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Home My WebLink AboutItem 06.jlak - vow. - July 30, 2010 Item No. AUGUST 2, 2010 CITY COUNCIL MEETING RELEASE OF DEVELOPMENT CONTRACT PROPOSED ACTION Staff recommends adoption of the following motion: Move to approve the release of development contracts recorded against Lot 1, Block 1, Lakeville Commerce 2 nd Addition. Adoption of this motion will formally release the property owner from the development contracts recorded against the property title. OVERVIEW The buyer's legal representative requests that the existing development contracts recorded on the property described as Lot 1, Block 1, Lakeville Commerce Center 2" Addition, be released from the property title. Staff has determined that the developer has met all requirements and obligations of the development contracts. The City Attorney drafted the attached release of development contract for the Mayor and City Clerk's signatures. PRIMARY ISSUES TO CONSIDER How will the release of development contract affect the remaining undeveloped parcels in Lakeville Commerce Center? 0 The release of the development contract will not affect the contract in place with the remaining lots and outlots in Lakeville Commerce Center. SUPPORTING INFORMATION 0 Release of development contract. 0 E -mail requesting the release of the development contracts. 0 Lakeville Commerce Center and Lakeville Commerce Center 2nd Addition final plats 3 i�r_444 Frank Dempsey, Associate knner Financial Impact: $ None Budgeted: Y/N Source: Related Documents (CIP, ERP, etc.): Notes: (reserved for recording information) RELEASE OF DEVELOPMENT CONTRACT RELEASE granted , 2010 by the CITY OF LAKEVILLE, a Minnesota municipal corporation ( "City "). WHEREAS, the City has been requested to release and discharge Lot 1, Block 1, LAKEVILLE COMMERCE CENTER 2ND ADDITION from the recorded Development Contracts dated and recorded as follows: • Development Contract for Lakeville Commerce Center dated November 7, 1988, recorded November 24, 1989 as Document No. 914126; and • Development Contract for Lakeville Commerce Center 2nd Addition dated May 5, 2005, recorded June 2, 2005 as Document No. 2327054; and WHEREAS, the City has accepted all of the improvements related to Lot 1, Block 1, Lakeville Commerce Center 2nd Addition under the above referenced development contracts, and there is no longer a need to have the development contracts recorded against Lot 1, Block 1, Lakeville Commerce Center 2nd Addition. NOW THEREFORE, be it resolved by the Lakeville City Council: Lot 1, Block 1, LAKEVILLE COMMERCE CENTER 2ND ADDITION is released and discharged from the Development Contract for Lakeville Commerce Center dated November 7, 1988, recorded November 24, 1989 as Document No. 914126, and from the Development Contract for Lakeville Commerce Center 2nd Addition dated May 5, 2005, recorded June 2, 2005 as Document No. 2327054 in the Office of the Dakota County Recorder. 153074v01 SRN:07/26/2010 ADOPTED this day of , 2010. CITY OF LAKEVILLE Holly Dahl, Mayor (SEAL) AND Charlene Friedges, City Clerk STATE OF MINNESOTA ) ( SS. COUNTY OF DAKOTA ) The foregoing instrument was acknowledged before me this day of , 2010, by Holly Dahl, Mayor, and by Charlene Friedges, City Clerk, of the City of Lakeville, a Minnesota municipal corporation, on behalf of the corporation and pursuant to authority granted by the its City Council. NOTARY PUBLIC DRAFTED BY: CAMPBELL KNUTSON Professional Association 1380 Corporate Center Curve, Suite #317 Eagan, Minnesota 55121 Telephone: (651) 452 -5000 SRN 15307401 2 SRN:07/26/2010 Page 2 of 2 I received your email through Associate Planner Allyn Kuennen regarding the two development contracts on Lot 1, Block 1, Lakeville Commerce Center 2nd Addition. I should be able to help you with your request to release those contra understand the timeframe you are operating under. In order to rele those two contracts, the City Council must formally approve the release at a eting of the City Council. A Title Commitment and copies of the developm contracts you are requesting to be released must be submitted to me so the Attorney can draft the contract release documents for the City Council. Th is an escrow in the sum of $500 that you must submit in order for the City to ocess your request. The escrow pays for the costs of the City Attorney and nning Department to process the required paperwork, presentation to the Ci ouncil and recording of the release of contract with Dakota County. As far as scheduling is concerned, you ust submit the required paperwork and escrow no later than the end of th ay on Friday for make the August 2 nd City Council meeting. If that date is t possible, the next City Council meeting would be August 16 Please let me know if y96 have any questions. Sincerely, frank Dempsey, Associate Planner City of Lakeville 120195 Holyoke Avenue I Lakeville, MN 55044 Office: 952 - 985 -4423 1 Fax: 952 - 985 -4499 1 www.lakevillemn.gov T nformation contained in this transmission including any attached documentation may be privileged and nfidential. It is intended only for the use of the individual or entity named above. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution or copy of this communication is strictly prohibited. If you have received this communication in error, please notify the City of Lakeville immediately by replying to this email. From: Gregory D. Soule Sent: Thursday, July 15, 2010 3:53 PM To: 'akeunnen @lakevillemn.gov' Cc: 'zjohnson @lakevillemn.gov' Subject: 20512 Keokuk (Lot 1, Block 1, Lakeville Commerce Center 2nd Addition) I just spoke with Zach and he suggested I contact you regarding the referenced property. In reviewing the title, I reviewed two Development Contracts that affect this property, one dated November 7, 1988, and a second one dated May 5, 2005. Zach indicated that the security for both contracts, securing installation of all the public improvements, has been released. We would like to have the property released from the Development Contracts, assuming that all the obligations have been satisified. Please give me a call to discuss. Our client is closing at the end of the month, so it would be helpful to get this resolved soon. Obviously, if there are outstanding obligations, we will[ need to raise this with our seller. Also, I just wanted to confirm that the referenced property has the legal right to discharge its storm water into the property to the east (Outlot A, Lakeville Commerce Center), which I understand is City owned. 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