CC PACKET 02221994 - Laserfiche WebLink

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DEVELOPMENT AGREEMENT THIS AGREEMENT is made and entered into as of A- a� 1994, by and between the HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a public body corporate and public (the "HRA"), and LARRY BEACH CONSTRUCTION, a Minnesota corporation ('Corporation"). A. The City of St. Anthony (the "City") has agreed to sell to the Corporation and the Corporation has agreed-to buy from the City certain real property located at 3112 Silver Lake Road and legally described as: Lot 6 in Bonnie View Heights, Hennepin County, Minnesota ('Property"). B. The City has conditioned the sale of the Property on the Corporation commencing construction of a new single family house within one (1) year of the date hereof. In consideration of the foregoing facts and in consideration of the sale by the City of the Property to the Corporation, the parties hereto agree as follows: 1. Improvements by the Corporation. The Corporation agrees, at its sole expense, to demolish the existing structure located on the Property and commence construction of a single family house ('House") on the Property, within one (1) year of the date hereof. For purposes hereof, construction shall be deemed to have commenced when the Corporation obtains a building permit and begins construction of the foundation. The HRA.reserves the right to require evidence of competency, insurance and adequate financial status of the Corporation. 2. Standards of Construction. The Corporation agrees that the value of the House to be built shall not be less than $100,000.00 and shall be constructed in accordance with applicable City.ordinances, and that all such work shall be subject to the inspection and approval of the City. All of the materials to be employed in the construction of the House and all of the work performed in connection therewith shall be of uniformly good and workmanlike quality, and shall equal or exceed City requirements. 3. Reimbursement of Costs. The Corporation shall reimburse the HRA for all actual costs of engineering and legal fees billed to, and paid by, the HRA in connection with the preparation, administration and enforcement of this Agreement, demolition of the. existing structure, and completion of the House. At the time of release by the HRA of the security required under paragraph 5, the actual amount of the costs under this paragraph shall be determined by the HRA and any amount due by the Corporation to the HRA for reimbursement of the costs shall be paid prior to release of the security. If the amount paid by the Corporation exceeds the actual costs to the HR.%, the excess shall be refunded to the Corporation.