppel Certificate in
accordance with the terms hereof.
BE IT FURTHER RESOLVED, by the City Council of the City of Stillwater, Minnesota,
that the sale proceeds in the amount of$144,780 to be received by the City at the
closing of the purchase of the Project shall be deposited in capital project reserve fund of
the City.
Adopted by the City Council of the City of Stillwater, Minnesota this 5th day of March 2019.
CITY OF STILLWATER
-Z• Jf
Ted Kozlowski, Mayor
ATTEST:
Beth Wolf, City Cler