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RESOLUTION NO. 23-91
RESOLUTION APPROVING CONTRACT FOR
TAX INCREMENT FINANCE DEVELOPMENT
BY AND BETWEEN THE CITY OF SHOREWOOD, MINNESOTA,
AND TRIVESCO, A MINNESOTA GENERAL PARTNERSHIP
WHEREAS, the City Council of the City of Shorewood passed Resolution
No. 36-90 on 23 April 1990, Designating and Establishing Development District
No. Ii Establishing Tax Increment Financing District No. 1 Located Within
Development District No.1; and Approving and Adopting the Development
District Program for Development District No. 1 Including Tax Increment
Financing Plan for Tax Increment Financing District No. Ii and
WH ERE AS, the City Council approved and adopted certain modifications
to such Development Program on 4 March 1991i and
WHEREAS, Subsection 2.06 of such Development Program provides for
the City to enter into a Development Agreement for the property included in
the Development District.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Shorewood as follows:
1. That the Contract attached hereto entitled, "Contract for Tax
Increment Finance Development By and Between the City of Shorewood,
Minnesota, and Trivesco, a Minnesota General Partnership", 3/4/91 Draft, is
hereby approved.
2. That the Mayor and City Administrator/Clerk are hereby
authorized to execute said Contract on behalf of the City Council.
ADOPTED BY THE CITY COUNCIL OF THE CITY
5th day of March, 1991.
OF SHOREWOOD this
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1/<.<i:;,Jitur ~ frth.w/
II , ,,,l f._I./", ! (/ .
Ba~bara J. Bi:-ancel, Mayor
ATTEST:
Bradley J. Nielsen
Acting City Administrator/Clerk
Roll Call Vote:
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3/4/91
CONTRACT
FOR
TAX INCREMENT FINANCE DEVELOPMENT
BY AND BETWEEN
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THE CITY OF SHORErlOOD, MINNESOTA
AND
TRIVESCO
A MINNESOTA GENERAL PARTNERSHIP
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TABLE OF CONTENTS
Paae
Introduction ............................................................. 1
ARTICLE I
Section 1.1
ARTICLE II
Section 2.1
Section 2.2
ARTICLE III
Section 3.1
Section 3.2
Section 3.3
Section 3.4
Section 3.5
Section 3.6
Section 3.7
Section 3.8
. ARTICLE IV
Section 4.1
ARTICLE V
Section 5.1
Section 5.2
ARTICLE VI
Section 6.1
ARTICLE VII
Section 7.1
Section 7.2
Section 7.3
Section 7.4
Section 7.5
Section 7.6
Section 7.7
Section 7.8
Section 7.9
. Section 7.10
Section 7.11
Definitions
............ I I I I I 1.......1........ ...
2
Definitions
....... I....... ......................
2
Representations and Warranties................... 4
Representations and Warranties of the City 4
Representations and Warranties of the Developer. 4
Construction of the Project; Financing and Liens 5
Construction Done by Developer .................. 5
Commencement and Completion of Construction ..... 5
Construction Done by City.......... ....... ... ... 6
General Restrictions ............................ 6
Notice or Deraul t ............................... 6
Destruction or Project .......................... 6
Insurance ....................................... 7
Condemnation .................................... 7
Payment of Real Property Taxes..... .... ....... ... 7
Real Property Taxes ............................. 7
Tax Increment Revenue Bonds........ .... .... ...... 8
Issuance of Tax Increment Revenue Bonds ...... ... 8
Use of Tax Increments ........................... 8
Termination ..................................... 10
Termination ..................................... 10
General Provisions............................... 10
Restrictions on Use.. ............. .... .......... 10
Conflicts of Interest ........................... 10
Provisions Not Merged with Deed ................. 10
Titles of Articles and Sections ................. 10
Notices and Demands ............................. 11
Counterparts .................................... 12
Law Governing ................................... 12
Partial Invalidity .............................. 12
Assigmnent ...................................... 12
Rights Cumulative ............................... 12
Amendments, Changes, and Modifications .......... 12
Signatures ........................._..................................... 13
Acla10wledgments .,......................................................"... 14
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CONTRACT FOR TAX INCREMENT FINANCE DEVELOPMENT
THIS CONTRACT, made on and entered into as of the day of
, 1990, by and between the City of Shorewood, Minnesota, a
municipal corporation organized and eXisting under the laws of the State of
Minnesota (the City), and Trivesco, a Minnesota general Partnership
consisting of Steiner and Koppelman, Inc., Robert H. Mason, Inc., and
Highland Properties, Inc. (the Developer).
