HomeMy WebLinkAboutCity Council Resolution 2011-304CITY OF PLYMOUTH
RESOLUTION No. 2011-304
A RESOLUTION AUTHORIZING THE MAYOR AND MANAGER TO SIGN
AN ACKNOWLEDGEMENT OF ASSIGNMENT OF THE DEVELOPMENT CONTRACT
FOR SPRING MEADOWS 2ND ADDITION (2011019-F)
WHEREAS, on August 9, 2011, the City Council approved the final plat and development
contract for Spring Meadows 2"a Addition; and
WHEREAS, O'Donnell Woods, LLC, the developer of Spring Meadows 2"a Addition, has
since entered into an agreement called a "collateral assignment of interest in agreements affecting
real estate" with Commercial Bank, the developer's lender; and
WHEREAS, Commercial Bank is requesting that the City Council authorize the mayor
and city manager to sign an acknowledgement of assignment of the development contract for
Spring Meadows 2"a; and
WHEREAS, said acknowledgement would allow Commercial Bank to step in and act as
the developer to complete the project, should an event of default occur between the developer
and their lender; and
WHEREAS, this action would help to protect the city's interests in ensuring project
completion, because if the developer would default on their loan with their lender, the
development contract would automatically be assigned to the lender.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF
THE CITY OF PLYMOUTH, MINNESOTA, that it should and hereby does authorize the
Mayor and City Manager to sign the acknowledgement of assignment of the development
contract for Spring Meadows 2"a Addition.
ADOPTED by the City Council on September 13, 2011.
Resolution 2011-304
(2011019)
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 September 13, 2011 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