HomeMy WebLinkAboutResolution - 2002-86 - Project Management Agreement for Heights at Valley View - 05/07/2002 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,IVHNNESOTA
RESOLUTION NO.2002-86
A RESOLUTION APPROVING THE PROJECT MANAGEMENT AGREEMENT BY
AND BETWEEN THE CITY OF EDEN PRAIRIE AND EDEN PRAIRIE LEASED
HOUSING ASSOCIATES I,LMTED PARTNERSHIP,RELATING TO THE
HIEGHTS AT VALLEY VIEW PROJECT.
BE IT RESOLVED, by the City Council of the City of Eden Prairie, Minnesota (the
"City") as follows:
WHEREAS, Eden Prairie Leased Housing Associates I, Limited Partnership (the
"Developer") is the owner of certain real property located in the City described as on the
attached Exhibit A hereto, on which the Developer proposes to construct a 186 unit apartment
building; and
WHEREAS, the City has agreed to provide tax increment financing to reimburse the
Developer for certain qualified costs pursuant to Minnesota Statutes Section 469.174 to 469.179
as amended(the"Tax Increment Act"); and
WHEREAS, on April 16, 2002, the City approved the Tax Increment Financing Plan and
the establishment of Tax Increment Financing District No. 17 for the Project, commonly referred
to as the Heights at Valley View project; and
WHEREAS, the City and the Developer desire to enter into a written agreement with
regard to the development and operation of the Project and have presented to this Council a
proposed Project Management Agreement by and between the City and Developer hereinafter
referred to as the Project Management Agreement;
NOW THEREFORE, the City Council hereby approves the Project Management
Agreement and authorizes its execution.
ADOPTED by the City Council of the City of Eden Prairie this 7th day of May,2002.
4
*an 4u10,Mayor
ATTEST:
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Ka een Porta, City Clerk
EXHIBIT A
LEGAL DESCRIPTION OF THE PROJECT PROPERTY
Outlot E,Wilson Ridge, according to the recorded plat thereof,Hennepin County,Minnesota.
Abstract and Torrens Property—Torrens Certificate No. 1067232
Together with that part of the North 5 11.10 feet of the Northeast 1/4 of the Southwest 1/4 of
Section 12, Township 116, Range 22, Lying westerly of County Road No. 39 and which lies
easterly of the following described line; Commencing at the Northwest corner of said Northeast
1/4 of the Southwest 1/4: thence Easterly along the north line thereof, a distance of 320.68 feet to
the point of the beginning; thence South 7 degrees 59 minutes 22 seconds West, a distance of
513.22 feet to the south line of said North 5 11.10 feet and said line there terminating; and which
lies northerly of the following described line; Commencing at the pint of termination of the last
described line; thence North 7 degree 59, minutes 22 seconds East, a distance 175 feet to the
point of beginning; thence South 80 degrees 03 minutes 46 seconds East a distance of 288.97
feet to the center line of County Road No. 39 and said line there terminating.