HomeMy WebLinkAboutResolution - HRA 93-01 - Agreement / Lease with CHR - 01/19/1993 . HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 93-01
WHEREAS, the Housing and Redevelopment Authority in
and for the City of Eden Prairie ( "HRA" ) has previously
authorized the execution and delivery of that certain
Purchase Agreement, made as of October 29, 1992, between
the HRA and Norwest Bank Minnesota, National Association
( "Norwest" ) for the purchase of certain land and
improvements contained thereon ( "CPT Building" ) , and
WHEREAS, the HRA has authorized the sale of certain
bonds for the financing of the purchase of the CPT
Building and improvements thereto and various agreements
and documents in connection therewith, and
WHEREAS, C. H. Robinson Company ( "CHR" ) occupies a
portion of the CPT Building pursuant to a lease, dated as
of October 16, 1989, by and between Technology Park
Associates of Eden Prairie, Ltd. , a Minnesota Limited
Partnership, as Landlord, and CHR as Tenant ( "Original
Lease" ) , and
WHEREAS, Norwest Bank Minnesota, National
Association, a national banking association ( "Norwest" ) ,
succeeded to Landlord' s interest under the Original Lease
and the Original Lease was amended pursuant to the terms
of a certain Settlement Agreement, dated as of April 26,
1991, between Norwest and CHR (the "First Amendment" ) ,
which together with the Original Lease is hereafter
referred to as the "CHR Lease" , and
WHEREAS, it is contemplated that the Landlord' s
interest in the CHR Lease will be assigned to the HRA,
which in turn will assign it to the City of Eden Prairie
( "City" ) , and
WHEREAS, it is desirable that the HRA and City have
CHR' s consent to the assignment of the CHR Lease by
Norwest to the HRA, and thereafter to the City, as well
as certain collateral assignments by the City and HRA to
First Trust National Association, a national banking
association ( "First Trust" ) , Trustee, pursuant to a Trust
Indenture between the HRA and First Trust National
Association, dated as of December 1, 1992, relating to
the sale of bonds for financing of the purchase and
• improvement of the CPT Building, and the waiver by CHR of
its right of first refusal with reference to the purchase
of the CPT Building by HRA and subsequently by City and
other consents and/or waivers contained in that certain
Four-Party Agreement among CHR, HRA, City, and First
Trust ( "Four-Party Agreement" ) , and
WHEREAS, it is contemplated that in connection with
closing of the purchase of the CPT Building, HRA will
execute and deliver certain agreements, and
WHEREAS, CHR requires payment of $49,262.72 to
obtain a release in favor of Norwest, delivery of which
to Norwest is a requirement for the purchase of the CPT
Building ( "Release" ) .
NOW THEREFORE, BE IT RESOLVED BY THE COMMISSIONERS
OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE
CITY OF EDEN PRAIRIE:
That the execution and delivery of the following
documents and agreements is approved and authorized:
1 . The Four-Party Agreement.
2 . Second Amendment to Office Lease, by and between HRA and
CHR.
• 3 . Assignment and Assumption of Landlord' s Interest In
Lease, dated as of January 21, 1993 , by and between
Norwest and HRA.
4. Assignment of Contracts, Guaranties, Warranties, and
Permits, dated as of January 21, 1993 , by and between
Norwest and HRA.
5 . Indemnification Agreement, between Norwest and HRA and
City.
RESOLVED FURTHER, that payment to CHR in the amount
of $49 ,262.72 in consideration of the Release is approved
and authorized.
ADOPTED by the HRA on Jan r 19 , 1&3 .
Douglas BI Tenpas, C11ailMan
(Seal)
ATTEST:
• Secretary