HomeMy WebLinkAbout7B, Approval of Resolution 2008-021
~
~~HILLS
MEMORANDUM
DATE: March 10, 2008
TO: Mayor and City Council
Jim Willis, Interim City Administrator
FROM: Stacie Kvilvang, Project Manager
SUBJECT: Approval of Resolution No. 2008-02l, Approving Second Amendment to the
Preliminary Development Agreement with RRLD, LLC.
BACKGROUND
On March 30, 2007, the City and RRLD entered into a Preliminary Development Agreement
(PDA) outlining the terms and conditions related to the acquisition and redevelopment of a
portion of the TCAAP site. The term of the PDA was for one year and will expire on March 30,
2008.
DISCUSSION
It was anticipated that the City and RRLD would work towards a Master Development
Agreement (MDA) during this time frame and that the PDA would be terminated if a MDA was
approved, or extended if an MDA was not approved. Since April of 2007, the City and RRLD
have been working on various aspects of the project including master planning, infrastructure
planning, financial analysis, etc. Over the past eleven (II) months, these aspects have not
advanced to the level necessary to begin drafting terms of an MDA and therefore, an extension is
needed.
Currently, neither party is in default of the PDA and the original budget is still deemed adequate
at this time (original budget was $980,000 approximately halfhas been expended to date).
ACTION REQUESTED
Motion to Approve Resolution No. 2008-02] Approving Second Amendment to the Preliminary
Deve]opment Agreement with RRLD, LLC.
Attachment
~
/]'\~ HILLS
CITY OF ARDEN HILLS
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION NO. 2008"021
APPROVING SECOND AMENDMENT TO THE PRELIMINARY
DEVELOPMENT AGREEMENT WITH RRLD, LLC.
WHEREAS, the City and Developer entered into that certain Preliminary
Development Agreement dated March 30, 2007 as amended by the First Amendment
thereto dated April 30,2007 (the "PDA"), and
WHEREAS, the parties have determined a need to amend the PDA as further
described herein;
NOW, THEREFORE, in consideration of the covenants and obligations of the
parties hereto, the City and the Developer hereby agree as follows:
l. Section 11 of the PDA is amended to read as follows:
Section 1 I. Term of Agreement. This Agreement shall be effective through
March 3 I, 2009, subject to earlier termination in accordance with Section] 2. If for any
reason an MDA has not been entered into by the parties within the term of this Agreement
or any other mutually approved extension thereof, this Agreement shall be null and void and
neither party thereafter shall have any liability or obligations to the other except as otherwise
provided in Section 12(c) in this Agreement.
2. The PDA remains in full force and effect and is not modified except as
expressly provided herein.
IN WITNESS WHEREOF, the City has caused this Agreement to be duly
executed in its name and behalf and the Developer has caused this Agreement to be duly
executed in its name and behalf on or as of the date first above wlitten.
CITY OF ARDEN HILLS, MINNESOTA
By:
Its Mayor
By:
Its Interim City Administrator