HomeMy WebLinkAboutIV.A.1 - Resolution Terminating Contract - StencilHASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY
DAKOTA COUNTY, MINNESOTA
HEDRA RESOLUTION NO. 2022-25
RESOLUTION TERMINATING A CONTRACT FOR PRIVATE REDEVELOPMENT
WHEREAS, by Resolution No. 2022-12, dated March 10, 2022, the Board of
Commissioners (“Board”) of the Hastings Development and Redevelopment Authority
(“HEDRA”) approved a Contract for Private Redevelopment (“Contract”) between HEDRA and
NJS Development, LLC (“NJS”) for property legally described in the Contract (“Property”), which
Contract is dated April 25, 2022;
WHEREAS, thereafter, HEDRA approved an assignment of the Contract by NJS to Lake
Isabelle Flats, LLC (“Lake Isabelle”) and NSKW Land, LLC (“NSKW”) (collectively, Lake
Isabelle and NSKW are referred to herein as the “Assignees”);
WHEREAS, prior to recording the Contract, NSKW acquired a portion of the Property;
WHEREAS, the Contract is no longer effective since NJS will no longer be acquiring the
Property subject to the Contract prior to the assignment to the Assignees;
WHEREAS, HEDRA, NJS, and the Assignees desire to terminate the Contract, with the
intention of entering into a new contract between HEDRA and the Assignees subject to similar
terms as the Contract for the development of the Property and including tax increment financing.
NOW, THEREFORE, BE IT RESOLVED BY the Board of Commissioners of the
Hastings Development and Redevelopment Authority, Dakota County, Minnesota, that the
Contract is hereby terminated.
Adopted by the Hastings Economic Development and Redevelopment Authority this 7th
day of June, 2022.
Ayes:
Nays:
Absent:
_______________________________
Bruce Goblirsch, President
_______________________________
Eric Maass, Secretary