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HomeMy WebLinkAboutAugust 14, 1979 TENTATIVE AGENDA ADJ .REGULAR SESSION SHAKOPEE, MINNESOTA AUGUST 14, 1979 Mayor Harbeck presiding 11 Roll Call at 7 :00 P.M. 21 7 : 00 P.M. PUBLIC HEARING - 79-9 Public Improvement Program, CR-83, Watermain, Well and Reservoir 31 Resolution No. 1471 - A Resolution Ordering An Improvement and the Preparation of Plans 79-9 41 Resolution No. 1472 - A Resolution Awarding Bids on the Rough Grading for K-Mart Site 51 Resolution No . 1473 - A Resolution Approving A Contract Between K-Mart and the City for Reimbursement of Earth Work Costs 61 Resolution No. 1474 - A Resolution Ordering the 1979 Diseased Shade Tree Removal Program 7 ] Resolution No . 1475 - A Resolution Declaring the Cost to be Assessed, Ordering the Preparation of and Setting A Hearing Date on the Proposed Assessments for the 1979 Diseased Shade Tree Removal Program 81 Other Business : 91 Adjourn to Tuesday, August 21 , 1979, at 7 : 30 P.M. Douglas S. Reeder City Administrator FUTURE MEETING DATES : August 28, 1979 - Discussion on Proposed Zoning Ordinance September 4, 1979 - Council receives Admr. ' s recommended General Fund Budget September 11 ,1979 - Special Meeting to discuss budget TENTATIVE AGENDA SHAKOPEE HOUSING AND REDEVELOPMENT AUTHORITY ADJ.SPECIAL SESSION AUGUST 14, 1979 Chrm. Hullander presiding 11 Roll Call at 8: 00 P.M. 21 8: 00 P.M. PUBLIC HEARING - on the redevelopment contract for Valley Industrial Park Redevelopment Project No. 1 31 Resolution No. 79-17 - A Resolution Approving the Redevelopment Contract for the Valley Industrial Park Redevelopment Project No. 1 41 Resolution No. 79-18 - A Resolution Approving the Final Bond and Official Statement for the Valley Industrial Park Redevelopment Project No. 1 51 Approval of Bills : a] John A. and Iona Theis , property acquisition, 4th and Minnesota Project Area $6, 302.00 b] Siebenaler Estate , property acquisition, 4th and Minnesota Project Area $14,673.00 c] Siebenaler Estate , property acquisition, 4th and Minnesota Project Area $25,000.00 61 Other Business : 71 Adjourn. James A. Dittrich HRA Deputy Director RESOLUTION NO. 79-17 RESOLUTION REQUESTING THE CITY OF SHAKOPEE TO ACT AS AGENT FOR THE SHAKOPEE HOUSING AND REDEVELOPMENT AUTHORITY FOR THE IMPROVEMENTS IN VALLEY INDUSTRIAL PARK REDEVELOPMENT PROJECT NO. 1 WHEREAS, the Shakopee Housing and Redevelopment Authority and the Shakopee city council have approved Valley Industrial Park Redevelopment Project No. 1 ; and WHEREAS, the Shakopee HRA intends to enter into a redevelopment contract and other agreements with K-Mart Corporation relative to said redevelopment project; and WHEREAS, the Shakopee HRA lacks sufficient staff to administer said contracts; NOW, THEREFORE, be it resolved by the Shakopee HRA as follows: 1 . That the City of Shakopee is hereby requested to act as agent for the Shakopee HRA in all matters relative to Valley Industrial Park Redevelopment Project No. 1 . Adopted this 14th day of August, 1979. ,fichard . Hullander Chairman Shakopee Housing and Redevelopment Authority a Deputy Director Shakopee Housing and Redevelopment Authority RESOLUTION NO. 79-18 A RESOLUTION APPROVING THE REDEVELOPMENT CONTRACT FOR THE VALLEY INDUSTRIAL PARK REDEVELOPMENT PROJECT NO. 1 WHEREAS, the Shakopee Housing and Redevelopment Authority has approved the plan for Valley Industrial Park Redevelopment Project No. 1 ; and WHEREAS, said plan contemplated a redevelopment contract between the Shakopee HRA and K-Mart Corporation; and WHEREAS, said redevelopment contract has now been negotiated; NOW, THEREFORE, be it resolved by the Shakopee HRA as follows: 1 . That said redevelopment contract, a copy of which is attached hereto, is hereby approved. 2. The Chairman and Deputy Director of the Shakopee HRA are hereby authorized and directed to execute said contract. Adopted this 14th day of August, 1979. Ri chard S.+ FCu l an&r, Chairman Shakopee Housing and Redevelopment Authority es Diettrick, Deputy Director hakopee Housing and Redevelopment Authority RESOLUTION NO. 79-20 RESOLUTION APPROVING AN AGREEMENT WITH K-MART FOR THE ADVANCEMENT OF FUNDS WHEREAS, the Shakopee Housing and Redevelopment Authority has approved the plan for Valley Industrial Park Redevelopment Project No. 1 ; and WHEREAS, the Shakopee HRA has approved the redevelopment contract contemplated by said plan; and WHEREAS, said contract contemplates that the Shakopee HRA may commence with certain site improvements prior to the time the funds sold pursuant to said plan may be available; and WHEREAS, the Shakopee HRA and K-Mart have negotiated a contract providing for the advancement by K-Mart of certain funds under certain conditions; NOW, THEREFORE, be it resolved by the Shakopee HRA as follows: 1 . That said agreement, a copy of which is attached hereto, is hereby approved. 