HomeMy WebLinkAbout4. Rosemount Professional Building: Consideration of Development Agreement CITY OF ROSEMOUNT
` r EXECIITIVE SIID�Il�SARY FOR ACTION
PORT AUTHORITY MEETING DATE: OCTOBER 11, 1994
AGENDA ITEbl: ROSEMOUNT PROFESSIONAL BUILDING: AGENDA SLCTION:
CONSIDERATION OF DEVELOPMENT AGREEMENT SPECIAL MEETING
PREPARFD BY: JOHN MILLER, AGENDA NO.
ECONOMIC DEVELOPMENT COORDINATOR 4 .
ATTACHMENTS: REVISED DEVELOPMENT AGREEMENT APPROVED BY:
Attached is a revised development agreement for the Rosemount Professional
Building. The agreement is the result of extended negotiation sessions on
September 29 and October 6 . It is my understanding that all of the
language in the contract is acceptable to Dr. Kurt Walter-Hansen and his
attorney, Reid Hansen with the possible exception of the budget section.
There may be a request from the developer to extend the terms of the tax
increment agreement beyond the expiration date of the district.
The attached development agreement is recommended for approval by the port
authority' s legal counsel .
RECONIlKENDED ACTION: Motion to approve the development agreement with
Patricia Walter and Dr. Kurt Walter-Hansen for the construction of the
Rosemount Professional Building and the redevelopment of the Repairs
Inc. site and adjacent property.
PORT AUTHORITY ACTION:
a ��'
A = Deletion
� = Insertion
DEVIIAPMENT AGREIIVIQJT
THIS AGREEMENT, dated this day of , 1994 by and
between the Rosemount Port Authority (the "Authority"), a public body corporate
and politic, and Dr. Kurt Walter-Hansen and ��:�>Patricia Ann Walter (collectively,
the "Developerrr� : �
RECITALS
WHEREAS, the Authority owns certain property (the "Property") within the
City of Rosemount (the "City"), a description of which is attached as Exhibit A and
WHEREAS, the Authority desires to cause the Property to be developed in a
manner consistent with the City's downtown business community; and
WHEREAS, the Developer ha.s submitted a proposal and specifications for
construction of a combination veterinary clinic and office building (the
"Development") to be constructed on the Property, a description of which is attached
as Exhibit B; and
WHEREAS, the Property is within the Rosemount Redevelopment Project (the
"Project"and the ftosemount Aedevelopment Project Tax Increment Financing District
(the "TIF District"), which TIF District was created by the City in Ntay, 1979 and
is now administered by the Authority;
NOW, THER.EFORE, in consideration of the foregoing and of the mutual
covenants and obligations set forth herein, the parties agree as follows:
1. Convevance of Property_. (a) The Authority will convey the Property
to the Developer by quit claim deed in substantially the form attached hereto as
Exhibit C (the "Deed"), for the sum of $1.00, conditioned on satisfaction of the
following conditions: (i) Developer has submitted written evidence in a form
satisfactory to the Authority that the Developer has adequate mortgage or other
financing for the Development; (u) and construction plans for the Development have
been approved by the Authority and the City; and (iii) the Developer has approved
title to the Property in accordance with paragraph (b) of this Section.
(b) As soon as practicable after the date of this Agreement, the Authority
shall obtain and furnish to the Developer a registered property abstract for the
Property. The Developer shall have ten (10) days from the date of its receipt of
such commitment to review the state of title to the Property and to provide the
Authority with a list of written objections to such title. Upon receipt of the
Developer's list of written objections, the Authority shall proceed in good faith and
with all due diligence to attempt to cure the objections made by the Developer. Not
earlier than eleven days followi.ng the date the Developer shall have received an
updated abstract for the Property from the Authority or, in the event the Developer
shall have provided the Authority with a list of written objections, within ten (10)
days after the date that all such objections have been cured to the reasonable
satisfaction of the Developer, the Authority and Developer shall proceed with the
conveyance of the Property pursuant to this Section. In the event that the
Authority has failed to cure objeetions within sixty (60) days after its receipt of the
Developer's list of such objections, either the Developer or the Authority may by the
giving of written notice to the other, terminate this Agreement, upon the receipt of
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R8230-2
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letting contracts for construction of the trail, the Developer will obtai.n
at least at least two quotations from contractors and will provide
evidence of the quotations to the City, which will keep such quotations
on file for at least one year thereafter, all in accordance with Minnesota
Statutes, Section 471.345, Subd. 4.
