HomeMy WebLinkAboutCCRes_86-10CITY OF FALCON HEIGHTS
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No. R-86-10
C O U N C I L R E S O L U T I O N
Date February 26, 1986
A RESOLUTION RELATING TO
REVISED DEVELOPMENT PLANS OF STRATFORD INVESTMENTS, LTD. FOR
HAWRINS PROPERTY
RESOLVED, That
WHEREAS, Stratford Investments, Ltd. (the Developer)
has advised the City of certain required changes in the proposed
development of the Hawkins and Olson properties arising from
the current unavailability of the Olson property; and
WHEREAS, the Developer has increased the size and upgraded
the quality of the buildings to be constructed on the Hawkins
property thereby increasing the estimated market value and
assessed value previously anticipated for the project, which
fact has been corroborated by the Ramsey County Assessor;
and
WHEREAS, the aforesaid changes require certain modifications
in the Development Agreement currently being negotiated between
• the Developer and the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council
of the City of Falcon Heights that the Clerk-Administrator
and City Attorney be authorized to negotiate any necessary
.amendments to the Development Agreement relating to the Stratford
Office Condominium Project to reflect the increased market
and assessed values and, in addition, to negotiate a separate
agreement with the Developer for the purchase by the Developer
MOVed by Mayor Baldwin
Yeas
Seconded by
tf'`~BALDWIN
c.-~'C.`IERNIA
~~iARD
j/C'HENOWETH
Councilmember Ciernia
Nays
~I in Favor
Against
opted by COUncil February 26, 1986
Approved by~ _~~~ ~-xJti,
yor
- ~ ~ .~
Date
Attested by ~ ~.
er Administrator
Date
. of the Olson property from the City .in the event the Developer
is unable to purchase the property directly within six months
from the date of the Development Agreement. .This separate
agreement to purchase by the Developer shall be secured by
an appropriate guarantee which shall extend to the reimbursement
of any legal or administrative costs incurred by the City
in acquiring the Olson property by purchase or condemnation.