79-6159RitGSULU'1'1UN NU. 6159
RESOLUTION RELATING TO
_ CONDOMINIUM PROJECT OF
THE COACH HOMES OF
RICHFIELD LAKE (Duraps, LTD.)
J V
WHEREAS, the Coach Homes of Richfield Lake (Duraps, Ltd) "Developer" has
received approval from the city for a proposed condominium
project as a planned unit development on the former Woodlake
School site, and
WHEREAS, Developer's project is located within the LHN redevelopment
area and the LHN tax increment district, and
WHEREAS, Developer's project, if constructed, will add significantly
to the tax revenues generated within the LHP1 tax increment district,
thereby providing a more favorable revenue flow from that district
for the payment of debt service obligations and other costs and
_expenses incurred in the redevelopment and improvement of the LHN
project area, and
WHEREAS, the city has undertaken extensive assessable public improve-
ments in the LHN. project area. (-City Project 705), for which it has
indicated its intention to levy special assessments against benefited
-property wtinin the L/H/N project area, and
WHEREAS, Developer's project is so located as to be separated from.
some of these assessable improvements, and
~ WHEREAS, if Developer's property is to be specially assessed for LHN
public improvements, if it is appropriate that such improvements be
extended to include additional improvements which will provide
additional direct benefits to Developer's property, and
WHEREAS, if such additional improvements are made by the city, it
appears that it will be possible for Developer and the city to
agree upon the special assessments for the 705 Project improve-
ments, thereby avoiding uncertainty and potential controversy about
the amount of Project 705 special assessments which may be levied
and collected for benefits received by Developer's property, and
WHEREAS, it appears that it would facilitate the marketing and sale
of housing units within Developer's project if the pending Project
705 special assessments against Developer's property are now
determined as to amount and paid in advance, and
WHEREAS, advance payment of such special assessments would be
beneficial to the city,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield as follows:
1. Upon receipt of a written conunitment from Developer (hereafter
more fully described) to make advance payment of Project 705 special
assessments in behalf of its property, the city shall make the
~~ following additions to the Project 705:
A. Extend sanitary sewer ~rvice to Developer's existing
property lines at Rae Driv~ and 65th Street and 66th Street.
B. Extend water service to Developer's existirq property
line at Rae Drive, and at 65th Street and at 66th Street.
C. Extend storm sewer service to the Developer's existing
property line at Rae Drive~~and at 65th Street
D. Provide curb cuts', (six in number) and driveways to the
Developer's property line to serve the Developer's property with
two of these located on 66th Street, one at Emerson Avenue and
65th Street, one on Emerso.~ at a point between 65th and 66th
Streets and two on Rae Drive
E. Sod the boulevard', area of 66th Street adjacent to
Developer's property.
2. The commitment to be made by Developer shall be in the form
of a written agreement to :hake advance payment of project 705 special
assessments in behalf of Developer's project area in the total
principal sum of $151,476.52. Such commitment shall provide that
such payment shall be made', on the date of the award of the City's
contract for the above improvements and provided the Developer
agrees, to pay any engineering costs associated with the improve-
ments if the Developer should nct complete the above project.
The amount of such specialassessments is derived from the use of
58.4 cents per square foot!,of benefited property. The benefited
property, (after selling and transferring to the city of right-
of-way and easements as hereinafter mentioned, and not including
existing right-of-way) is determined to be 259,377.6 square feet.
3. As part of the total '';agreement between city and Developer,
the city is authorized to ,purchase from Developer right-of-way,
adjacent to Developer's pr~,operty along the southerly edge of such
property, to permit the fu'~,ture widening of 66th Street. The amount
of such right-of-way to-be'', acquired is 7,876.71 square feet, more
or less. The city is also, authorized to purchase an easement for
a city water main now tra~~ersing Developer's property. The total
amount of consideration to be paid by the city to Developer for
such street right-of-way a!nd for such easement is the sum of
$15,000.. ',
4. The city manager and ',the administration are authorized and
directed to take all steps necessary to give effect to the provisions
of this resolution.
Passed by the City Council
this 13th day of November, 197.
ATTEST:
of the City of Richfield, Minnesota,
~' A°`',
C--'1,or n L . La ~ ayor
Sy a ergh Acting ty C er