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Home My WebLink About4.d. Consideration of Development Agreement with Ehlen LTD Partnership � CITY OF ROSEMOUNT EXECUTIVE S'CTI�IlKARY FOR ACTION PORT AUTHORITY MEETING DATE: AUGUST 16, 1994 AGENDA ITEM: CONSIDERATION OF DEVELOPMENT AGENDA SECTION: AGREEMENT WITH EHLEN LTD PARTNERSHIP OLD BUSINESS ' PREPARED BY: JOHN MILLER, AGENDA NO. ECONOMIC DEVELOPMENT COORDINATOR 4 .D. ATTACI3MENT5: DEVELOPMENT AGREEMENT APPROVED BY: Attached for your review is a development agreement between Ehlen Ltd. Partnership and the Rosemount Port Authority. The development agreement provides written guarantees that Lot 36 of Auditors Subdivision No. 1 will be used for parking purposes and property maintained by Ehlen LTD Partnership. After approval of the development agreement the Port Authority can convey the property to Ehlen by quit claim deed after two additional steps are completed: 1) Written approval is given to Ehlen to use the land for parking based on review of Ehlen' s site plan, and 2) Planning Commission' s approval of the site plan. The development agreement as attached is acceptable to Ehlen LTD Partnership. RECO1�iENDED ACTION: MOTION to approve the development agreement with Ehlen LTD Partnership. PORT AUTHORITY ACTION: DEVELOPMENT AGREEMENT This Agreement is between the City of Rosemount Port Authority ("RPA"} and agency of the City of Rosemount, Minnesota, 2875 145th Street West, Rosemount, Minnesota 55068 and Ehlen Ltd. Partnership ("ELP"), 1504 Cedar 5treet, Box 37, Alexandria, Minnesota 56308. RECITALS • The "RPA" holds title to certain property in the City of Rosemount, legally described as Lot 36 of Auditor's Subdivison No. 1 (the Property). • The "RPA" solicited proposals for the purchase of the Property with responses to the requests for proposals due on April 4, 1994. • As a result of the solicitation for proposals, the "RPA" received several responses and, at its meeting of May 4, 1994, selected the proposal submitted by "ELP", a copy of which is attached as E�ibit A. • The "RPA" and "ELP" are desirous of entering into a Development Agreement specifying the terms under which "EI,P" will acquire title to the Property. TERMS OF DEVELOPMENT AGREEMENT 1. Sa1e of Pro�erty b,y "RPA". The "RPA" shall convey the Property to "ELP" by quit � claim deed, provided that "ELP" fulfills all of the conditions set forth in this Agreement. The conveyance shall be made following "ELP's" execution of this Agreement and payment of the balance of the purchase price, Two Thousand and Five Hundred Dollars ($2,500), to the "RPA". 2. "ELP's" Covenants. In consideration of the "RPA's" sale of the Property to "ELP", "ELP" shall fulfill the following duties. A. Pay the total sum of $6,250 for the Property. B. Utilize the Property to provide a parking area for use by the Rosemount Post Office. To facilitate such utilization, "ELP" shall pave the Property and surround it with suitable curbing. "ELP" shall also landscape the property in a manner satisfactory to the "RPA". C. "ELP" shall complete a site plan and provide same to the "RPA" for review and comment prior to proceeding with improvement of the Property. D. "ELP" shall also meet all site plan review and other requirements of the Rosemount Planning Commission and other public bodies. E. "ELP" shall request and obtain all necessa.ry building permits for improvement of the Property. F. "ELP" shall complete the improvements by July 1, 1995. 3. Effective Date. This Agreement shall be effective on August 1, 1994, and shall remain in effect through July 31, 2006. ADMINISTRATIVE PROVISIONS 4. Amendments. This Agreement may only be amended in writing by the parties hereto � or their assigns. 5. Assignment. Neither the "RPA" nor "ELP" may assign its interests in this Agreement without the written consent of the other party. 6. Notices. Any written communication regarding this Agreement shall be sent to the "RPA" and "ELP" at the addresses set forth in the first Section of this Agreement. 7. Governing Law. The term of this Agreement shall be governed by the laws of the State of Minnesota. Executed this 16th day of August, 1994: Rosemount Port Authority Ehlen Ltd. Partnership By: By: Its: Its: By: Its: �.� . , • � EXI3IBIT � PROPOSAL FORM FOR PURCHASE OF CERTAIN PROPERTY FROM . THE ROSIIVIOUNT PORT AUTHORITY 1. This Proposal is submitted by: �,i An T i mi ta� Pa rf-n ,�n�n .(s) Address: 1504 Cec�r Stree� Box- 37 Alexandria MN 56308 i Signature: �^�`"� 2. I (We) agree to purchase the Property described in Exhibit A of the Request for Proposal released by the RPA on January 24, 1994, for the total purchase price of $ 6,250.00 Sixty 3. �'�ty percent of my (our) purchase price is attached to this proposal in the form of a certified or cashier's check. I (We) agree that if I (we) fail to proceed to closing on the above- referenced Property within one calendar month of selection of my (our) proposal, I (we) will forfeit the amount of the certified or cashier's check I (we) have enclosed with my (our) proposal. �o 4. At the time of closing, I (we) agree to pay the remaining�percent of the proposed purchase price to the RPA. I (we) also agree to pay 50 percent of all closing costs and to � enter into a Purchase Agreement prior to the closing day in a form satisfactory to the RPA. 5. I (We) intend to apply the Properry to the following use(s): vJe plan to convert the entire lot to a �rkinQ area for Post Office use. Zhe__ _ lot urould integrate witn the existing past office site. Our intention is tr� con�letely suzxo�d the area with a curb. To beautify the area, landscaping would be included. Once we have .� site plan, we are willing tr� share it with the RPA for their input. . _ � � 6. I (We) agree to properly maintain the Property consistent with the use I (we) have proposed and described in-paragraph 4, above. If I (we) should fail at any time to so maintain the Property, I (we) agree to return ownership of the Property to the RPA. In addition, I (we) agree to complete the proposed improvements to the property before May 1, 1995, with the full understanding that if the improvements are not completed, title will revert to the port authority with forfeiture and loss of the full purchase price. � 3 .I J � ^ � Subscri�ed and sworn to before me this �day of , 1994. �� ,��.� ' T `,' `' e.. :i;:;;:r!!�T� . C� �� NCiAR. ;��_:^__111NNESOTq � . � �s_=:i:�� R:�.. ' �GUNTY ``�� . ..y comm:s��r.;:x?ires i1-8-96 V�SI:.r:.��:ts':�„`•.��'.!'.I i-i..�..�:sY,,r�1�W�i\ 4