(c) convey to the City a perpetual non-exclusive easement that
will allow visitors to the Erickson Community Square Park to use
parking on the Property during any hours other than 8:00 a.m.
through 6:00 p.m. , Monday through Friday. The nine spaces on the
... ;. :
west side of the building ma , be reserved for the clinic use.only.: �'�;e
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��emcn� �ari'� alse� �c��.�s a rig�,t �� ��b�� a�i��::$� �. �s t� �e
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��o�ert�. ;::;The Developer will convey the easement to the City upon
conveyance of the Property by the Authority to the Developer. The
easement shall be substantially in the form attached hereto as Exhibit
D.
(d) cause all electrical utility lines on the south side of the
Property to be buried from the pole to the east property line.
(e) develop the Property and construct the Development in
aceordance with all City codes, ordinances and rules, including site
plan approval required by the City of Rosemount Planning Commission.
(f) pay all costs associated with the Development, including but
not limited to building permit fees, water, sewer, storm sewer, plan
review and any other fees, subject to potenti.al reimbursement from tax
increment in accordance with Sections 4 and 5 hereof.
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construct..a.,sidewalk..on..;the_.:Property::alon�._.,�:��...Trunk
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��ra��e.�v�, in accordance with specifications providec�by the Crty.
4. Tax Increment Assistanee. In order to make the Development
economically feasible, the Authority will reimburse the Developer (in the manner set
forth in Section 5) for the following site improvement costs (the "Site
Improvements"):
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nsz3o-z 3
6. Events of Default Defined. The following shall be "Events of -
Default" under this Agreement and the term"Event of Default" shall mean, whenever
it is used in this Agreement (unless the context otherwise provides), any failure by
any party to observe or perform any other covenant, condition, obligation or
agreement on its part to be observed or performed hereunder.
7. Remedies on Default. Whenever any Event of Default referred to
in Section 6 of this Agreement oceurs, the non-defaulti.ng party may exercise its
rights under this Section 7 after providing 9� days written notice to the defaulting
party of the Event of Default, but only if the Event of Default has not been cured
within said thirty days or, if the Event of Default is by its nature incurable withi.n
thirty days, the defaulting party does not provide assurances reasonably
satisfactory to the non-defaulting party that the Event of Default will be cured and
will be cured as soon as reasonably possible:
(a) Suspend its performance under the Agreement until it receives
assurances that the defaulting party will cure its default and continue its
performance under the Agreement.
(b) Cancel and rescind or terminate the Agreement.
(c) Upon a default by the Developer, the Authority may terminate the
payments under Section 5.
(d) Take whatever action, includi.ng legal, equitable or
administrative action, which may appear necessary or desirable to collect any
payments due under this Agreement, or to enforce performance and observance of
any obligation, agreement, or covenant under this Agreement.
8. ftevestin� Title in Authoritv Upon Happening of Event
Subsequent to Convevance to Developer. In the event that subsequent to
conveyance of the Property or any part thereof to the Developer and prior to receipt
by the Developer of the Certificate of Completion for the I)evelopment, the Developer
fails to comply with any of its covenants under this Agreement and fails to cure any
such noncompliance or breach within �::::;:days after written demand from the
Authority to the Developer to do so, then��the Authority shall have the right to re-
enter and take possession of the Property and to terminate (and revest in the
Authority) the estate conveyed by the Deed to the Developer, it being the intent af
this provision, together with other provisions of the Agreement, that the conveyance
of the Property to the Developer shall be made upon, and that the Deed shall contain
a condition subsequent to the effect that in the event of any default on the part of
the Developer and failure on the part of the Developer to remedy, end, or abrogate
such default within the period and in the manner stated in such subdivisions, the
Authority at its option may declare a termination in favor of the Authority of the
title, and of all the rights and interests in and to the Property conveyed to the
Developer, and that such title and all rights and interests of the Developer, and any
assigns or successors in interest to and in the Property, shall revert to the
Authority, but only if the Event of Default has not been cured within the time
periods provided above.
Notwithstanding anything to the contrary contained in this Section 8 of
this Agreement, the Authority shall have no right to reenter or retake title to and
possession of the Property after the Certificate of Completion has been issued.