WHEREAS, the City has all the powers of a municipal corporation under
Minnesota law; and
WHEREAS, as of the date of this Contract there has been prepared and
approved by the City Council a Development District No. 1 and the Development
Program relating thereto (which program as it may be amended, is referred to
as the "Economic Development Plan"); and
WHEREAS, there is included in the Economic Development Plan a Tax
Increment Financing Plan (which plan as may be amended is referred to as "the
Tax Increment Financing Plan"), providing for the use of tax increment
financing in connection with the Economic Development Project; and
· WHEREAS, the prompt development of the certain area in the Economic
Development Project, which is not now in productive use or in its highest and
best use, the encouragement of business expansion and improvements, the
maintenance of balanced commercial activities, and the securing of additional
employment opportunities are some of the stated objectives of the Economic
Development Plan and the Tax Increment Financing Plan; and
WHEREAS, in order to achieve the objectives of the Economic
Development Plan and particularly to undertake certain roadway, interchange
and utility improvements in order to make the land in the Project area
suitable for development by private enterprise in conformance with the
Economic Development Plan and in accordance with the development stage plan
approved by the Council on November 20, 1989, the City has determined to
provide aid for the Economic Development Plan through tax increment financing
of the Public Improvements defined herein.
WHEREAS, the City believes that the construction of a development
consisting of S4 twin homes and approximately 32,000 square feet of
retail/office space is in the best interests of the City, and the health,
safety, morals and welfare of its residents, and in accord with the public
pUrposes and provisions of the applicable state and local laws and
requirements under which the Economic Development Plan has been undertaken
and is receiving assistance.
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NOW, THEREFORE, in consideration of the mutual covenants herein
contained, it is hereby agreed by and betiieen the parties hereto as follows:
ARTICLE I
Definitions
Section 1.1 Definitions. In this Contract unless a different
meaning clearly appears from the context:
"Articles and Sections" mentioned by number only are the respective
Articles and Sections of this Agreement so numbered.
"Assessor's Market Value" means the market value of the Project as
determined by the Assessor for the City of Shorewood.
"Bonds" means the tax increment revenue bonds to be issued by the
City, the proceeds of which will be used to finance the public improvements
of the Project described in Section 2.1(4). The term "Bonds" shall also
include any bonds or obligations issued to refund any bonds.
"Certification Date" means April 29, 1990, which is the date on which
the City requested certification of original tax capacity value of Tax
Increment Financing District No.1.
"~" means the City of Shorei-lOod, Hinnesota.
"Contract" means this Contract for Tax Increment Finance Development
by and between the City and the Developer, as the same may be from time to
time modified, amended or supplemented.
"Council" means the City Council of ShoreHood, Minnesota.
"County" means the County of Hennepin, Minnesota.
"Develooer" means Trivesco.
"Develooment Prooerty" means the real property described in Exhibit 3
of this Contract.
"Economic Develooment Plan" means the City of Shorewood Development
Program for Development District No.1, originally adopted by the Council on
April 23, 1990, and as amended and as it shall be amended.
"Economic Develooment Proiect" means the City of Shorewood
Development District No.1, as described in the legal description attached as
Exhibit 1 hereto.
"Parcel A" means Parcel A as described in the legal description
attached as Exhibit 2 hereto.
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. "Parcel Bit means Parcel B as described in the legal description
attached as Exhibit 2 hereto.
"Party" means either the Developer or the City.
"Parties" means the Developer and the City.
"proiect" means the Development Property and the completed
improvements and buildings.
"proiect Area" means the real property located within the boundaries
of the Economic Development Project.
"Public Improvements" includes (1) improvements to the State Highway
7 frontage road, (2) construction of the intersection of State Highway 7 and
Old Market Road, (3) construction of Old Market Road, (4) installation of
watermains, and (5) the closing of slip ramps onto State Highway 7.
"State" means the State of Minnesota.
"Tax Increment" means the tax increment generated by the Project,
calculated as provided in Hinn. Stat. Sections 469.174 - .179.
"Tax Increment District" means the City of Shorewood Tax Increment
Financing District No.1, adopted by the Council on April 23, 1990, and
requested for certification on April 29, 1990.
"Tax Increment Financino Act" means the statutes located at Hinn.
Stat. Sections 469.174 - .179.
"Ta,<: Increment Financino Pla'1" means the Tax Increment Financing Plan
for the Tax Increment District.
"Tax Official" means any City or County Assessor; County Auditor,
City, or County or State Board of Equalization; the Commissioner of Revenue
of the State; or any State or Federal District Court, the Tax Court of the
State or the State Supreme Court.
"Termination Date" means December 31, 1999.
