HomeMy WebLinkAbout6.n. Motion to Approve Amendment to Contract for Private Development for The Rosemount at Steeple Center4ROSEMOUNTEXECUTIVE SUMMARY
CITY COUNCIL
City Council Regular Meeting: September 16, 2014
AGENDA ITEM: Motion to Approve the Amendment to the
AGENDA SECTION:
Contract for Private Development for The
Consent
Rosemount at Steeple Center by and
among the Rosemount Port Authority and
the City of Rosemount and Rosemount
Senior Living Associates I, LLC
PREPARED BY: Kim Lindquist, Community Development
AGENDA NO.
Director
h •
ATTACHMENTS: Amendment #1
APPROVED BY:
RECOMMENDED ACTION: Motion to Approve Contract Amendment
BACKGROUND
The City and Port Authority have been working for several years to attract a developer at the Steeple
Center site to construct a senior assisted living project. On March 18, 2014, the Port Authority and
City Council approved a Contract for Private Development for The Rosemount at Steeple Center.
While the developer has continued to move the project forward, timing for start of construction has
been delayed from what was initially anticipated. The amendment before the Council is to shift the
closing date, project start date and substantial completion date. Below lists the previous dates found
in the approved agreement and the recommended new dates. All other sections of the agreement
remain unchanged.
1. The closing date is revised to November 1, 2014 from August 1, 2014
2. The construction commencement date is revised to December 1, 2014 from
September 1, 2014.
3. The date of substantial completion of the Minimum Improvements is revised to
April 1, 2016 from December 31, 2015
CONCLUSION
Motion to approve the Amendment to the Contract for Private Development for The Rosemount at
the Steeple Center.
CONTRACT FOR PRIVATE DEVELOPMENT FORTH E ROSEMOUNT AT THE STEEPLE CENTER AMENDMENT #1
This amendment to the Contract for Private Development for the Rosemount at the Steeple Center between
the City of Rosemount, a Minnesota municipal corporation (City) and The Rosemount Port Authority and
Rosemount Senior Living Associates I, LLC is made and entered into this day of September 2014.
The Agreement is amended:
Section 3.7. Closing. Closing must take place on or before August November 1, 2014 ( "Closing
Date "), or such other date as may be agreed to by the Developer, the Authority and the City in writing.
Section 4.3. Commencement and Completion of Construction. Subject to Unavoidable Delays, the
Developer shall commence construction of the Minimum Improvements no later than Septembe December 1,
2014. Subject to Unavoidable Delays, the Developer shall have substantially completed the construction of the
Minimum Improvements no later than Deeembe April 31, 20156. All work with respect to the Minimum
Improvements to be constructed or provided by the Developer on the Development Property shall be in
conformity with the Construction Plans.
IN WITNESS WHEREOF, the Authority, the City and the Developer have caused this Agreement to be
duly executed in their names and behalves on or as of the date first above written.
ROSEMOUNT PORT AUTHORITY
Approved by Port Authority September 16, 2014
By:
By:
STATE OF MINNESOTA )
1
Jeff Weisensel, Chair
Dwight Johnson, Executive Director
) ss.
COUNTY OF HENNEPIN )
The foregoing instrument as acknowledged before me this day of 2014, by Jeff
Weisensel and Dwight Johnson, the Chair and Executive Director, respectively, of the Rosemount Port Authority, a
public corporation under the laws of Minnesota, on behalf of the Authority.
Notary Public
1W
STATE OF
) ss.
COUNTY OF
CITY OF ROSEMOUNT
Approved by City Council September 16, 2014
By:
And:
William Droste, Mayor
Clarissa Hadler, City Clerk
The foregoing instrument as acknowledged before me this day of 2014, by William
Droste and Clarissa Hadler, Mayor and City Clerk, respectively, of the city of Rosemount, a municipal corporation
under the laws of Minnesota, on behalf of the City.
Notary Public
STATE OF
COUNTY OF
the
ROSEMOUNT SENIOR LIVING ASSOCIATES I, LLC
By:
Its:
) ss.
The foregoing instrument was executed this day of 2014, by
of Rosemount Senior Living Associates I, LLC, a Minnesota limited liability
company, on behalf of the limited liability company.
M
Notary Public