HomeMy WebLinkAboutItem 06.gIII, 'a k e !T 2ioll�'e'
April 2,2014
APRIL 7,2014 CITY COUNCIL MEETING
RELEASE OF DEVELOPMENT CONTRACT
SOUTHFORK VILLAGE 3 RD ADDITION
PROPOSED AcTiON
Item No.
Staff recommends adoption of the following motion: Move to approve the release of
the Southfork Villacie 31dAddition development contract.
Adoption of this motion will formally release the Southfork Village 31d Addition
development contract recorded April 5,1990.
OVERVIEW
The developer of Southfork Village is in the process of refinancing their debt, including the
payment of the interest rate reduction loan agreement to the Lakeville HRA. As a
consideration of refinancing, the developer's legal representative requests the release of
the development contract approved with the Southfork Village 31d Addition. Staff has
determined that the developer has met all requirements and obligations of the
development contract. The City Attorney has prepared the draft development contract
release form.
PRIMARY ISSUES To CONSIDER
How will the release of contract affect the property?
The performances required under the original development contract have been satisfied Release
the Southfork Village 3rd Addition development contract will free the property title from the
financial obligations imposed in the original development contract approved by the City Council
in October 16, 1989.
SUPPORTING INFORMATION
0 Release of development contract form
0 E-mail requesting the release of the development contract
0 Aerial photo of Southfork Village 3rd Addition
0 Southfork Village 3rd Addition final plat
Frank Dempsey, AICP, Associate Pla/nner
Financial Impact: $ None — Budgeted: Y/N — Source:
Related Documents (CIP, ERR etc.):
Notes:
(rese -rved.for recording inforniation)
RELEASE OF
DEVELOPMENT CONTRACT
RELEASE granted
Minnesota municipal corporation ("City").
2014, by the CITY OF LAKEVILLE, a
WHEREAS, the City has been asked to release and discharge the property in Southfork
Village 3rd Addition ("Subject Property') from a recorded Development Contract.
NOW THEREFORE, be it resolved by the Lakeville City Council:
The Subject Property is released and discharged from the Development Contract
for Southfork Village 3rd Addition dated October 16, 1989 and recorded April 5,
1990 as Document No. 227590 in the Office of the Dakota County Recorder.
ADOF`TED this day of 2014.
CITY OF LAKEVILLE
ffim
(SEAL)
AND
175459.0
Matt Little, Mayor
Charlene Friedges, City Clerk
STATE OF MINNESOTA )
(ss.
COUNTY OF DAKOTA
The foregoing instrument was acknowledged before me this day of
' 2014, by Matt Little and Charlene Friedges, respectively the Mayor and
City Clerk of the City of Lakeville, a Minnesota municipal corporation, on behalf of the corporation
and pursuant to the authority granted by its City Council.
Notary Public
THIS INSTRUMENT WAS DRAIFFED
BY:
CAMPBELL KNUTSON
Professional Association
317 Eagandale Office Center
1380 Corporate Center Curve
Eagan, Minnesota 55121
(651) 452-5000
RNK
2
175459.vl
Dempsey, Frank
From: Rene D. Liu <rdl@healeyramme.com>
Sent: Thursday, March 27, 2014 11:29 AM
To: Dempsey, Frank
Cc: Feller, Dennis; ham mer.daniel@dorsey.com; rty@kskpa.com; pmr@healeyramme.com;
sjs@kskpa.com; ack@kskpa.com
Subject: RE: Southfork Village 3rd Addition Dev Contract Release
Mr. Dempsey,
At the request of Southfork Apartments Limited Partnership the property owner of Lot 1, Block 1, Southfork Village 3 Id
Addition, I request that the City Council authorize Dakota County to release the Development Contract approved by the
City Council on October 16, 1989.
Our attorney is working on the release documents and should have those to you and Dan Hammer (City of Lakeville
attorney) in the next day or two.
Thank you,
Rene D. Liu
Vice President
Healey Ramme Company
Dakota County, MN
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