"Unavoidable Delavs" means delays, outside the control of the Party
claiming its occurrence, which are the direct result of strikes, other labor
troubles, unusually severe or prolonged bad weather, acts of God, fire or
other casualty to the Project, litigation commenced by third
parties which, by injunction or other similar judicial action or by the
exercise of reasonable discretion, directly results in delays, or acts of any
federal, state or local government unit (other than the City) which directly
result in delays, or the failure to secure City approval of the construction
plans for the Project.
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ARTICLE II
Representations and Warranties
Section 2.1. Representations and Warranties of the City. The City
makes the following representations and warranties:
( 1) The City has all the powers of a statutory city under the laws
of the State. The City has the power to enter into this Contract and carry
out its obligations hereunder.
(2) The Tax Increment District is a "tax increment financing
district" within the meaning of the Tax Increment Financing Act, and was
created, adopted and approved in accordance with the provisions of the Tax
Increment Financing Act.
(3) The Project contemplated by this Contract is in conformance with
the development objectives set forth in the Economic Development Plan and Tax
Increment Financing Plan, and in accordance with the development stage plan
approved by the Council.
(4) The City shall issue the Bonds and use the proceeds thereof to
finance the Public Improvements.
(5) The City has authority, but does not anticipate purchasing
property within the Economic Development Project.
(6) The City shall satisfy such conditions of this Contract and of
the Bond Purchase Agreement of even date between Developer and the City prior
to June 1, 1991, so that the Tax Increment Financing Plan will not terminate
and the Bonds will be issued.
Section 2.2 Representations and Warranties of the Developer. The
Developer makes the following representations and warranties:
(1) The Developer is a general partnership under the laws of this
state, has power to enter into this Contract and to perform its obligations
hereunder.
(2) The Developer will cause the Project to be constructed, operated
and maintained in accordance with the terms of this Contract and the Amended
Development Agreement of August 12, 1985, between the City and the
Developer. The Developer shall also comply with all local, state and federal
laws and regulations (including, but not limited to, environmental, zoning,
energy conservation, building code and public health laws and regulations).
(3) The Developer has or will obtain, or cause to be obtained, all
required permits, licenses and approvals, and has met all requirements of all
applicable local, state, and federal laws and regulations which must be
obtained or met before the Project may be lawfully constructed.
(4) Neither the execution and delivery of this Contract, the
consummation of the transactions contemplated hereby, nor the fulfillment
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of or compliance with the terms and conditions of this Contract is prevented,
limited by or conflicts with or results in a breach of, the terms, conditions
or provisions of any contractual restriction, evidence of indebtedness,
agreement or instrument of whatever nature to which the Developer is now a
party or by which it is bound, or constitutes a default under any of the
foregoing. This representation and warranty does not apply to that certain
Purchase Agreement between Developer and Sherman-Boosalis Interests, Inc.,
dated October 26, 1990, relating to the purchase and development of the
Development Property.
(5) Developer agrees that City, its agents, and employees, shall not
be personally liable or responsible in any manner to Developer, Developer's
contractors or subcontractors, material men, laborers, or to any other
person, firm, or corporation whomsoever, for any debt, claim, demand,
damages, action, or causes of action of any kind or character arising out of
or by reason of this Contract of the performance of the work and improvements
hereunder~ Developer shall save City, its agents, and employees harmless from
any and all claims, damages, demands, actions, or causes of action arising
therefrom and the costs, disbursements, and expenses of defending the same,
except for any work performed by City, and except for the City's contractual
obligations to the Developer under this Contract.
(6) The Developer will cooperate fully with the City in resolution
of any traffic, parking, trash removal or public safety problems which may
arise in connection with the construction and operation of the Project.
(7) The Developer would not undertake the Project without the
construction of the Public Improvements by the City to be financed pursuant
to this Contract.
ARTICLE III
Construction of the Proiect: Financinq and Liens
Section 3.1 Construction Done bv Developer. The Developer agrees
that it will construct the Project, called Waterford Phase Three, including
the construction of at least 32,000 square feet of retail/office space on
Parcel A, and all necessary public improvements associated with the Project
on the Development Property excluding Public Improvements to be constructed
by the City, in conformance with the Planned Unit Development Agreement to be
executed by the parties, and in accordance with the Amended Development
Agreement dated August 12, 1985.
Section 3.2 Commencement and Completion of Construction. The
Developer shall commence construction of the Project and shall complete
construction of the Project in accordance with the schedule set forth in the
Planned Unit Development Agreement to be executed by the parties.
