12/18/2006 Council Packet - Laserfiche WebLink

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• AGENDA ITEM 6A • STAFF ORIGINATOR: Mary Alice Divine DATE: 12/18/2006 TOPIC: i. Consideration of Resolution No. 06 -195 Approving the Assignment and Release of Certain Obligations under the Contract for Private Development with Hartford Development, Inc. ii. Consideration of Resolution No. 06 -196 Approving the Release of Obligations under the Contract for Subdivision /Planned Unit Development with Hartford Development, Inc. Vote Required: Simple Majority BACKGROUND: The City Council entered into a Contract for Private Development (amended September 13, 2005) and Contract for Subdivision /Planned Unit Development with the Hartford Group on December 21, 2004, setting forth the terms and conditions of redevelopment for Legacy at Woods Edge. Under the terms of the agreement, Hartford Group may be released from obligations on a portion of land it sells to a subdeveloper provided the subdeveloper agrees to be subject to all the conditions and restrictions of the contract. Hartford Group has submitted a plan and received approvals for Lakewood Apartments, which will be owned by a limited liability company, LLAH Limited Partnership. This action releases the Hartford Group from the conditions that will be assumed by the limited partnership. This release will be delivered upon approval of the site development agreement with LLAH Limited Partnership. Additionally, the Assignment and Release includes a provision that extends the Timeline for Commencement and Construction of the project. The new provisions require that construction must commence by January 15, 2007 and be completed by April 15, 2008. The Economic Development Authority acted earlier this evening on the Assignment and Release of the Contract for Private Development. The City of Lino Lakes is required to act on the release of both contracts. Both resolutions can be approved with one motion.