2. That the Chairman and Deputy Director of the Shakopee HRA are authorized and directed to enter into such agreement. Adopted this 14th day of August, 1979. is and S. Hullander, Chairman Shakopee Housing and Redevelopment Authority Gti"� 3�"t,��' mes Diettrick, Deputy Director Shakopee Housing and Redevelopment Authority RESOLUTION NO. —1471 A RESOLUTION OF THE CITY OF SHAKOPEE AGREEING TO ACT AS AGENT FOR THE SHAKOPEE HOUSING AND REDEVELOPMENT AUTHORITY FOR VALLEY INDUSTRIAL PARK REDEVELOPMENT PROJECT NO. 1 WHEREAS, the Shakopee Housing and Redevelopment Authority has, by Resolution, requested that the City of Shakopee act as it's agent to construct site improvements and local improvements contemplated by Valley Industrial Park Redevelopment Project No. 1 ; NOW, THEREFORE, be it resolved by the City Council of the City of Shakopee as follows: 1 . That the City of Shakopee does hereby agree to act as agent for the Shakopee Housing and Redevelopment Authority for the construction of all site and local improvements in Valley Industrial Park Redevelopment Project No. 1 . Adopted this 14th day of August, 1979. Walter C. Harbeck, Mayor Attest: Dou s S. eeder Ci y Administrator Ro 0 exA J-.> CONTRACT For SALE OF LAND FOR PRIVATE REDEVELOPMENT in VALLEY INDUSTRIAL PARK REDEVELOPMENT PROJECT NO. 1 By and Between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF SHAKOPEE And K MART CORPORATION THIS AGREEMENT, made and entered into this day of , 1979, by and between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF SHAKOPEE, a public corporation of the State of Minnesota (hereinafter called the Authority) , and K Mart Corporation, a corporation organized under the laws of the State of Michigan (hereinafter called the Developer) ; WITNESSETH THAT, in the joint and mutual exercise of their powers, and in consideration of the mutual covenants herein contained, the parties hereto recite and agree as follows : Section 1. Recitals. 1. 01. Establishment of Project and Plan. The City Council (the Council) of the City of Shakopee (the City) , by its Resolution No. 1361, established a redevelopment project in the City known as Valley Industrial Park Redevelopment Project No. 1 (the Project) , and approved a redevelopment plan for the Project, pursuant to and n accordance with Minnesota Statutes, era �err.u�/��• IzO. Chapter 462 and-La•.. CI ma a AGUI . The Council by its Resolution No.. amended the redevelopment plan which is now on file and of record at the City Hall; and, as amended, shall be known as the Plan. 1. 02. Implementation. The Council also, by said Resolution No. 1361, authorized and directed the Authority to take all actions necessary to implement and carry out the Project and Plan, subject only to such approval by the Council as may be required by the Act, including the acquisition of the following described land in the Project area : Lot 1, Block 1, Valley Park Third Addition, according to the recorded plat thereof on 'rile and of record in the office of the Registrar of Titles of Scott County, Minnesota (the Property) , and the land upon which the Local Improvements (as hereinafter defined) are to be constructed. 1. 03. Acquisition of Property. The Authority, by its Resolution No. 79-4, determined that it is necessary and in the best interests of the City and its inhabitants for the Authority to purchase the Property, and authorized its officers to acquire the Property; and the Authority has now purchased the Property for the sum of $1, 139, 468. 1. 04. Construction of Improvements. The Authority, by its Resolution No. 79-_, determined that it is necessary, in order to accomplish the purposes specified in and to carry out the Plan, for the Authority, or the City or its Public Utilities Commission acting on behalf of the Authority, to construct and make certain improvements on the Property (the Site Improvements) , and to construct and provide certain local improvements to serve the Property and other areas of the City (the Local Improvements) ; for the Authority to sell the Property for redevelopment in accordance with the Plan pursuant to the Act; and to finance the cost of the Site Improvements -2- and the Local Improvements; all in accordance with the Act and on the terms and conditions specified in this Agreement. The Site Improvements and the Local Improvements are described in the attached Exhibit A, and are sometimes hereinafter collectively referred to as the Improvements. 1. 05. Original Taxable Value ; Tax Increment. The Authority, pursuant to its Resolutions No. 79-2 and 79----,, has requested the County Auditor of Scott County to certify to it. the Assessed Value of all taxable property in the Project area as of January 2, 1979 (the Original Taxable Value) ; and the County Auditor has certified such value to be $�2�r y�� The Assessed Value of the Property as hereafter determined for each year during the term of this Agreement, less the Original Taxable Value, shall be known as the Additional Assessed Value. The ad valorem taxes derived from the Property, by applying the aggregate mill rate levied by all governmental entities having authority to levy taxes on the Property to the Additional Assessed Value, each year during the term of this Agreement, shall be known as the Tax Increment. Under the Act the County Auditor is required to pay to the Authority the Tam. Increment derived from the Property so long as it is needed to pay debt service on revenue bonds issued by the Authority to pay the public redevelopment cost of the Project and the cost of the Improvements undertaken in aid of the Project. The Authority expects to receive the Tax Increment during the term -3- of this Agreement, and will appropriate and use the Tax Increment for such purposes as hereinafter provided. 