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The Developer agrees for itself and every successor in interest to
the Development Property, or any part thereof, that the Developer, and such
successors and assigns shall, in good faith, construct the Project in
accordance with this Contract and during such construction, designated
representatives of the City shall be allowed to enter upon the Development
Property to inspect any and all such construction.
Section 3.3 Construction done bv City. The City agrees to construct
the "Public Improvements" defined in Section 1.1 herein promptly after
issuance of the Bonds.
Section 3.4 General Restrictions. The Developer agrees for itself,
and its successors and assigns, and every successor in interest to the
Property, that the Developer and its successors and assigns shall:
(a) Not discriminate on the basis of sex, color, creed, national
origin, in the sale, lease or rental, or in the use or
occupancy of the Property or the facilities, or any part
thereof;
(b) Not cause the Project to be removed from the public tax rolls
or to become exempt from assessment for general ad valorem
real estate taxes by reason of any conveyance, lease or other
action.
Section 3.5 Notice of Default. Whenever the City shall deliver any
notice or demand to the Developer with respect to any breach or default by
the Developer in its obligations or covenants under this Contract, the City
shall at the same time forward a copy of such notice or demand to each holder
of any permitted mortgage, lien or other similar encumbrance at the last
address of such holder shown in the records of the City.
Section 3.6 Destruction of Pro;ect. So long as any of the Bonds are
outstanding under this Contract and prior to the sale of completed
improvements comprising the Development Property, in the event of destruction
of any portion of the Project which reduces the Assessor's Market Value of
the Property below the assessor's market value ~etermined most recently to
such destruction, the following shall apply:
(a) The Developer shall as soon as reasonably possible, and in
any event on or before the second succeeding December 31
following such destruction, time being of the essence,
repair, rebuild or replace the damage to such extent as will
cause the Assessor's Market Value of the Project to equal or
exceed the Assessor's Market Value thereof as finally
determined most recently prior to such destruction; or
(b) If such repair, rebuilding or replacement is not completed by
such date, the Developer shall be liable to the City for
damages in an amount equal to the difference between the Tax
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Increment received by the City in each subsequent year and
the Tax Increment that would have been received by the City
had such repair, rebuilding or replacement been completed by
such date..
Section 3.7 Insurance. During the term of this Contract and prior
to the sale of completed improvements comprising the Development Property,
until the Bonds are paid in full, the Developer shall maintain (or cause to
be maintained) with reputable insurance company or companies licensed to do
business in Minnesota such insurance covering the Project including all
buildings on Parcel A in such amounts as are customarily carried on such
properties.
The Developer shall annually file with the City a schedule describing
all such policies in force, including the types of insurance, name of
insurers, policy numbers, effective dates, terms and duration and any other
information the Developer deems pertinent.
Section 3.8 Condemnation. In the event of condemnation of any or
all of the Project prior to the sale of completed improvements comprising the
Development Property, other than by the City, which reduces the Assessor's
Harket Value of the completed Project belo,v the assessor's market value
determined most recently to such condemnation, ~~e Developer shall take ~~e
action specified in Section 3.6(a); or if such actions cannot be performed,
the Developer shall pay to ~~e City, an amount of the condemnation proceeds
thereof equal to the amount outstanding on the Bonds, and the City shall use
the amounts so paid for repayment of the Bonds.
ARTICLE rv
Pavrnent of Real Prooertv Taxes
Section 4.1 Real Prooertv Taxes. The Developer shall timely pay all
real property taxes payable with respect to the Development Property and any
other statutory duty which shall accrue subsequent to the date of its
acquisition of title to the Development Property and prior to the sale of any
portion of the property.
The Developer agrees that prior to the Termination Date:
(a) It will not seek administrative revie~., or judicial review of
the applicability of any tax statute relating to the ta~ation
of real property contained on the Development Property
determined by any tax official to be applicable to the
Project or the Developer or raise the inapplicability of any
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such tax statute as a defense in any proceedings, including
delinquent tax proceedings;
(b)
It will not seek administrative review or judicial review of
the constitutionality of any tax statute relating to the
taxation of real property contained on the Development
Property determined by any tax official to be applicable to
the Project, or the Developer, or raise the
unconstitutionality of any such tax statute as a defense in
any proceedings, including delinquent tax proceedings;
(c) It will not seek any tax deferral or abatement, either
presently or prospectively authorized under Minn. Stat.
Section 270.07, or any other state or federal law, of the
taxation of real property contained in the Development
Property between the date of execution of this Contract and
the Termination Date; and
(d) Notwithstanding the prohibitions set out in paragraphs (a),
(b), and (c) above, nothing in this Contract shall prohibit
the Developer from seeking a reduction in the market value of
real property contained in the Development Property provided
such reduction does not fall below an Assessor's Market Value
sufficient to pay scheduled debt service on the Bonds.
