HomeMy WebLinkAboutItem 06.iLakeville
September 10, 2014 Item No.
STONE RIDGE SOUTH DEVELOPMENT CONTRACT ASSIGNMENT
SEPTEMBER 15, 2014 CITY COUNCIL MEETING
Proposed Action
Staff recommends adoption of the following motion: Move to approve the development
contract assignment for Stone Ridge South from AEG, LLC to KJ Walk, LLC.
Adoption of this motion will authorize the transfer of the development contract and the
development of the Stone Ridge South subdivision from AEG, LLC to KJ Walk, LLC.
Overview
On October 7, 2013, the City Council approved the final plat of eight single family lots and a
development contract for Stone Ridge South located west of Kenwood Trail and north of
Jordan Trail. KJ Walk, LLC has purchased the property from AEG, LLC and is requesting the
assignment of the development contract approval in October, 2013 so they can develop the
site.
Primary Issues to Consider
Is the Stone Ridge South development contract assignment in compliance with the approved
Stone Ridge South final plat? The assignment will not alter the approved final plat. KJ Walk, Inc.
will be responsible for carrying out the terms of the Stone Ridge South development contract and
developing the site consistent with the final plat plans approved by the City Council on October 7,
2013.
Supporting Information
• Request to assign development contract to KJ Walk, Inc.
• Signed development contract assignment
• Stone Ridge South final plat
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Frank DempseyICP,Assoea'tePladner
Financial Impact: $ None Budgeted: Y/N Source:
Related Documents (CIP, ERP, etc.): Zoning and Subdivision Ordinances
Notes:
ASSIGNMENT
AGREEMENT made this day of , 2014, by, between
and among the CITY OF LAKEVILLE, a Minnesota municipal corporation ("City"), AEG,
LLC, a Minnesota limited liability company ("AEG") and KJ WALK, INC., a Florida corporation
("KJ Walk").
RECITALS
A. The City approved a Development Contract with AEG on October 7, 2013 for
STONE RIDGE SOUTH ("Development Contract"), for property located within the City of
Lakeville, legally described as follows:
Outlot C, Stone Ridge First Addition, according to the recorded plat
thereof, Dakota County, Minnesota
B. The Development Contract was executed by AEG, but not recorded;
C. AEG and KJ Walk have requested that the Development Contract be assigned by
AEG to KJ Walk and that it be revised to reflect KJ Walk as the developer prior to recording;
D. The terms of the Development Contract require City approval of its assignment.
AGREEMENT
1. ASSIGNMENT. The City approves the assignment of the Development Contract
from AEG to KJ Walk and a revision of the Development Contract to reflect KJ Walk as Developer
prior to recording.
2. BINDING EFFECT. KJ Walk agrees to be bound by the Development Contract to
the same extent as if it had been the original party to the Development Contract.
3. CASH ESCROWS, CREDITS AND UNPAID BILLS. Cash escrows and credits
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referred to in the Development Contract are transferred to KJ Walk subject to the requirements of
the Development Contract. Any unpaid bills or obligations of AEG that are due or that may become
due under the Development Contract are assumed by KJ Walk.
4. NOTICES. Required notices to KJ Walk shall be in writing, and shall be either
hand delivered to KJ Walk, its employees or agents, or mailed to KJ Walk by registered mail at the
following address:
KJ Walk, Inc.
6001 Egan Drive, Suite 100
Savage, MN 55378
Attention: Luke Israelson
[Remainder of Page Intentionally Left Blank.]
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Dated: , 2014.
CITY OF LAKEVILLE
Matt Little, Mayor
(SEAL)
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 by 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
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Dated: -�>i- P q , 2014. KJ WALK, INC.
BY:
Its President
STATE OF MINNESOTA )
)s.
COUNTY OF
The foregoing instrument was acknowledged before me this 'q Ai_ day of
&r iCl`r1k)e(` , 2014, by Luke Israelson the President of KJ Walk, Inc., a Florida corporation,
on behalf of the corporation. ,
AR UBLI
AMY E. SKILLESTAD
Notary PubliaAAinnesota
f My n 6xpliea Jan 31, 2M5
DRAFTED BY:
CAMPBELL KNUTSON
Professional Association
317 Eagandale Office Center
1380 Corporation Center Curve
Eagan, Minnesota 55121
Telephone: 651-452-5000
AMP/cjh
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//yDated: , 2014.
STATE OF MINNESOTA )
)ss.
COUNTY OF V4 n ru)01' tx )
AEG, LLC
BY:
t-/ W / V—
Its ChietMangevrj/ \—
foregoing instrument was acknowledged before me this 1� day of
r(iriv ►' , 2014, by #nr"cr,WK(- 14--Aee%g j64Lhe Chief Manger of AEG, LLC, a
Minnesota limited liability company, on behYNTARY
company.
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