1. 06. Intention to Contract. The Authority is desirous of contracting with the Developer to redevelop the Property in accordance with the Plan, as specified in this Agreement; and the Developer is desirous of contracting with the Authority for this purpose. 1. 07. Authority. Each of the parties has authority to enter into this Agreement and to take all actions required of it hereby, and has taken all actions necessary to authorize the execution and delivery of this Agreement. 1. 08. Developer. For purposes of this Agreement, "Developer" includes K Mart Corporation, and any person or k entity to whom the Property or any of its rights hereunder are transferred or assigned, as hereinafter permitted. Section 2. Sale of Property. 2. 01. Agreement to Sell; Price. The Authority agrees to sell the Property to the Developer or its designee, and the Developer agrees to purchase, or cause such designee to purchase, the property from the Authority, for the Purchase Price of $1, 139, 468 (the Purchase Price) , subject only to the conditions specified in this Section 2; provided that both the Developer and such designee shall agree to be bound by the terms of this Agreement, and shall provide the Authority with -4- written assurance of such agreement at or before the closing in accordance with Section 2. 03. 2. 02. Deed. The Authority shall convey title to the property to the Developer or its designee by warranty deed (the Deed) . Such conveyance and title shall, in addition to all conditions, covenants, and restrictions set forth or referred to elsewhere in this Agreement, be subject to : (A) An easement for utility purposes over the westerly 10 feet of the Property in favor of Northwestern Bell Telephone Company according to instrument dated 8/16/73 and filed 8/16/73 as Document #11914. (B) An easement for sanitary sewer purposes over the westerly feet of the Property as shown on duly recorded plat thereof . (C) Easements for drainage and utility purposes over the northerly, easterly and southerly 20 feet of the Property as shown on the duly recorded plat C hf Easements to be retained by the City for the tion, location and maintenance of the Site ents (as hereinafter defined) agreed to by the r and the City. Pending special assessments. This Agreement. 0 -5- 2. 03. Time and Place of Closing . Conveyance of title shall take place on the date the Bonds (as hereinafter defined) are issued, or as soon thereafter as the easements described in Section 2. 02 clause (6) have been agreed to in writing . The closing shall be held at the principal office of the Authority. 2. 04. Delivery of Deed and Possession. The Authority shall deliver the Deed to the Developer or its designee, as the case may be, and the transferee shall accept such conveyance and pay to the Authority the Purchase Price specified in Section 2. 01, at the closing . 2. 05. Taxes. The ad valorem taxes levied on the Property which are payable to date have been paid. The transferee of the Property shall pay all ad valorem taxes and special assessments levied on the Property which are payable subsequent to the date of this Agreement, during the term of this Agreement. 2. 06. Recording of Deed. The transferee of the Property shall within 10 days after the closing , file and have recorded in the office of the Registrar of Titles of Scott County, the deed conveying the Property from the Authority to the transferee and this Agreement, and shall pay all costs of such recording . 2. 07. Title Insurance. As soon as possible after the execution of this Agreement the Authority shall furnish to the Developer a commitment for the issuance of an owner ' s policy of -6- title insurance insuring the title to the Property to the full amount of the Purchase Price for the Property , with full mechanics' lien coverage if available, issued by a title insurance company licensed to do business in Minnesota. The commitment shall not contain any exceptions which are based on actions by the Authority. If the commitment contains any such exception which is objected to by the Developer in writing within 10 days after receipt of the commitment by the Developer, the Developer shall deliver to the Authority of one of the following : (A) a list of such exceptions which must be eliminated by the Authority prior to the closing, whereupon the Authority shall eliminate all valid exceptions as soon as reasonably possible and thed proceed with the closing ; or (B) authorization to proceed with closing, provided the Authority agrees to take any and all actions permitted by law which are necessary to eliminate such exceptions as soon as reasonably possible. The Authority shall permit no additional encumbrances or title defects to occur between the date of the title commitment and the Closing. The Authority shall pay the cost of eliminating all valid title exceptions objected to by the Developer pursuant to this Section 2. 