11/14/2005 Council Packet - Laserfiche WebLink

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RELEASE OF OBLIGATIONS UNDER CONTRACT FOR SUBDIVISION/PLANNED UNIT DEVELOPMENT COUNTRY INN & SUITES HOTEL I. Recital. 1.1 The Effective Date of this Agreement is , 2005. 1.2 The Parties to this Agreement are City of Lino Lakes, Minnesota, a municipal corporation under the laws of the State of Minnesota ( "City "), Hartford Development, Inc., a Minnesota corporation ( "Master Developer ") and CGI Builders, Inc., a Minnesota corporation ( "Successor Developer "). 1.3 City and Master Developer are parties to a Contract for Subdivision/Planned Unit Development relating to the Legacy at Woods Edge master development between Developer and the City with an effective date of dated December 21, 2004, and recorded December 29, 2004, as Document No. 1971748.007 in the Office of the Anoka County Recorder (the "Contract "). 1.4 Various real estate parcels are subject to the Contract and Successor Developer has entered into an agreement with Legacy Holdings -LL, LLC, an affiliate of Master Developer, to purchase one of the parcels subject to the Contract for the purpose of developing a hotel (the "Hotel Development "). Such parcel is legally described as: Lot 4, Block 1, The Village No. 4, Anoka County, Minnesota (the "Subject Parcel ") 1.5 In connection with the acquisition of the Subject Parcel, and pursuant to Section 18(G) of the Contract, Master Developer has requested that Master Developer, the Subject Parcel and the Successor Developer be released from the terms and conditions of the Contract as to the Subject Parcel. 1.6 The City has approved the Subject Parcel for use consistent with the proposed Hotel Development. As a condition of its approval, and prior to the commencement of any construction or land disturbance activity on the Subject Parcel, Successor Developer will enter into a Development or Site Performance agreement with the City, containing terms and