11-26-2003 Council Agenda - Laserfiche WebLink

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ATTACHMENT 5 RELEASE OF LAND FROM DEVELOPMENT AGREEMENT RECITALS A. The Economic Development Authority of the City of Little Canada, a body corporate and politic under the laws of Minnesota (the "EDA ") and Market Place Center Limited Liability Company, a Minnesota limited liability company ( "Developer "), entered into a Development Agreement dated December 20, 1995 ( "Agreement ") relating to certain property in the City of Little Canada, Minnesota. A Memorandum of Development Agreement was filed in the Office of the Ramsey County Recorder on April 30, 1996 as Document No. 2925270. The property that is subject to the Development Agreement is legally described on Exhibit A to the Memorandum of Development Agreement (the "Property "). B. On February 14, 2003 Market Place Development Company LLC, a successor in title to Market Place Center Limited Liability Company, conveyed a portion of the Property legally described as OUTLOT A, MARKET PLACE, Ramsey County, Minnesota to the City of Little Canada pursuant to a warranty deed recorded March 19, 2003 as Document No. 3601441. The warranty deed states that the conveyance is for public right of way purposes. C. The City no longer needs Outlot A for public right of way purposes and is in the process of vacating the public right of way established over Outlot A. The City desires to convey the Property for redevelopment and is executing this instrument to release Outlot A from the Agreement. AGREEMENT NOW THEREFORE, in consideration of the mutual benefits which shall accrue to the City and the Developer as a result of the release of the Property from the Agreement, the City and the Developer hereby agree as follows: 1. The recitals set forth above are hereby incorporated in and shall be deemed a part of this Agreement. 2. The Property described on Exhibit A is hereby released from the terms of the Agreement. The City releases any right, title or interest the City has in the Property and the City agrees that Developer's obligations under the Agreement no longer apply to any portion of the Property. 1590471v2 (Signature appears 012 the following page) -10-