SJH75251
nssso-s 5
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R8230-2 7
EI�HIBIT A
DESCRIPTION OF PBOPERTY
SJS75251
xszso-z A—1
EXHIBIT C
QUIT CLAIM DEED
THI5 INDENTURE between the Rosemount Port Authority, a public body
corporate and politic (the "Grantor"), and k�r�<Kurt Walter-Hansen and`�r::;Patricia
Ann Walter as joint tenants and not as tenarits in common (the "Grantee"�).
WITNESSETH, that Grantor, in consideration of the sum of one dollar
($1) and other good and valuable consideration the receipt whereof is hereby
acknowledged, does hereby grant, bargain, quitclaim and convey to the Grantee,
its successors and assigns forever, all the tract or parcel of land lying and being in
the County of Dakota and State of Minnesota described as follows, to-wit (such tract
or parcel of land is hereinafter referred to as the "Property"):
To have and to hold the same, together with all the hereditaments and
appurtenances thereunto belonging in anyway appertaining, to the said Grantee, its
successors and assigns, forever,
Provided:
SECTION 1.
It is understood and agreed that this Deed is subject to the covenants,
conditions, restrictions and provisions of an agreement entered into between the
Grantor and Grantee on the day of , 1994, identified as
"Development Agreement" (hereafter referred to as the "Agreement") and that the
Grantee shall not convey this Property, or any part thereof, except as permitted by
the Agreement until a certificate of completion releasing the Grantee from certain
obligations of said Agreement as to this Property or such part thereof then to be
conveyed, has been placed of record. This provision, however, shall in no way
prevent the Grantee from mortgaging this Property in order to obtain funds for the
purchase of the Property hereby conveyed or for erecting improvements thereon in
conformity with the Agreement, any applicable development program and applicable
provisions of the zoning ordinance of the City of Rosemount, Minnesota, or for the
refinancing of the same.
It is specifically agreed that the Grantee shall promptly begin and
diligently prosecute to completion the development of the Property through the
construction of the improvements thereon, as provided in the Agreement.
Promptly after completion of the improvements in accordance with the
provisions of the Agreement, the Grantor will furnish the Grantee with an
appropriate instrument so certifying. Such certification by the Grantor shall be
(and it shall be so provided in the certification itself) a conclusive determination of
satisfaction and termination of the agreements and covenants of the Agreement and
of this Deed with respect to the obligation of the Grantee, and its successors and
assigns, to construct the improvements and the dates for the beginning and
completion thereof. Such certification and such determination shall not constitute
evidence of compliance with or satisfaction of any obligation of the Grantee to any
holder of a mortgage, or any insurer of a mortgage, securing money loaned to
BJH75251
R8230-2 C�1
IN WITNESS WHEREOF, the Grantor has caused this Deed to be duly
.................................
executed in its behalf by its ��iefr�i�r��#and Executive Director and has caused its
corporate seal to be hereunto�affixe� this day of , 1994.
ROSEMOUNT P08T AUTHORITY
Rv
It5 �hai�e��t
�
Its Executive Director
STATE OF MINNESOTA )
) ss.
COUNTY OF DAKOTA )
On this day of , 1994, before me, a notary public
within and for Dakota County, personally appeared Kevin Carroll and Thomas D.
Burt to_me personally known who by me duly sworn, did say that they are the
��i.aarpe�so�::::;and Executive Director of the Rosemount Port Authority, (the
�'Aufhority�') named in the foregoing instrument; that the seal affu�ed to said
instrument is the seal of said Authority; that said instrument was signed and sealed
on behalf of said Authority pursuant to a resolution of its governing body; and said
Kevin Carroll and Thomas D. Burt acknowledged said instrument to be the free act
and deed of said Authority.
Notary Public
This instrument was drafted by:
Holmes & Graven, Chartered
470 Pillsbury Center
Minneapolis, Minnesota 55402
SJB75251
xaz3o-z C-3
IN WITNESS WHEREOF, Grantor has caused this instrument to be
executed on or as of the day and year first above written.
GRANTOR.
Dr. Kurt Walter-Hansen
Dr. Patricia Ann Walter
STATE OF MINNESOTA )
) ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this day of
, 1994, by Dr. Kurt Walter-Hansen and Dr. Patricia Ann Walter.
Notary Public
This document drafted by:
HOLMES & GRAVEN, CHARTERED
470 Pillsbury Center
Minneapolis, MN 55402
(612) 33?-9300
sas�szsi
xsz3o-z D-2
EXHIBIT B TO EASIIV�NT
DESCRIPTION OF EAS�NT P80PERTY
8JH�5251
R8230-2 B�1