ARTICLE V
Tax Increment Revenue Bonds
Section 5.1 Issuance of Tax Increment Revenue Bonds. The City
agrees to take all steps necessary to issue the Bonds and shall exercise its
best efforts to issue the Bonds at such time as shall, in the judgment of the
City, be necessary and desirable to finance the construction of the Public
Improvements described in Section 2.1 (4).
Section 5.2 Use of Tax Increments. The City shall be free to use
any Tax Increment received from the Tax Increment District for any purpose
for which such increments may lawfully be used pursuant to the provisions of
Minn. Stat. Sections 469.174 - .179, except that no tax increment received by
the City shall be used for a purpose other than the payment of principal and
interest on the Bonds until such time as all principal and interest of the
bonds has been paid in full or a cash reserve has been established in a
sufficient amount to pay all principal and interest of the Bonds is full,
when due. Tax increment may be used as follows:
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(1) To pay principal and interest on the Bonds.
(2)
To finance or otherwise pay the public costs set forth in the
Tax Increment Financing Plan.
(3) To accumulate or maintain a reserve securing the payment when
due of the principal and interest on the Bonds or other bonds
to pay public costs.
(4) Return the excess to the County Auditor for redistribution to
the respective tax jurisdictions in proportion to their tax
capacity.
The City pledges and agrees to collect from the County Auditor of
Hennepin County, Minnesota, the entire Tax Increment derived from the
Project. For purposes of this Contract, Tax Increment is received "with
respect to" a particular calendar year if the Tax Increment was generated by
ad valorem real property taxes ( or taxes in lieu thereof pursuant to Minn.
Stat. Section 469.176) first becoming due and payable in such calendar year,
irrespective of when such Tax Increment is actually paid to the City, subject
to the provisions of the preceding two paragraphs.
To the extent excess Tax Increments exceed in any year the amount
necessary to pay the public costs authorized by the Development Program and
Tax Increment Financing Plan, the City shall be free to use such excess Tax
Increments for any purpose, consistent with any covenants made with respect
to the Bonds, for which the excess Tax Increments may lawfully be used as
provided in Minn. Stat. Section 469.176, Subd. 2; and the City shall have no
obligations to Developer with respect to the use of such excess Tax
Increments. The City may use the excess amount to:
(1) prepay the outstanding Bonds;
(2) discharge the pledge of Tax Increments thereto;
(3) pay into an escrow account dedicated to the payment of the
Bonds;
(4) return the excess to the County Auditor for redistribution to
the respective taxing jurisdictions in proportion to their
tax capacity rate.
In addition, the City may choose to modify Tax Increment Financing
Plan No.1, consistent with any covenants made with respect to the Bonds, in
order to finance additional public costs of the Development District.
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ARTICLE VI
Termination
Section 6.1 Termination. This Contract shall terminate, and neither
City nor Developer shall have any further obligations hereunder, on the
earlier of the following dates:
(1) June 1, 1991, if Developer has not purchased the Bonds
pursuant to the Bond Purchase Agreement of even date herewith
between the City and Developer; or
(2) The Termination Date, as defined in Article I herein.
ARTICLE VII
General Provisions
Section 7.1 Restrictions on Use. The Developer agrees for itself,
its successors and assigns and every successor in interest to the Development
Property, or any part thereof, that the Developer and such successors and
assigns shall devote the Development Property to, and only to, and in
accordance with the uses specified in the ShorewoodCity Code or in this
Contract.
Section 7.2 Conflicts of Interest. No member of the governing body
or other official of the City shall have any financial interest, direct or
indirect, in this Contract, the Project, or any contract, agreement or other
transaction contemplated to occur or be undertaken thereunder or with respect
thereto, nor shall any such member of the governing body or other official
participate in any decision relating to the Contract which affects its
personal interests or the interests of any corporation, partnership or
association in which it is, directly or indirectly, interested. No member,
official or employee of the City shall be personally liable to the Developer
or any successors in interest, in the event of any default or breach by the
City or for any amount which may become due to the Developer or successor or
on any obligations under the terms of the Contract.
Section 7.3 Provisions Not Merqed With Deed. None of the provisions
of this Contract shall be merged by reason of any deed transferring any
interest in the Development Property, and any such deed shall not be deemed
to affect or impair the provisions and covenants of this Contract.
Section 7.4 Titles of Articles and Sections. Any titles of the
several parts, Articles and Sections of the Contract are inserted for
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convenience of reference only and shall be disregarded in construing or
interpreting any of its provisions.