07. At the closing the Developer -7- shall also pay to the Authority all costs incurred by the Authority in obtaining the title commitment. The Authority shall not be responsible for the elimination of any title defects arising out of circumstances occurring prior to the acquisition of the Property by the Authority, or out of actions of the Developer. Section 3. Authority Undertakings. 3. 01. Site and Local Improvements. The Authority agrees to acquire and construct the Site Improvements and the Local Improvements, or to cause the City or its Public Utilities Commission to acquire and construct the Improvements, and to finance the cost thereof from the proceeds of the Bonds (as hereinafter defined) , but only on and subject to the terms and conditions specified in this Agreement. 3. 02. Design Contracts. Contracts for the engineering and design of all Site Improvements and Local Improvements shall be awarded as soon after the Bonds are issued as is feasible. All costs incurred by the Authority under said contracts shall be paid from the proceeds of the Bonds; provided that if under the Indenture (as hereinafter defined) the proceeds of the Bonds cannot be disbursed to pay such costs when due, upon request by the Authority the Q�Q,ttaNC t Developer shall Mry to the Authority an amount sufficient to pay such costs as due and payable, which the Authority shall -8- reimburse to the Developer when and if the proceeds of the Bonds may be disbursed for this purpose. 3. 03. Construction Contracts. Contracts for the construction of all Improvements shall be awarded as soon after the Bonds are issued as is feasible; provided t�hpe� Develo,7per is �6,, W not in default under this Agreement) / L All contracts for the /lrVCAd'r 1Qz' .5 UM construction of the Site Improvements shall specify a im10CC,le_mea1'5 �rntcL+n,. � 06 completion date not later than October 30 , 1981, and shall be /7G/��"i l '�✓ m few. subject to approval in writing by the Developer ; and all contracts for the construction of the Local Improvements shall specify a completion date not later than October 30, 1981 or such other date as may be agreed to in writing by the Developer. All such contracts shall contain a clause providing for the payment of a specified amount of liquidated damages for each day completion of the contract is delayed beyond the completion date, in form and substance satisfactory to the Authority or other contracting party and the Developer. All such contracts shall provide for the extension of the completion date without damages in the event the work required thereby is delayed by Unavoidable Delays as hereinafter defined. 3. 04. Access to Property., In the event the Authority has conveyed the Property to the C-e ern or other transferee prior to the completion of construction of Site ie'le' 6" Improvements, the n or other transferee shall permit and does permit the Authority access to the Property for any -9- purpose deemed necessary by the Authority for carrying out the provisions of this agreement. 3. 05. Revenue Bonds. The Authority agrees to exercise all powers conferred upon it by law to sell and issue on or before October 1979, or such later date as may be .5114 e-cce-. of l 'Ao'- agreed to in writing by the parties, its^Tax Increment Bonds dated as of September 1, 1979 (the Bonds) , in a principal amount not exceeding the sum of the following : (a) the estimated cost of the Site Improvements ($1, 820, 000) , plus (b) the estimated cost of the Local Improvements ($1, 800, 700) , plus (c) the amount estimated to be needed to pay administrative, planning, fiscal and legal costs to be incurred by—t-h-e with respect to the Project and the tr Improvements (4152;'000), plus (d) the amount estimated to be needed to pay interest on the Bonds through June 1, 1982 ($ ) , or such later date upon which it is expected that the Tax Increment received by the Authority with respect to the Property will be sufficient to pay such interest, plus (e) the amount estimated to be needed to fund a reserve fund securing the payment of the principal of and interest on the Bonds when due ($ ) , plus (f) the amount estimated to be needed to ".0 exot rcex PkAS (1) 9-1y a�cfrc,� d�gC01. u� pay underwriting fees ($ ) ; all as /^' ,c j determined by the Authority. The Bonds shall be issued under {� and secured by an indenture of trust in form substantially the same as that approved and initialed by the Authority and the Q�- ek � Pro -10- Developer on the date of this Agreement and now on file at the principal office of the Authority (the Indenture) ; provided that the Indenture may be modified prior to the sale of the 3onds by agreement between the Authority and the Developer. The proceeds of the Bonds shall be credited, invested, applied, used and disbursed by the Trustee under the Indenture (the Trustee) , as provided in the Indenture. In the event the Bonds are not sold and issued as provided in this Section 3. 05, this Agreement shall be null and void and of no further force and effect. 3. 