HomeMy WebLinkAbout06.m. Approval of Assignment of Prestwick Place Townhomes Subdivision Agreement to Rosemount II Limited Partnership
EXECUTIVE SUMMARY
City Council Meeting: June 5, 2018
AGENDA ITEM: Approval of Assignment of Prestwick
Place Townhomes Subdivision
Agreement to Rosemount II Limited
Partnership
AGENDA SECTION:
Consent
PREPARED BY: Kyle Klatt, Senior Planner AGENDA NO. 6.m.
ATTACHMENTS: Assignment of Subdivision Agreement APPROVED BY: LJM
RECOMMENDED ACTION: Motion to Approve the Assignment of the Subdivision
Agreement Between the City of Rosemount and the Dakota County Community
Development Agency to the Rosemount II Limited Partnership
SUMMARY
The City Council is being asked to approve the assignment of the Prestwick Place Townhomes Subdivision
Agreement from the Dakota County Community Development Agency (CDA) to the Rosemount II Limited
Partnership. The assignment is needed because the CDA is the current owner of the property and was the
applicant for securing all required City approvals (including Subdivision and Planned Unit Development
requests), but will now be transferring ownership to another entity to construct the project. This new entity,
Rosemount II Limited Partnership, is comprised of the CDA as a general partner in addition to US Bank as
a limited partner and tax credit investor. The Prestwick Townhomes plat has recently been filed with
County, and within the next few weeks the CDA will transfer its ownership to the new entity responsible for
building the 40 townhouse units and associated infrastructure.
City staff does not have any objections to the assignment, which will help ensure that the entity responsible
for construction is also responsible for adhering to the terms and conditions of the subdivision agreement.
The City Attorney has reviewed the proposed assignment and did not recommend any revisions to the
document.
RECOMMENDATION
Staff recommends approval of the assignment of Prestwick Place Townhomes subdivision agreement to
Rosemount II Limited Partnership.
US.118035269.01 1
ASSIGNMENT OF
SUBDIVISION AGREEMENT
THIS AGREEMENT, entered into this ____ day of June, 2018 by DAKOTA COUNTY
COMMUNITY DEVELOPMENT AGENCY, a public body corporate and politic of the State of
Minnesota (“Assignor”) and ROSEMOUNT II LIMITED PARTNERSHIP, a Minnesota limited
partnership (“Assignee”).
WHEREAS, Assignor and The City of Rosemount, a Minnesota municipal corporation (the
“City”) entered into a Subdivision Agreement dated March 20, 2018 which is incorporated herein
by reference and referred to herein as the “Development Agreement”; and
WHEREAS, the Development Agreement governs the development of the real property
described in the attached Exhibit A which shall hereinafter be referred to in its entirety as the
“Property”; and
WHEREAS, Assignee has purchased the Property; and
WHEREAS, Assignor desires to assign its rights, duties and obligations in the
Development Agreement as applicable to the Property to Assignee; and
WHEREAS, the assignment of the Development Agreement requires the consent and
approval of the City.
NOW, THEREFORE, IT IS HEREBY AND HEREIN MUTUALLY AGREED, in
consideration of each party’s promises and considerations herein set forth, as follows:
1. Assignor assigns all right, duties and obligations in the Development Agreement to the
Assignee.
2. Assignee assumes all rights, duties and obligations of Assignor in the Development
Agreement.
US.118035269.01 2
IN WITNESS WHEREOF, Assignor and Assignee have executed this Agreement the day
and year first written above.
ASSIGNOR:
DAKOTA COUNTY COMMUNITY
DEVELOPMENT AGENCY, a public body
corporate and politic of the State of Minnesota
By:
Its:
STATE OF MINNESOTA )
) ss.
COUNTY OF ____________ )
This instrument was acknowledged before me on the _____ day of ____________, 2018,
by __________________, the ______________ of Dakota County Community Development
Agency, a public body corporate and politic of the State of Minnesota, on behalf of the agency.
Notary Public
US.118035269.01 3
ASSIGNEE:
ROSEMOUNT II LIMITED PARTNERSHIP,
a Minnesota limited partnership
By: Dakota County Community
Development Agency, its General Partner
By:
Its
STATE OF MINNESOTA )
) ss.
COUNTY OF DAKOTA )
The foregoing instrument was acknowledged before me this ____ day of
__________, 2018 by _______________, the __________________ of Dakota County
Community Development Agency, a public body corporate and politic organized and
existing under the laws of the State of Minnesota, the General Partner of Rosemount II
Limited Partnership, a Minnesota limited partnership, on behalf of the limited
partnership.
Notary Public
CONSENT
THE CITY OF ROSEMOUNT hereby consents to the above Assignment.
THE CITY OF ROSEMOUNT
By:
William H. Droste, Mayor
By:
Jeff May, Deputy City Clerk
US.118035269.01 4
EXHIBIT A TO ASSIGNMENT AGREEMENT
Legal Description of Property
The real property situated in the County of Dakota, State of Minnesota, described as
follows:
Lot 1, Block 1, Prestwick Place Townhomes