Section 7.5 Notices and Demands. Except as otherwise expressly
provided in this Contract, a notice, demand or other communication under the
Contract by either party to the other shall be sufficiently given or
delivered if it is dispatched by registered or certified mail, postage
prepaid, return receipt requested, or delivered personally; and
(a) In the case of the Developer, is addressed to or delivered
personally to the Developer at the following address:
To Trivesco:
Trivesco
clo Steiner & Koppelman, Inc.
Attention: ~Ir. Thomas Kordonowy
3610 South Highway 101
Wayzata, Minnesota 55391
Hith Copies to:
Randal Travalia
Robert H. Mason, Inc.
14201 Excelsior Boulevard
Minnetonka, Minnesota 55345
Hark Z. Jones
Highland Properties, Inc.
5290 Villa Nay
Minneapolis, Minnesota 55435
Jeremy S. Steiner
Vesely, Miller & Steiner
400 Non1est Bank Building
1011 First Street South
Hopkins, Minnesota 55343
(b) In the case of the City, is addressed to or delivered
personally to the City at the following address:
City of Shorewood
5755 Country Club Road
Shorewood, Minnesota 55331
(c) Ei ther party may upon written notice to the other party
change the address to which such notices and demands are
made.
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Section 7.6 Countercarts. This Contract is executed in any number
of counterparts, each of which shall constitute one and the same instrument.
Section 7.7 Law Governina. This Contract will be governed and
construed in accordance with the laws of Minnesota.
Section 7.8 Partial Invalidity. If anyone or more of the
covenants, agreements or provisions of this Contract shall be determined by a
court of competent jurisdiction to be invalid, the invalidity of such
covenants, agreements, and provisions shall in no way affect the validity or
effectiveness of the remainder of this Contract and this Contract shall
continue in force to the fullest extent permitted by law.
Section 7.9 Assianment. Neither the City nor the Developer shall
have the right to assign its rights or obligations hereunder without the
written consent of the other party, except that the City may assign all or
any part of its rights and duties under this Contract (except its obligation
to issue Bonds) to any governmental unit.
Section 7.10 Riahts Cumulative. The rights and remedies of the
parties of this Contract, whether provided by law or by this Contract, shall
be cumulative, and the exercise by either party of anyone or more of such
remedies shall not preclude the exercise by it, at the same or different
times, of any other remedies for the same default or breach or of any of its
remedies for any other default or breach of the party. Delay by a party
instituting or prosecuting any cause of action or claim hereunder shall not
be deemed a waiver of any rights hereunder.
Section 7.11 Amendments, Chanaes and Modifications. This Contract
may be amended or any of its terms modified only by written amendment
authorized and executed by the City and the Developer.
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IN WITNESS WHEREOF, the City has caused this Contract to be
duly executed in its name and behalf, and the Developer has caused
this Contract to be duly executed in its name and behalf, on or as
of the date first above written.
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TRIVESCO, a Minnesota general
partnership
By steiner , Koppelman, Inc.
Its Partner
By:
~J-~
By:
Its: V. r:
By Robert H. Mason, Inc.
Its Partner
By:
!LJ.dW,~
ilc.u, IIe.d-
And: .~~H% (7. 1';/~---'
Its Acttlg Administrator;
Clerk
Its:
By Highland properties, Inc.,
Its Par er
By:
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STATE OF MINNESOTA)
)SS
COUNTY OF HENNEPIN)
~The forego in inst ument was acknowledged before me this
~day of , 1991, by Barb Brancel and Bradley
Nielsen, the Mayor and Acting Administrator/Clerk, respectively, of
the city of Shorewood, Minnesota, a municipal corporation and
political subdivision of the state of Minnesota, on behalf of the
city.
SUSAN A. NICCUM
Notary PWnc.Uinnesota
Hennepin County
My Comm. Exp. 3-15-96
STATE OF MINNESOTA)
)SS
COUNTY OF HENNEPIN)
~The foreq~~~~ifUment was aCkno~dqed befor~ e this
day of ~, 1991 by f ~~~. .Qd'Nbt.d~
#AA 4 W. JP."v't4{../~, and htfAI< r / ,
of Tri vesco, a Minnesota general p rtnership, on behalf of the
partnership.
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;~ SUSAN A. NICCUM
\rJJJ NotllY PublIC-Minnesota ~..
