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515 Little Canada Road, Little Canada, MN 55117-1600 (651) 484 -2177 / FAX: (651) 484 -4538 MEMORANDUM TO: Mayor Fahey & Members of the City Council FROM: Joel Hanson, City Administrator DATE: October 13, 1998 RE: Market Place Center Revised Plat and Mortgage Filing MAYOR Michael I. Fahey COUNCIL Beverly Scalze Jim LaValle Steve Morel= Bob Pedersen ADMINISTRATOR Joel R. Hanson We have two issues to deal with relative to the Market Place Center. The first is approval of the revised plat as discussed by the Planning Commission. That information is contained in your agenda packet. I am also enclosing a copy of the revised layout that will serve as the basis for this plat with the understanding that road right -of -ways will be dedicated in addition to what is shown on this diagram. The second issue deals with the recording of the new mortgage prior to the plat being ready for recording. Our mortgage on this property has been satisfied as evidenced by the action EDA will take later in the meeting. However, the new mortgage needs to be recorded as soon as possible. I reviewed this issue with the City Planner and he feels we can allow the mortgage to be recorded on. the metes and bounds description with the understanding that the mortgagor will need to consent to the plat relative to the tract involving the Market Place Center. (The mortgage does not extend on the outlying tracts thereby making them more readily available for redevelopment.) A letter from Robert D. Schwartz, Attorney for Market Place Center Limited Liability Company, is enclosed which discusses this situation in greater detail. It is my recommendation that we authorize the temporary subdivision of this property by warranty deed to allow the recording of the new mortgage on the Market Place Center subject to the property being platted in accordance with the survey prepared by Carley Torgerson, Inc. dated August 14, 1998 and revised on September 3, 1998. To ensure completing of the platting process, it would be my recommendation that we require a $10,000 deposit on the part of Market Place Center Limited Liability Company which will be refunded at the time the plat is recorded in accordance with this approval. It should also be noted that this is permissible under our Subdivision Ordinance Section 1009.020 Conveyance by Metes and Bounds whereby the Council can waive compliance with the subdivision regulations when they place an unnecessary hardship on the applicant and failure to comply does not interfere with the purpose of the subdivision Page 1