HomeMy WebLinkAboutRES 20-018 AMENDING THE SILVER LAKE VILLAGE STREET MAINTENANCE AGREEMENTCITY OF ST. ANTHONY VILLAGE
STATE OF MINNESOTA
RESOLUTION 20-018
A RESOLUTION AMENDING THE SILVER LAKE VILLAGE STREET
MAINTENANCE AGREEMENT
WHEREAS, The City of St. Anthony and IRC's predecessor in interest, St. Anthony Retail
Development, LLC, previously entered into that certain unrecorded Street
Maintenance Agreement dated as of September 17, 2004; and
WHEREAS, The maintenance agreement includes the former Walmart site that is being
redeveloped by Doran, and Doran has requested this parcel to be released from
the agreement; and
WHEREAS, The City of St. Anthony agrees with the release of the parcel and amending the
Street Maintenance Agreement.
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of St. Anthony
Village hereby agrees to amending the Silver Lake Village Street Maintenance Agreement.
Adopted this 11th day of February 2020. ATTEST {IwJ;t, �
Ni� iller, City Clerk
Reviewed for Administration:
AMENDMENT TO
STREET MAINTENANCE AGREEMENT
THIS AMENDMENT TO STREET MAINTENANCE AGREEMENT (this
"Amendment") is made and entered into as of the day of , 2020, by and
between IRC SILVER LAKE VILLAGE, L.L.C., a Delaware limited liability company ("IRC'),
and the CITY OF SAINT ANTHONY, a Minnesota statutory city (the "City").
RECITALS
A. The City and IRC's predecessor in interest, St. Anthony Retail Development,
LLC, previously entered into that certain unrecorded Street Maintenance Agreement dated as of
September 17, 2004 (the "Original Agreement"). The Original Agreement affects the land
described on the attached Exhibit A (the "Property").
B. IRC has or is under contract to sell, among other property, a portion of the
Property described on Exhibit B attached hereto ("Released Property") to Doran SLV, LLC
(together with its successors and assigns, "Doran").
C. In consideration of Doran's acquisition and redevelopment of the Released
Property, upon which a vacant big box retail building is currently located, Doran has requested
that the Parties release the Released Property from the Original Agreement.
D. The Parties agree that the IRC's remaining interest in the Property serves as
sufficient collateral for the obligations of IRC under the Original Agreement and, as such, desire
to amend the Original Agreement to release Doran and the Released Property from the Original
Agreement.
NOW, THEREFORE, in consideration of the mutual covenants set forth herein and other
good and valuable consideration, the receipt and sufficiency of which the Parties hereby
acknowledge, the Parties agree as follows:
1. Definitions. Except as expressly provided herein, words and phrases in this
Amendment have the same meanings as defined in the Original Agreement.
2. Release of Doran and the Released Property. The Parties hereby forever
discharge and release Doran and the Released Property legally described on Exhibit B attached
hereto from the Original Agreement and the obligations and liabilities thereunder.
3. Conflicts/Ratification. If there is any conflict between the provisions of the
Original Agreement and this Amendment, the provisions of this Amendment shall control.
Except as amended by this Amendment, the Original Agreement is ratified by the Parties and
remains in full force and effect. Each of the Parties represents and warrants that it has the full
capacity, right, power and authority to execute, deliver and perform this Amendment, and all
required actions, consents and approvals therefor have been duly taken and obtained. Upon full
execution of this Amendment, the Original Agreement as amended by this Amendment shall be
binding on the Parties hereto and their respective successors and assigns.
4. Entire Agreement. This Amendment constitutes the entire agreement between
the Parties with respect to the subject matter hereof and supersedes any prior written or oral
agreements pertaining thereto.
5. Counterparts. This Amendment may be executed in counterparts or with
counterpart signature pages, which upon execution by all Parties, shall constitute one integrated
agreement.
[Signature Pages Follow]
2
IN WITNESS WHEREOF, the undersigned has executed this Amendment effective as of
the day and year first above written.
STATE OF
COUNTY OF
) ss
IRC:
IRC SILVER LAKE VILLAGE, L.L.C.,
a Delaware limited liability company
By: IRC Retail Centers LLC, a
Delaware limited liability company,
its manager
By:
Name:
Its:
This instrument was acknowledged before me on this day of , 2020,
by , the of IRC Retail
Centers, LLC, a Delaware limited liability company, as Manager of IRC Silver Lake Village,
L.L.C., a Delaware limited liability company, on behalf of said limited liability company.
Notary Public
State of
3
IN WITNESS WHEREOF, the undersigned has executed this Amendment effective as of
the day and year first above written.
STATE OF MINNESOTA
) ss
COUNTY OF RAMSEY
CITY:
THE CITY PJ SAINT ANTHONY
By:
Name:
Its:
Its:
is instrument was acknowledged
, the
, the
the City of Saint Anthony.
rzoy%y
/cit o•lr.vr-
CcA/L1 GVl a 5 iv
-
before me on heyday of /".€/blul✓ ,, 2020, by
of the City of Saint Anthony and by
of the City of Saint Anthony, for and on behalf of
State of Minnesota
NICOLE L. MILLER
NOTARY PUBLIC • MINNESOTA
My Commission Expires Jan. 31. 2022
4