06. Disbursement of Bond Proceeds. The Authority and the Developer acknowledge and agree that under the Indenture the proceeds of the Bonds cannot be disbursed to pay the cost of the Site Improvements and the Local Improvements unless and until the purchase of the Property has been completed pursuant to Section 2, the Authority has approved the plans and specifications for the Facilities in accordance with Section 4. 02, and the Developer has entered into one or more contracts or the construction of a substantial portion of the Facilitiesnin accordance with Section 4. 3. 07. Liquidated Damages. The Authority will use its best efforts to keep the Developer advised of the progress of the construction of the Site Improvements and the Local Improvements, and will use its best efforts to administer the construction so as not to interfere with the construction of -11- the Facilities (as hereinafter defined) by the Developer and to complete the construction of the Improvements in accordance with the contracts therefor. If any contractor fails to complete a contract for the construction of the Site Improvements or the Local Improvements by the completion date specified in the contract or any later date to which the completion date is extended due to Unavoidable Delays, and if the failure to complete such contract results in a loss to the Developer due to a delay of the use of the Facilities, the Authority shall pay to the Developer any amount received from the contractor as liquidated damages for failure to complete the Improvements in accordance with the Contract. Neither the Authority, nor the City, nor any agent or officer or employee of either of them shall be liable to the Developer or other transferee of the Property for any expense or loss incurred by either of them in excess of the amount required to be paid to it under this Section 3. 07. Section 4. Developer Undertakings. 4. 01. Construction and Value of Facilities. The Developer agrees to construct (or cause to be constructed) upon the Property the Facilities described in the attached Exhibit -to fe A e- B , which^shall have an Assessor ' s Market Value, as determined by the County Assessor of Scott County in accordance with applicable law, of not less than $16, 136, 500. The Developer shall not through (a) tax abatement proceedings, and/or (b) any -12- proceeding commenced pursuant to Minnesota Statutes, Chapter 278 or any similar law, and/or (c) willful demolition of Facilities on the Property, cause the Assessor' s Market value of the Property and the Facilities, and any other improvements constructed on the Property, to fall below such amount. Except as expressly provided otherwise herein, no provision of this Agreement shall restrict the Developer from the construction of additional improvements on the Property. The Facilities, and any additional improvements to be located upon the Property during the term of this Agreement, shall be constructed in accordance with this Section and Section 4. 02. 4. 02. Plans and Specifications. The Developer or other transferee of the Property under Section 2. 02 will redevelop the Property and construct the Facilities in accordance with plans and specifications which conform to the Plan, this Agreement and applicable state and local laws, ordinances, rules and regulations. Plans and specifications for such redevelopment and construction shall be submitted to and subject to approval by the Authority. If the plans and specifications comply with this Section 4. 02, the Authority shall approve them in writing . If the plans and specifications do not comply with this Section 4. 02, the Authority shall notify the Developer of this fact and provide the Developer with a list of specific objections within thirty (30) days after their receipt by the Authority. The Developer shall -13- within forty-five ( 45) days of receipt of such rejection and list of specific objections, submit new or corrected plans and specifications to the Authority which comply with this Section 4. 02 ; provided that in the event plans and specifications which comply with this Section 4. 02 are not so resubmitted, this , Agreement may be voided at the option of the Authority. In the event the plans and specifications are so resubmitted by the Developer, but are not approved by the Authority within fifteen (15) days of such resubmission, this Agreement may be voided at the option of the Developer.] After approval of the plans and specifications by the Authority (the Plans and Specifications) , any change in the Plans and Specifications which substantially alters the construction of the Facilities or the Site Improvements upon the Property shall be submitted to and subject to approval by the Authority. 4. 03. Construction Contracts. The Developer shall enter into one or more contracts with one or more contractors ( the Contractors) providing for the construction of the Facilities. On or before December 31, 1979, or such later date as is agreed to by the Authority, the Developer shall have entered into contracts for the construction of the Facilities having a a Gorf of not less than $15, 186, 500. The Facilities shall be completed on or before October 30, 1981, and the contracts for their construction shall so provide. The completion date under such contracts may be made subject to -14- Unavoidable Delays as hereinafter defined, in which event the completion date may be extended by the period of such Unavoidable Delays. 