2002-018 Council Resolution - Laserfiche WebLink

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DRAFT FOR WORKSHOP PURPOSES ONLY PRELIMINARY DEVELOPMENT AGREEMENT Iw THIS AGREEMENT, made and entered into as of the '% day of March, 2002, by and between THE CITY OF LINO LAKES FOR THE CITY OF LINO LAKES, MINNESOTA, as Minnesota public body corporate and politic, the ("City"), whose address is 600 Town Center Parkway, Lino Lakes, MN 55014, and THE BEARD GROUP, INC. a Minnesota corporation ("Developer") whose address is 10 -11th Avenue South Hopkins, MN 55343. BACKGROUND The purpose of this Agreement is to set forth the understanding between the parties with respect to the Development of portions of the area contained in the Lino Lakes Center Master Plan, The Village, dated October 26, 2000 (a copy of which is to be attached hereto as Exhibit A). The portions of the Development area, which are included in this Agreement, are described in Section 2 below. BASIC TERMS AND CONDITIONS The following is a list of the terms and conditions under which the Developer will proceed on an exclusive basis for the term of this agreement to determine the economic feasibility of the Village Master Plan. If the Developer determines that the Village Master Plan is economically feasible a definitive Development Agreement for the Project intended to define the responsibilities and roles of the respective participants regarding the proposed Development of the Project would then need to be negotiated between the City and the Developer 1. Term. The term of this Agreement will be for a period of ninety days from the date listed above. Said exclusive period shall continue, unless earlier terminated as provided herein, or until such later date as the parties may mutually agree. 2. Development Property. The Development Property known as the Village is located in the SE quadrant of Lake Drive and Interstate 35W. The Village is bounded on the north by I -35W, on the west by Lake Drive, on the south by Town Center Parkway, and on the east by Anoka County Rice Creek Regional Park. The Site equals 42 (plus/minus) acres of land together with all improvements and structures located on the land and easements and rights benefiting or appurtenant to the land. The exact dimensions and square footage of the project shall be determined by survey. The parties agree that the Site may be enlarged to include other lands at the mutual agreement of the parties. 3. Undertaking and Exclusive Rights. In consideration of the time, effort and expenses to be incurred by Developer in pursuing the undertakings set forth herein and in further consideration of the amount of $1.00 paid to the City, the receipt of which is hereby acknowledged, the City hereby agrees that for the term of this agreement it will not: (i.)solicit requests from any third party for development of the Village Master Plan, (ii.) provide or enter into an agreement for provision of financial assistance to any third party in connection with any proposed development of the Village Master Plan; and (iii.) condemn or agree to proceed with the condemnation of any property within the Site. During such period the Developer shall have the exclusive right to work with the City in determining the economic feasibility of the Village Master Plan pursuant to Section 8, Step 2 (b) of this Agreement. The above notwithstanding the city recognizes that any development proposals or applications on property not owned or controlled by the City do not extend to this agreement and will be accepted. 4. The Project. The project will consist of the Development of the properties set forth in Exhibit B and will include, but not be limited to, the development of new office, retail, and hotel sites, and the relocation of certain existing businesses within the Site, the development of housing units, which may include, the development of rental multi -family housing (condominiums/townhomes/apartments) and/or the development of owner -occupied single family/multi family home sites, the relocation and redesign of several streets, the development of public spaces: branch, library, tech services, conference and meeting facilities. The Village Master Plan is intended to serve as part of the system 1