HomeMy WebLinkAboutResolution - 98-172 - Terminate First Amendment to Development Agreement for Elim Shores - 09/15/1998 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 98-172
AUTHORIZING EXECUTION OF AN AGREEMENT TO TERMINATE THE FIRST
AMENDMENT TO THE DEVELOPMENT AGREEMENT FOR THE ELIM SHORES
PROJECT.
WHEREAS,the City of Eden Prairie has provided certain funding and entered into certain
agreements regarding the construction of the Elim Shores Project ("the Project"); and
WHEREAS, one of the agreements signed was a First Amendment to the Development
Agreement which was entered into for the purpose of qualifying all or a portion of the Project
for a favorable tax designation under Minnesota law; and
WHEREAS, that First Amendment also provided that if Minnesota Law were amended
to provide for requirements more onerous than those in the First Amendment in order for the
Project to receive a favorable tax designation, that First Amendment could be terminated by the
Developer of the Project; and
WHEREAS,those contemplated changes to Minnesota law have in fact been enacted, and
the law does impose more onerous requirements than those contained in the First Amendment;
NOW, THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EDEN PRAIRIE:
1. That the Mayor and City Manager are herein authorized to execute the
aforementioned Agreement to Terminate the First Amendment to the Development Agreement;
and
2. That the Housing and Redevelopment Authority in and for the City of Eden Prairie
is also authorized to execute the Agreement to Terminate the First Amendment to the
Development Agreement.
ADOPTED by the City Council on J /cS, 1998.
VIVcan L. Harris, Mayor
(Seal)
A ST:
Donald R. Uram, Finance Director/Clerk