HomeMy WebLinkAboutCity Council Resolution 2021-1431
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CITY OF PLYMOUTH
RESOLUTION NO. 2021-143
RESOLUTION APPROVING THE ACQUISITION OF REAL PROPERTY
AND DISPENSING WITH STATUTORY REQUIREMENTS FOR REVIEW BY
PLANNING COMMISSION OF CONVEYANCE OF PROPERTY
WHEREAS, Wal-Mart Real Estate Business Trust, a Delaware statutory trust, (“Wal-Mart”) is the
fee owner of real property consisting of approximately 17.317 acres and as more particularly in the
Agreement of Sale dated April 16, 2019 (“Agreement of Sale”) with Dominium Acquisition, LLC, a
Minnesota limited liability company, attached hereto as Exhibit A (“Property”); and
WHEREAS, the Agreement of Sale has since been assigned to Plymouth Leased Housing Associates
V, LLLP, a Minnesota limited liability limited partnership (“PLHA”) and amended as follows:
(i) First Amendment to Agreement of Sale between Wal-Mart and PLHA dated April 13, 2020;
(ii) Second Amendment to Agreement of Sale between Wal-Mart and PLHA dated January 7,
2021;
(iii) Third Amendment and Agreement of Sale between Wal-Mart and PLHA dated March 22,
2021;
The Agreement of Sale and amendments are hereinafter collectively referred to as the “Purchase
Agreement”; and
WHEREAS, the City desires to acquire the Property as identified in the Purchase Agreement
through an assignment of PLHA’s interest in the Purchase Agreement for a purchase price of Six Million
Seven Hundred Thousand and No/100 Dollars ($6,700,000.00) together with a payment of PLHA’s costs
previously paid under the Purchase Agreement in the amount of Fifty Thousand and No/100 Dollars
($50,000.00), subject to the conditions provided herein; and
WHEREAS, Minn. Stat. § 462.356, subd. 2 requires that the Planning Commission review the City's
proposed acquisitions and dispositions of property; and
WHEREAS, Minn. Stat. § 462.356, subd. 2 provides for an exception from the Planning Commission
review requirement upon 2/3 vote of the City Council dispensing with the requirement and finding that
the acquisition or disposal of the property has no relationship to the comprehensive municipal plan.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA:
1. The City Council finds that the acquisition of the Property has no relationship to the
comprehensive municipal plan and review by the Planning Commission of the acquisition of the Property is
hereby dispensed with.
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2. An assignment of PLHA’s interest in the Purchase Agreement is hereby approved contingent
upon (i) the City Manager and City Attorney’s approval of the form and substance of an Assignment and
Amendment of the Purchase Agreement to address issues related to the change in the buyer of the
Property, purchase price and a closing date on or before June 30, 2021 and any other issues deemed
necessary by the City Attorney and City Manager; and (ii) the City Manager’s and City Attorney’s
satisfaction with a review of the documents and reports provided during the due diligence and extension
periods provided under the terms of the Purchase Agreement and an updated title commitment for the
Property.
3. When the contingencies of Paragraph 2 have been met, the Mayor and City Manager are
authorized and directed to execute an assignment and amendment of the Purchase Agreement and
execute any documents which, in the opinion of the City Attorney, are necessary to complete this
transaction.
APPROVED by the City Council on this 11th day of May, 2021, by a 2/3 vote of the City Council of
the City of Plymouth, Minnesota.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth, Minnesota,
certifies that I compared the foregoing resolution adopted at a meeting of the Plymouth City Council on
May 11, 2021 with the original thereof on file in my office, and the same is a correct transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this ___________day of
__________________, __________.
____________________________________
City Clerk