4 . 04. Access to Property. The Authority agrees to permit and does permit the Developer or its officers, employees, agents or contractors access to the Property for any purpose deemed necessary by the Developer for carrying out the provisions of this Agreement. This access shall also include inspection of the work on the Facilities and the Site Improvements by representatives of the Developer, the United States government , mortgagees or any governmental authority or agency. 4. 05. Construction Progress Report. Subsequent to the conveyance of the Property to the Developer , and until construction of the Facilities has been completed in accordance with Section 4. 02, the Developer shall, upon written request of the Authority, make, in such detail as may reasonably be required by the Authority, and forward to the Authority, a written report as to the actual progress of such construction; provided, however , that such request by the Authority shall be no more often than quarterly. 4. 06. Completion Certificate. Upon completion of the Facilities in accordance with Section 4. 02 , the Authority shall furnish to the Developer an appropriate completion certificate so certifying. The certification by the Authority shall be -15- ( and it shall be so provided in the certification itself) a conclusive determination of satisfaction and termination of the covenants in this Section 4 with respect to the obligations of the Developer to construct the Facilities and the dates of completion thereof . The certificate shall be in the form attached hereto as Exhibit C. Within thirty ( 30) days after written request by the Developer , the Authority shall provide to the Developer such certification or a written statement indicating in adequate detail how the Developer has failed to complete the Facilities in accordance with this Agreement, or is otherwise in default, and what measures or actions must be taken to complete the Facilities in accordance with this Agreement. 4. 07. Site Improvements; Payment of Cost. The Authority will provide the surn of $1, 820, 000 from the proceeds of the Bonds to finance the cost of the Site Improvements. If the cost of the Site Improvements exceeds such amount, or under the contracts for the design and construction of the Site Improvements is scheduled to exceed such amount, the Developer shall provide moneys needed to pay such excess cost, upon request by the Authority. Such moneys shall be paid by the Developer to the Authority for use for this purpose ; provided that if the cost of the Site Improvements as finally determined does not equal or exceed $1, 820 , 000 plus any amount paid by the Developer to the Authority pursuant to this Section 4. 07, the -16- excess money contributed by the Developer shall be returned to the Developer by the Authority with interest at the rate of 8. 00% per annum. Payments required that the amount paid in any _y eacr which is used to interest on the Bonds do not exceed $ , that the amount used to terest on the Bonds for all years does not ed $ and that tai amount used to pay o ischarge principal on the Bonds for all years do t exceed $ Section 4. 08. Enforcements; Damages. The Developer acknowledges the right of the Authority and the Trustee to enforce the terms of this Agreement against the Contractors and the Developer, by action for specific performance or damages, or both, or by any other legally authorized means. The Developer also acknowledges that its failure to perform any or all of its obligations under this Agreement may result in a default by the Authority under the Indenture and substantial damages to the Authority and the City; that in the event of default by any Contractor or the Developer the Authority may commence legal action to recover all damages, losses and expenses sustained by the Authority and the City; and that such expenses may include but are not limited to the reasonable fees of legal counsel employed with respect to the enforcement of this Agreement. Neither the Developer nor any agent or officer or employee of the Developer shall be liable to the City or the -17- huthori`y for any expense or loss incurred by the City or the :'authority as a result of any Contractor ' s default in the construction of Facilities Y, Sectio /5'�v�`se y `oi Propert l^' rr.�y d 5. 01. General Restrictions. The Developer agrees for itself, and its successors and assigns, and every successor in interest to the Property, or any part thereof, that the Developer and its successors and assigns shall : (A) devote the Property to, and only to and in accordance with the uses specified in the Redevelopment Plan, as amended; (B) not discriminate on the basis of sex, color, creed, national origin, or sex in the sale, lease, or rental, or in the use or occupancy of the Property or the Facilities, or any part thereof; (C) not cause the Property or the Facilities 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. 5. 02. Covenants. It is intended and agreed, that the covenants provided in Sections 4. 