_ Hennepin County ~
My Comm. Exp. 3-15-96 ~
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That: pD.:!:"!: of!. S.ction 25 ~nd ~6, 'Z'O"''rlshi~ :U,7, n.!lng~ :U, (Plat:ted
and unplatted) in t:he Citi-' o~ Shorc',.:ood, H"nnel'in County I Hinnescta
lYing within and bounded .by the follo~ing de.oc:"ibea lihs;
CO:u:e./1cing ~t: .tJ1Q intQrsect ion ot the e~st line or said
S Qction 25 ana tha cen t c:r 11 n li 0 C S ta t!l Tr:.;nk Highway Ho. '7,
thenc~ 6cuth along tl1~ aast: llne ot saie Seci;:ion :25 nnd
Section 36 (said lirle ~lso boir.q the cente~line o~ VinCi Hill
.Ro"d and the cast~rly bou:l(l.~ry of Shore'....oOd) 'Co t(~e
sou th'rles l:erly right 0 t. r.,.;,jY 1 i r.c 0 f Cov il1gton Road t::lxtended;
. thence north'JE:sterlY <110:'19 S~ ~C south~.,>es terly right of \.I~y
line ~xtend~cl ~nd Quid ~outh~c~te~ly right of vay line to the
scu!:h right of vay line. of t:;<lid l!ighl../"-y }iQ, 7} th~nce woest.arly
and southt./est.erly along ~aid .s.ouch r.igh; of '..lay line of.
Hi gh'.o:ay Ho. 7 and t~~e cou tl1(~~ S I; c r ly r i;9h C of \./~Y l inQ of
RadiSGon noad to the sout~Qd3CQ~ly cxten~ion of the
. 'so:.>th"'esterly lill" o! I,o.>t 2.', I{..~ bSOll !ll.., Addition, according
to the rc.cot"u. plat: thereof i t~~nca no.t"t:h(.Jest~rly l:llong said
southwesterly line and it;! cx~~n:lions to the north :.-ignt o:f
way lina Qf said Ilight.Jay Ho. '7; thence northG~st.erJ.y along
said. north..riqht of !,Jay li:le to the e~st line ot the \.'est h~le
o~ the southQast qU~rter or ~4 id s.ect:ion 25 (1n~ thE!! Shorc......ood-
neephaven bOU~lcary line: th6ncu~out:n~rly al'~ng said boundar-.1
l.ine CQ thQ centerlin~ ot ll.Jl~ Stat'i 'l'4U11); Highway Ho. I;
~hencQ northeas~~rly along z~id Cunt~rlina to the point o~
beginning. .
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EXIIIBIT 1
:~'. :../EC 18.'."", <"'40
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Tha.t pmt of the SOt~lhw05t QLl~~~O:" ot th~ SO~lthf)o:;l QU!\rlcr, Secllon 2~. Townshlp 117,
n~:}CC 23, Honnepln Coullty. l\'IIJ\ClOSOl<lI)'IClU soutll.:lrly of t11e sotJtherl:/ "ight-or-w~\y linG
....:.;.~ ~c. rl~nl< rU.al1V1S)' 7 :Jnd norlhody and WO$lerly of tho (OUO','(ill~ <..!tiscsibad Hna:
. ; ",: Commonc1n0 ;Jt the. 30Wh QLJmtcr cornor of S<:lid Seclion 2!i: thonce t.10rUl CO .
'; ': dO,~lrO~!i 02 Inlm,nos LfO sc:coflds W0~t. DSGLJrlIod boalino. altmg th~ weGt linG of
. . ! f31Md Sf.)l!UW((3st Ouarlr)r of tl1:; SotJtho\;'\sl (~tlult(.~i 220.20 tC)ot to tho point of
.: I bcglnnlnrJ of snld Un\;1 to b€> c.lo sc:r11) 'l(l; t1WI1CO I ~ol'th e;.1 dC(J(t"lon 06 enlnutes 00
. : secoflds E~~;,t 7::5.06 foot; llH'll1Ce i1orth(:n~lerl)" ~n7.90 ff;)~l L1.lcnG c:l t~ngentlal ct.It'Ve
. t conCGlve to tllv> I"lClrlhwOZI, /lnvlng (l radius of 3:30.00 10Dt, ~H1U ~\ ccntrttl anglE: of
I 50 dU~1"e.0z 00 11l1m)t~~ 00 scccl~d$: thGtlCO SQuth 17 d.~ql'i:,:(JS 3 f minutes 28
~ soconds East 1:10,6'; .tG~li UIQI1UFJ S"L~th 00 <k'Qr<;.es i3G miflliles 33 ~Gconds E~st
i 40.00 fQGt; lfwnce North GJ~ dogre6!i O~1 lTIinl1:~5 27 second:.; CEist 890.00 fet:1t;
. tlient;o North 25 dGgro~l$ 5jJ t1~lnUlOs 33 s€Jconds Vl~'.it 03.00 feet; Vlcnco North
.': ! 04 de~l(eeS 03 mlnulf:Js 27 ,~o(;~nds Ear,t 2::30.00 !::J8l to 0 liile 50.00 foet westerly
.' of, and p8follor vvlth, U'lC 8115!0dy line of uaid SOUtllw8st QUOt tl~r of the Scutllsa~t
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. 1 OLlart~r; thonc~o NI)rtl1 (..'0 cJCtQrr:GS 00 mlllul0~ 2:~ twconds \.^/e~:t, par:3.1:cl wIth the
" : e8~tt![Iy rlr'i!;;l of s,dd S<:H)t1)'(y~j~t Ouartc,( oC Ul~ SouUl~~nst Quorter, ~ djstr.loc~ of
. .2~15.79 feet If.J the souU18rfy rlgJlt.ur-w~y Una of said Tlunl< Hi~llway 7 snd said iine
,thel e tenninatiriQ,
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111nt part of lh~ SouUw/Ost QuartQr of tho ScullleC>.~Jt Q~!r..rloi. Sedt(){) 2!ji TO'Noship 1'17,
nt:~gEf 23. t lenncp!n County, Mjnn8c~cAa, l;t!n~ ~m,ttl)orly Clnd f~~'~letly of U'~e fOllQwiflg
da~::rlpO,d linG>: .
