HomeMy WebLinkAboutResolution - 97-56 - Transfer of Preserve Village Shopping Center - 04/01/1997 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 97- 56
WHEREAS, on February 4, 1980, the City entered into a Loan Agreement with Ryan
Construction Company of Minnesota, Inc. in connection with the issuance by the City of its
$2,400,000 City of Eden Prairie, Minnesota Commercial Development Revenue Bond (Ryan
Construction Company of Minnesota, Inc. Project) the proceeds of which were used for the
construction of the Preserve Village Shopping Center located at the intersection of Highway 169
and Anderson Lakes Parkway;
WHEREAS, Ryan Companies US, Inc. (formerly Ryan Construction Company of
Minnesota, Inc.) ("Ryan") has agreed to sell Preserve Village Shopping Center to Jerry's
Enterprises, Inc. ("Jerry's");
WHEREAS, Jerry's desires to assume all of Ryan's obligations under the Loan
Agreement and related bond documents (the "Bond Documents") and Ryan desires to be released
from certain obligations thereunder;
WHEREAS, it appears that it will be in the best interest of the City to approve the
transfer of Preserve Village Shopping Center, the assumption by Jerry's of the obligations of
Ryan under the Bond Documents and the release of Ryan from certain obligations;
WHEREAS, the members of the City Council concur in this resolution;
NOW THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF EDEN PRAIRIE:
1. The transfer of Preserve Village Shopping Center by Ryan Companies US, Inc.
to Jerry's Enterprises, Inc. is hereby approved.
2. The City consents to the assumption by Jerry's of all of the obligations of the
Borrower under the Loan Agreement and Bond Documents.
3. The City consents to the release of Ryan from all of the obligations of Borrower
under the Loan Agreement and related Bond Documents arising subsequent to the transfer
referred to above.
ADOPTED by the Council this 15r day of April, 1997.
Jean L. Harris, Mayor
(Seal)
ATTEST:
Jo ` . Frane, City Clerk