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4 ` <br /> • CITY OF ST. ANTHONY VILLAGE <br /> RESOLUTION 03 - 066 <br /> A RESOLUTION ACKNOWLEDGING SBT, LLC'S ACQUIESCENCE <br /> TO TAX INCREMENT FINANCING ASSISTANCE, PLANNED UNIT <br /> DEVELOPMENT AND PLATTING A PORTION OF THE <br /> THE NORTHWEST QUADRANT REDEVELOPMENT PROJECT <br /> WHEREAS, Pratt-Ordway("Developer") made an application on August 22, 2003, for <br /> proposed retail and residential development on certain property within the <br /> Northwest Quadrant Redevelopment Project ("Application"). The Application <br /> includes, but is not limited to establishment of a Redevelopment and Tax <br /> Increment Financing District, and requests for Plat, and Planned Unit <br /> Development plan approval; and <br /> WHEREAS, the City intends on holding its public hearings on the TIF Plan, Plat, Planned Unit <br /> Development Site Plan and to review any other requests by the Developer <br /> required for the Project to proceed; and <br /> • WHEREAS, following requisite approvals, and pursuant to City code, the City intends on <br /> entering into a Development Agreement outlining the TIF Plan and a Planned <br /> Unit Agreement with the Developer; and <br /> WHEREAS, SBT, LLC, owns property located at 3930 Silver Lake Road NE("Property"), <br /> which is adjacent to the Project. The Property is currently improved by a Cub <br /> Foods store; and <br /> WHEREAS, the City understands that the Developer and SBT entered into a Purchase <br /> Agreement, in which Seller agreed to sell the Property to the Developer, as a <br /> result of the expectation and belief that the City will condemn the Property in <br /> order to allow the Project to proceed; and <br /> WHEREAS, the City understands that the Purchase Agreement obligates the Developer to <br /> require that any Development Agreement or Planned Unit Development <br /> Agreement contain a provision requiring that the Property be purchased in lieu of <br /> condemnation; and <br /> WHEREAS, the City understands that SBT has potential objections to the Project and would <br /> aggressively seek to protect and preserve its rights in the Property; and <br /> WHEREAS, the Developer has requested that the City adopt this Resolution and the City <br /> • understands that; (i) in reliance on this Resolution, SBT has agreed to withhold <br /> objections(whether by silence or otherwise) to the approvals required for the <br />