01 and 5. 01 shall be covenants running with the land binding to the fullest extent permitted by law and equity for the benefit and in favor of, and enforceable by, the Authority, its successors and assigns, and -18- any successor in interest to the Property, or any part thereof , against the Developer , its successors and assigns, and every successor in interest to the Property or any part thereof or anv interest therein, and any party in possession or occupancy of the Property or any part thereof ; provided further that breach of these covenants shall not result in a reversion of title to the Property to the Authority. The covenants provided in Sections 4. 01 and 5. 01 and shall remain in effect only so long as any of the Bonds are Outstanding under the Indenture. 5. 03. Restrictions on Conveyance; Financing. The Developer has not made, and so long as any of the Bonds are Outstanding under the Indenture 10 mad will not make or suffer to be made, any sale, assignment, conveyance, lease, or transfer in any other form of this Agreement or the Property or the Facilities, or any part thereof or any interest therein, or contract or agree to do any of the same, except as provided in Section 5. 04. 5. 04. Financing of the Property and Facilities. It is understood that the Developer intends to finance the acquisition of the Property and the construction of the Facilities by means of ' sale-leaseback' financing which shall take the following form. The Developer will sell a remainder interest in the Property to a third party (the Property Remainder Owner) and will sell ( i) an estate for years in the Property and ( ii) the Facilities constructed on the Property or -19- to be constructed on the Property to another party (the Improvements Owner) . Simultaneously with the conveyance to the Property Remainder Owner and the Improvements Owner, the Developer will lease back from the Improvements owner the Property and the Facilities to be constructed for a term of 25 years plus eight five-year renewal options. The Developer will enter into a development agreement to construct the Facilities on the Property on behalf of the Improvements Owner. The Improvements Owner will fund the costs incurred by the Developer in acquiring the Property and in constructing the Facilities with its own funds and with a construction mortgage obtained from an institutional lender (the "lender") . The loan will be secured by a first mortgage on the Property and the Facilities and an assignment of the lessor' s rights under the lease. The Developer will be reimbursed for all costs incurred by it at the time of closing in connection with acquisition of the Property and construction of the Facilities and will be subsequently reimbursed for all funds expended by it in connection with completion of the Facilities under the development agreement by the Improvements Owner. The lease under which the Developer will occupy the qud �c��t�cs PropertyKwill be a triple-net lease requiring the Developer to pay among other things all real property taxes and special assessments against the Property and the Facilities. The lease will not be terminable by lessee for any reason except the -20- following : (a) a total condemnation of the Property/or a condemnation of such a nature as to render the Property o&- unsuitable and uneconomic for the Developer' s purpose; (b) a casualty affecting all or a substantial part of the Propertyf or (c) after the year of the lease, a determination by the Developer that the Property,4is no longer economically suitable for its purposes. In the case of any of the foregoing events, the Developer is required to make an offer to purchase the Property and Facilities for the then outstanding balance on the mortgage plus certain premiums. If the offer is accepted, 41,4 6C,Z/i+s the Developer will acquire the Propertynand the lease will terminate. If the offer is rejected, the lease will terminate and the insurance 09 condemnation proceeds will be paid to the Prowfy Improvements Owner and the Than Remainder Owner. The lease will require the Developer to comply with the provisions of this Agreement insofar as they apply to the Developer. The Developer may, if the sale-leaseback financing is ready to close at the time of acquisition of the Property, assign to the L`6-R4y Remainder Owner and the Improvements Owner the Developer' s rights to acquire the Property under this Agreement subject to the foregoing. The Authority hereby expressly consents to the sale-leaseback financing as aforesaid and to any similar financing undertaken by the Developer in order to finance any future additions or improvements to the D r �e/�i�•s Property/imade by the Developer. Except as above provided, the -21- Developer and the -bTm4 Remainder Owner and the Improvements Owner shall not place any mortgages, liens or similar encumbrances upon the Property without the express consent of wR«h e4Vta.)f- stiff Nof- ba- (AJUMS 44a6(y w i AA-tif the AuthorityAfor so long as the Bonds are Outstanding under the Indenture. er �+erfq��e Any contract'1providing for such financing shall refer to this Agreement, shall provide that any interest in the br -(* t 7ser #lS yccF)r/,cl ' Property/conveyed to any person or entity shall be subject to aMI PHVW;Ms the terms of this Agreement, and shall be furnished to the Authority within 10 days after its executions a0� s�`I�''lO¢ I QA+V W� �^c��evc fl(� �e✓t!o/�ar :1rcom+ Vve- D.; ,,11 of 1h G det- 5. 