Agenda Packets - 2017/12/04 (3) - Laserfiche WebLink

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DRAFT NOT APPROVED Preliminary Development Agreement as it pertains to the appropriate public subsidy application. The foregoing funds will not be credited towards the purchase price or returned if the transaction does not close. This Section 7 shall survive termination of this Agreement and shall be binding on the Developer and the EDA regardless of the enforceability of any other provision of this Agreement. 8. Termination. This Agreement may be terminated if Developer ceases to negotiate in good faith with the EDA, and such failure to negotiate in good faith is not cured after 30 days written notice of such failure by EDA to Developer. 9. Sole Developer. Developer is designated as sole developer and shall have exclusive rights of the Development of the Property for a period on one (1) year from the Effective Date. The EDA agrees not to market the Property or to make, accept, negotiate, or otherwise pursue any other offers for sale or purchase of the Development portion of the Property until this Agreement expires after such one (1) year period or is terminated pursuant to Section 8 herein. For purposes of clarity INH Properties or assigns whose Principal is James E. Illies will own the entire three parcels and will be developing the housing and general retail portion of the property. As an option, INH Properties reserves the right to sell a portion of the property to a specialty retail user. James E. Illies is designated as the point person and main contact for both the INH development and the Heartland Gun Club & Range (specialty retail) portion of the project. Greg Moore, will be representing the Heartland Gun Club & Range as a partner with Pat Egan and will receive notices as provided in Section 13. The address for the specialty retail is, Heartland Gun Club & Range, Pat Egan, 6503 Shadow Lane, Chanhassen, MN 55317. 10. Apartment Development. Notwithstanding anything herein to the contrary, EDA acknowledges that the number of units for the multi -family apartment developments have not been determined and that it is estimated to be between approximately 100 and 160 units. In addition, notwithstanding anything herein to the contrary, in the event the City or EDA does not allow or rejects any of the retail or specialty retail development contemplated hereunder, the proposed apartment development contemplated hereunder shall not be affected and the parties shall continue to proceed with the negotiations for the proposed apartment developments as provided in this Agreement. 11. Severability. If any portion of this Agreement is held invalid by a court of competent jurisdiction, such decision shall not affect the validity of any remaining portion of the Agreement. M