2007-011 Council Resolution - Laserfiche WebLink

Home Search

• • PRELIMINARY DEVELOPMENT AGREEMENT THIS AGREEMENT, dated as of this day of (the "effective Date ") is entered into by and between the City of (the "City "), a municipality under the laws of the State of Minnesota and Greg Anderson Development LLC, a Minnesota limited liability company (the "Developer "): WITNESSETH: WHEREAS, the City currently owns certain property which is described and depicted on Exhibit A hereto (the "Property "); and WHEREAS, the City desires to promote development of the Property, which is within the City of , MN; and WHEREAS, the Developer has proposed a Project (the "Project ") to develop the Property; and WHEREAS, if undertaken and completed, the Project would help meet the City's goal of increasing the local commercial tax base, providing increased employment and services in the city and meeting the physical development goals of the City. NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations set forth herein, the parties agree as follows: A. Obligations of Developer. The Developer will, at its own cost, complete the following items within 180 days from the Effective Date, referred to as the "Initial Period" and the "Final Period" Activities as follows: Initial Period Activities: (1) Meet with designated representatives of the City to refine the specific scope and site development feasibility requirements including determination of site conditions (including soil and environmental conditions), zoning and planning approvals and specific market tenant requirements for the project. Upon completion of the foregoing items, Developer will complete the Final Period activities as follows: (2) The parties will negotiate in good faith the specific terms and conditions and execute a definitive Purchase Agreement for one or more of the parcels within the proposed Project. B. Costs and Expenses. Except as otherwise provided herein, each party is responsible for