HomeMy WebLinkAboutCity Council Resolution 2012-220CITY OF PLYMOUTH
RESOLUTION NO. 2012-220
A RESOLUTION DENYING AN ACKNOWLEDGEMENT OF CONSENT
TO ASSIGNMENT OF THE DEVELOPMENT CONTRACT
FOR CROSSROADS COMMONS (2011014-F)
WHEREAS, on May 8, 2012, the City Council approved a revised final plat and
development contract for Crossroads Commons; and
WHEREAS, on July 2, 2012, the developer and their lender submitted a request that the
City Council authorize the mayor and city manager to sign an acknowledgement of consent to
assignment of the development contract for Crossroads Commons; and
WHEREAS, said consent to assignment of the development contract would allow the
developer's lender to step in and act as the developer if the developer defaults on their loan; and
WHEREAS, the City Attorney has reviewed the request and opined that the requested
consent to assignment of the development contract would not be in the best interests of the city
because it would provide the lender with all of the rights, but none of the responsibilities or
obligations of the development contract.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE MAYOR AND CITY
COUNCIL OF THE CITY OF PLYMOUTH, MINNESOTA, that it should and hereby does
deny the request to execute the acknowledgement consenting to assignment of the development
contract for Crossroads Commons.
ADOPTED by the City Council on July 24, 2012.
Resolution 2012-220
(2011014-F)
Page 2
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 July 24, 2012 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
PLAN/STAFFREP/RES/2011 /2011019-Spring-MeadoNN-s-2"`1-Assignment-of-Interest-Res