HomeMy WebLinkAboutIV. D. Resolution: Extension of Purchase & Dev. Agmt With three Rivers PlaceHASTINGSECONOMIC DEVELOPMENT
AND REDEVELOPMENT AUTHORITY
CITY OF HASTINGS
COUNTY OF DAKOTA
STATE OF MINNESOTA
RESOLUTION NO. 2011-04
EXTENSION OF PURCHASE AND DEVELOPMENT AGREEMENTDATED
MARCH 10, 2006 WITH THREE RIVERS PLACE LLC FOR PROPERTY ON
BLOCK2, TOWN OF HASTINGS
WHEREAS
The Housing and Redevelopment Authority (Authority) entered into a
Purchase and Development Agreement to sell Lot 1 and the east one foot of Lot 2, Block
2, Town of Hastings to Three Rivers Place LLC, dated March 10, 2006; and
WHEREAS
The sale is predicated upon the development of a 39 unit condominium on
Lots 1, 2, 3 and 4, Block 2, Town of Hastings according to plans and elevations approved
by the Authority and referenced in the agreement; and
WHEREAS
The proposed use is consistent with the Downtown Project Area Plan and
has Preliminary and Final Plat, Site Plan Approvals and Special Use Permits from the
City of Hastings; and
WHEREAS
The Authority on April 12, 2007 extended the closing date of said
agreement from June 30, 2007 to July 31 2008; and
WHEREAS
The City Council on July 21, 2008 extended the sunset clause of the City
approvals – the requirement to commence construction - to July 31, 2011; and
WHEREAS
The Authority on January 8, 2009 reassigned said agreement to the Hastings
Economic Development and Redevelopment Authority (HEDRA); and
WHEREAS
The City Council on May 16, 2011 extended the sunset clause of the City
approvals – the requirement to commence construction - to July 31, 2014; and
WHEREAS
Thedeveloper has requested that HEDRAextendthe Purchase Agreement
to July 31, 2014.
NOW THEREFORE BE IT RESOLVED:
HEDRAhereby amends the Purchase and
Development Agreement as follows:
1. The date of closing is changed from July 31, 2011 to July 31, 2014.
2. The developer’s address is changed to c/o Robert P. Abdo, 2000 IDS Center,
80 South Eighth Street, Minneapolis, MN 55402.
All other conditions of the Purchase and Development Agreement remain in effect.
HEDRA Meeting Packet - June 2, 2011Page 45 of 46
Approved by the Board on June 2, 2011
_______________________________________
Ron Toppin, President
________________________________________
John Hinzman, Executive Director
HEDRA Meeting Packet - June 2, 2011Page 46 of 46