HomeMy WebLinkAboutItem 06.g
Date: Item No.
RAVEN LAKE THIRD ADDITION
DEVELOPMENT CONTRACT ASSIGNMENT
Proposed Action
Planning Department staff recommends adoption of the following motion: Move to approve a
development contract assignment for Lot 2, Block 1, Raven Lake Third Addition.
Overview
On September 8, 2020 the City Council approved an access easement agreement for Lot 2, Block
1, Raven Lake Third Addition to accommodate the sale of the lot by the developer. The
development contract assignment was supposed to accompany the access easement agreement but
was inadvertently not included on the September 8th agenda for this item. The development
contract assignment, which was prepared by the City Attorney, will transfer the obligations related
to the construction of the single family home on Lot 2 from the developer to the home buyer. The
preliminary and final plat of Raven Lake Third Addition, which included two single family lots
located on the west side of Jaguar Path, was approved by the City Council in 2016.
Primary Issues to Consider
None
Supporting Information
• Signed development contract assignment
Financial Impact: $ Budgeted: Y☐ N☐ Source:
Related Documents: (CIP, ERP, etc.):
Envision Lakeville Community Values: A Home for All Ages and Stages of Life
Report Completed by: Daryl Morey, Planning Director
October 5, 2020
City Code
211855v1 1
ASSIGNMENT
ASSIGNMENT made this __________ day of _________________, 2020, by, between
and among the CITY OF LAKEVILLE, a Minnesota municipal corporation ("City"), R.E.C.,
INC., a Minnesota corporation (“R.E.C.”) and TAIT HOTVET, a single person (“Assignee”).
RECITALS
A. The City and R.E.C. entered into a development contract and planned unit
development agreement for RAVEN LAKE THIRD ADDITION dated June 20, 2016, and recorded
with the Dakota County Recorder on October 27, 2016 in the Office of the Registrar of Titles of
Dakota County, Minnesota as Document No. 768806 (“Development Contract”).
B. R.E.C. has requested the Development Contract be assigned to Assignee for the
property legally described as Lot 2, Block 1, Raven Lake Third Addition, Dakota County,
Minnesota, according to the recorded plat thereof (“Property”), except for setting of lot monuments
and Assignees have agreed to the assignment.
C. Paragraph 38.L. of the Development Contract prohibits R.E.C. from assigning the
Development Contract without written permission of the City Council.
AGREEMENT
1. ASSIGNMENT. R.E.C.’s rights and obligations under the Development Contract
as Developer with respect to the Property are assigned to the Assignee subject to the terms of this
Assignment. R.E.C. retains all responsibility for the setting of iron monuments as required under
Paragraph 32C of the Development Contract and all provisions related thereto. R.E.C. shall be
responsible for all legal expenses related to this Assignment. Assignee accepts the assignment and
agrees to be bound by the terms of the Development Contract with respect to the Property. R.E.C.
retains all rights and obligations under the Development Contract, except as provided under this
Assignment.
211855v1 2
2. BINDING EFFECT. Assignee agrees to be bound by the Development Contract to
the same extent as if it had been the original party to the Development Contract. Assignee shall be
responsible for all work previously performed by R.E.C. under the Development Contract for the
Property.
3. CASH ESCROWS AND UNPAID BILLS. Cash escrows established by R.E.C.
for remaining work required under the Development Contract for the Property shall be replaced by
Assignee subject to the requirements of the Development Contract. Upon replacement, the cash
escrow for the Property deposited by R.E.C. shall be released to R.E.C. Any unpaid bills or
obligations of R.E.C. that are due or that may become due under the Development Contract are
assumed by Assignees.
4. NOTICES. Required notices to the Assignee shall be in writing, and shall be either
hand delivered to Assignees, its employees or agents, or mailed to Assignee by registered mail at
the following address:
18095 Jaguar Path
Lakeville, MN 55044
5. EFFECTIVE DATE. This Assignment shall be effective when the City has
received from Assignee: a certificate of insurance in the amount and on the form required by the
Development Contract for the Property, and cash escrow in the amount of $14,700 as required by
the Development Contract for the Property replacing the cash escrow furnished by R.E.C.
6. RECORDING. This Assignment may be recorded against the property and is
binding upon the parties, their successors, heirs, and assigns.
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[Signature pages to follow]
211855v1 3
CITY OF LAKEVILLE
BY: ________________________________
Douglas P. Anderson, Mayor
(SEAL)
AND _______________________________
Charlene Friedges, City Clerk
STATE OF MINNESOTA )
( ss.
COUNTY OF DAKOTA )
The foregoing instrument was acknowledged before me this ______ day of
______________, 2020, by Douglas P. Anderson 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