09-09-1985 Joint-- CITY OF RICHFIELD, MINNESOTA
JOINT CITY COUNCIL/H.R.A. MEETING
SEPTEMBER 9, 1985
. COUNCIL MEMBERS PRESENT: John Hamilton; Mayor; Howard Bunce;
' Ivan Ludeman; Donald Priebe; and,"
Michael Sandahl;
~H:R.A. MEMBERS PRESENT: Thomas Harms; Ivan Ludeman; Don
Hassenstab; and, Vern Luettinger.
STAFF PRESENT: John Cartwright, City Manager; .
Steven Devich, Administrative
Services Director; Donald Fondrick,
• Community Services Director; Dennis
' Kraft, Community Development
Director; Thomas Ferber, City
Clerk; and, Clayton LeFevere, City
Attorney.
The Meeting was called to order by Mayor Hamilton at 7:03 p.m.
PLEDGE OF ALLEGIANCE
Item ~1 L D RA 0 D R A Q ES 0 AMEND HE
DEVELOPER'S AGREEMENT AND RELATED DOCUMENTS WITH MARKET
PLAZA. C.L. 3z6, HRA LETTER 4b.
City Manager Cartwright reviewed Council Letter No. 326, HRA
Letter No. 46, regarding a request to amend the Developer's
Agreement and related agreements with Market Plaza Corporation.
City Attorney LeFevere reviewed the #'ive documents presented
by Market Plaza Corporation for consideration of the HRA and the
City Council. He said that the two Assignment and Assumption
Agreements did not require City or HRA approval, but were
submitted to give the City and HRA notice that the identity of
the developers has changed.
HRA Chairman Harms stated his concern regarding the wording
' of paragraph No. 5 of the "Third Amendment to Contract Dated'May
14, 1984" document. Mr. Harms felt the change in guarantors for
the pro,jeet lessened the guarantees to the City and HRA.
Dick Krier, Derrick Land Co., explained that two separate
entities had been created to develop the shopping center and the
housing elements of the project. He identified a Mr. Hussman of
North Shore National Bank as the new 50~ investor in the
shopping center element. Mr. Krier explained the new
par tnership~relationships.
Mike Gould, Bor-Son Construction Development Consultant,
urged passage of the agreements with the stipulation that
paragraph No. 5 be modified to the satisfaction of the City
Attorney.
Mayor Hamilton temporarily recessed the meeting at 7:58 p.m.
The meeting resumed at 8:03 p.m. -
City Attorney I.eFevere recommended that the City Council and
the H.R.A. approve the following three documents: (1) the
subordination agreement on the housing component; (2) the
subordination agreement on the commercial component; and, (3)
the third amendment to the developer's agreement except
paragraph 5. .The City Attorney recommended that this
paragraph be deleted and reconsidered at a future
council meeting after further review and/or modification.
M/Ludeman, S/Priebe to approve the amendments to the
develo er's a regiment as outlined n cone a er o. 326 .
exce t tha arc rah o. o the "Thir Amendmen a regiment
be de e e
The H.R.A. passed the same motion.
Motion carried 5-0.
A3~3'( l~'~t 1 L
M/Hunce, S/Priebe t~iat the concurrent HRA/City Council
Meeting adjourn.
Motion carried 5-0.
The H.R.A passed the same motion.
The City Council/HRA Joint Meeting was ad,journe~ at 8:05 p.m.
• Date. Approved :~ 23/8~~`
• a n
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~~
omas P. er er Jo n G. tw ght
City Clerk ty M~~T-~»
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