2013-11-19_agenda_packet - Laserfiche WebLink

Home

ROSEVILLE HOUSING AND REDEVELOPMENT AUTHORITY PRELIMINARY DEVELOPMENT AGREEMENT (Dale Street Redevelopment) THIS AGREEMENT, dated this ___ day of November, 2013, by and between the Roseville Housing and Redevelopment Authority, a public body corporate and politic under the laws of Minnesota ("Authority") and Greater Metropolitan Housing Corporation, a Minnesota nonprofit corporation ("Developer"): WITNESSETH: WHEREAS, the Authority and the City of Roseville (“City”) each own a portion of certain property within the City, which property is legally described in Exhibit A attached hereto ("Property"); and WHEREAS, the Developer has submitted a preliminary proposal (the "Proposal") for the acquisition and redevelopment of the Property (the "Development"), which proposal is attached hereto as Exhibit B; and WHEREAS, the Developer has requested the Authority to explore the use of certain public assistance to assist with the Development; and WHEREAS, the Authority has determined that it is in the Authority's best interest that the Developer be designated sole developer of the Property during the term of this Agreement; and WHEREAS, the Authority and the Developer are willing and desirous to undertake the Development if (i) a satisfactory agreement can be reached regarding the Authority's commitment for public costs necessary for the Development; (ii) satisfactory mortgage and equity financing, or adequate cash resources for the Development can be secured by the Developer; and (iii) the economic feasibility and soundness of the Development and other necessary preconditions have been determined to the satisfaction of the parties; and WHEREAS, the Authority is willing to evaluate the Development and work toward all necessary agreements with the Developer if the Developer agrees to make the nonrefundable deposit described herein, which is intended, in part, to reimburse the Authority for its costs if the Development is abandoned by Developer or necessary agreements are not reached under the terms of this Agreement. NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and obligations set forth herein, the parties agree as follows: 1. Negotiations between the parties shall proceed in an attempt to formulate a definitive purchase and redevelopment contract ("Contract”) based on the following: (a) the Developer's Proposal, which shows the scope of the proposed 310425v1 MNI NR275-7