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,', CommGndno $l th~ Sou(\) Qucuto( comer or suid S,s(:Uon 25: tllcnc& North 00
. '" ~ :degrccs 02 m!nuWS ,(.18 SQcol'lt.ls \No:!t, nS$lllH(i(! lJomint), ~ik:no the\yest llne of
'. ,'. i ':ovld SOLlthwG3t Q~I(H tt;"ll' or th~ SOIJ1h(\~l$t Qtwrtcr 228.28 feet to tho poInt of
b0~jlt Ifllng of s::,)id Jlne to Ot) ,k,)scdbed; tbenc~ 1-10(1\1 G.1 (Iognl~!l 00 miliutes CO
, ' l~wc~..mds Et,c;t 75.0(; (Q~!l; th~l:{;e nortllCo.:;tlJrly ~87.90 fQ<;)( ~Ion(j a t8nfJentle! curve
" ; COflCaVI) to the north'N~st, havlntJa rtlc.lill~ ()f 330.00 fs~t, OiH.1 a cnnlml sngla ot
:. '50 degrees 00 rnimJt"s 00 GOCOndSi 1I tOIlCl3 South 17 dSG(~~~ 31 mInutes 28
~ I 'soconds E~'3t 110.64iet1t; th011CO Soulll 00 ueurcfJ$ 50 trlim.ll~lS 33 s8ccnds East
:' I AO,OO foot; thence t~Cirlh 0.1 <.h'nJreGS 03 m!nu{~[; 27 5oc-(>nds E(~!it 890.00 1eet;
I .thence North 2.'3 cJ~QreE-)~l 6G mlnu!~s 33 :::!JGrmcls Y.Jest 3:3.0() kIst; tr10nce North
.~ ' ,6,1 c.1nl~roc3 03 mlnulus 27 $(lcQnds- l:~st ~30.00 !.~ol t~ f:llin~ 50.00 feot w8$tarly
~ ; .6r, ~u1d parallcl wHIl, thE: eo:;~to:;siy \illo Qf s~ld Southw(;~t QU~lIler or ill€> Sou:ho~st
:! . .Ou:;;rter: thetlca Nor-Ill 00 <'!(?~INHJ!3 CO Ill!m.ttos 2.{ ~fJCOf~d~ VJa'Jt, pefd.!Icl wlltl tho
','; 'r ,O!lstCtfy Hne of s~dd SOtlnl't\'G~t Qur.rter c}f thlj "SCl!thu;:)~~l QuZ\rtor, n ~li$t8nco ot
.', ; .295.70 feet tQ Ihe SCllthtuly liOhl-(}f.wvy Ilnc of ~witf TrUllk HIghwtly '1 ~ncJ s'-4ld line
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.LEGAL OEseR I PH ~H: "
That part of the Southwest Quarter of the Southeast Quarter. Section 25, .
Township 117. Range 23. lying South of a line extending frem a point on the West ~
line of said Southwest'Quarter of the Southeast Quarter distant 591.42 feet
North from the Southwest corner of said Southwest Quarter of the Southeast
Quarter to a point on the East line of said Southwest Quarter of the Southeast
Quarter distant 1236.14 feet North from the Southeast corner of said Southwest
Quarter of the Southeast Quarter. according to the Government survey thereo0
Hennepin county, Minnesota.
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EXHIBIT 3
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