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04-12-21-R
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04-12-21-R
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<br />00115223.DOC / v. 4 <br />MEMORANDUM OF UNDERSTANDING <br /> <br /> This Memorandum of Understanding (“Memorandum”) is made between the County of <br />Ramsey, Minnesota (“County”) and the City of Arden Hills, Minnesota (“City”) and is entered into <br />as of ____________, 2021. <br /> <br />WITNESS <br /> <br />WHEREAS, Kensington Development Partners, Inc., an Illinois corporation <br />(“Kensington”), is under contract (the “Contract”) to buy the real estate commonly known as 3787 <br />Lexington Avenue, Arden Hills, MN (the “KDP Parcel”); and <br /> <br />WHEREAS, IMKD3 LLC, a Delaware limited liability company, as to an undivided fifty <br />(50%) percent interest as tenant in common and Arden Hills 1031 LLC, an Illinois limited lability <br />company, as to an undivided fifty (50%) percent interest as tenant in common (collectively “KDP”) <br />have succeeded to Kensington’s interest in the Contract and KDP Parcel by accepting an <br />assignment of the Contract from Kensington; and <br /> <br />WHEREAS, the County is performing certain roadway improvements to Lexington <br />Avenue (the “Project”), which improvements include construction a full access (right in/right <br />out/left in/left out) traffic signal and intersection/curb cut/entry apron adjacent to and leading into <br />the KDP Parcel in the locations shown on the site plan attached hereto as Exhibit A (the “Site <br />Plan”); a deceleration lane (in the location shown on the Site Plan) that will allow vehicles to turn <br />right into the KDP Parcel; new curbs as shown on the Site Plan; and such other work as may be <br />necessary to cause that part of Lexington Avenue that is adjacent to the KDP Parcel to conform to <br />the Site Plan (which work is collectively called the “ROW Work”); and <br /> <br />WHEREAS, KDP intends to redevelop the KDP Parcel for grocery purposes and the <br />grocery tenant is requiring that the ROW Work be completed no later than October 31, 2022 <br />(the “Grocery Deadline”); and <br /> <br />WHEREAS, the County has entered into an intergovernmental agreement with other <br />counties and government entities to share the expenses of the Project (which includes the ROW <br />Work) which intergovernmental agreement provides that the ROW Work will be completed by <br />the Grocery Deadline; and <br /> <br />WHEREAS, should the County, and the other parties under the intergovernmental <br />agreement (i) fail to cause the Project (which includes the ROW Work) to be fully funded by <br />January 1, 2022 and/or (ii) fail to award a contract for the ROW Work by February 1, 2022 (the <br />matters in [i] and [ii] aforesaid are hereinafter called the “Trigger Events”), then the ROW Work <br />may not be completed by the Grocery Deadline in which event, KDP will suffer severe economic <br />repercussions under its agreement with the grocery tenant; and <br /> <br />WHEREAS, the County and City have agreed that if the Trigger Events occur, then KDP <br />will assume the obligation, at KDP’s cost, to perform the KDP ROW Work (defined hereinafter) <br />and complete same by the Grocery Deadline; and <br />
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