05. Notice of Default. Whenever the Authority 141i &frte#-&� 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 Agreement, the Authority 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 Authority. Each such holder shall have the right, at its option, to cure or remedy such breach Gr" default and to add the cost thereof to the mortgage debt and the lien of its mortgage; provided, that if the breach or default is with respect to construction of the Facilities, nothing contained in this Agreement shall be deemed to permit or authorize such holder, either before or after foreclosure or action in lieu thereof, to undertake or continue the -22- construction or completion of the Facilities without first having expressly assumed the obligation to the Authority, by written agreement satisfactory to the Authority, to complete the Facilities in the manner provided in this Agreement. Any such holder who shall properly complete the Facilities shall be entitled, upon written request made to the Authority, to a certification or certifications by the Authority to such effect in the manner provided in Section 4.04. 5. 06. No Merger. No provision of this Agreement is intended to or shall be merged by reason of the heed transferring the title to the Property from the Authority to the Developer or any successor in interest, and the heed shall not be deemed to affect or impair the provisions and covenants of this Agreement. 5. 07. No Discrimination. The Developer for itself, and its successors and assigns, agrees that in the construction of the Facilities the Developer will not discriminate against any employee or applicant for employment because of race, color, religion, sex or national origin. 5. 08. Destruction of Facilities. So long as any of the Bonds are Outstanding under the Indenture, in the event of destruction of any Facilities upon the Property which reduces the Assessor' s Market Value of the Property and the Facilities below $16 , 136, 500 , the following shall apply: -23- (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 damaged Facilities to such extent as will cause the Assessor' s Market Value of the Property and the Facilities 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 Authority for damages in an amount equal to the difference between the Tax Increment received by the Authority in each subsequent year and the Tax Increment that would have been received by the Authority had such repair, rebuilding or replacement been completed by such date. The obligations of the Developer under this Section 5. 08 shall be in addition to and separate from the obligations of the Developer under Section 6, 02. -24- S o4 Insurance. During the term of this Agreement, until a completion Certificate has been furnished under Section 4. 06 hereof, 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 Facilities in such amounts as are customarily carried on such properties. Without limiting the generality of the foregoing , the Developer specifically shall maintain (or cause to be maintained) direct damage insurance covering all risks of loss including , but not limited to fire, extended coverage perils, and special extended coverage perils in an amount equivalent to the actual replacement cost of the building and contents therein, and architectural and engineering fees without deduction for depreciation. Coverage on new construction shall be maintained on a completed value basis during the course of construction. The policies shall a- A/either .ubject to -Poe co-insurance clauseplor contain an agreed amount clause, and shall be written with a deductible clause not exceeding $10, 000. During the remaining term of this Agreement (after a completion Certificate has been furnished under Section 4. 06 hereof) should the Developer ' s net worth at any time be less than One Hundred Million Dollars ($100, 000, 000. 00) , upon written request of the Authority or the Trustee, the Developer shall procure fire insurance with extended coverage endorsement -25- upon the Facilities in an amount equal to eighty per cent (80%) of the insurable value of the buildings above the foundation walls, with a deductible clause not exceeding $60, 000. At any time while the Developer' s net worth shall exceed one Hundred Million Dollars ($100, 000, 000. 00) , the Developer may elect to self-insure its obligation to restore. Policies of fire insurance procured pursuant to this Section shall assure and be payable to the Developer, and shall provide for release of insurance proceeds to the Developer for restoration of loss. The Authority and the Trustee shall be furnished certificates showing the existence of such insurance or evidence of the Developer' s right and election to self-insure. In case of loss, the Developer is hereby authorized to adjust the loss and execute proof thereof in the name of all parties in interest. The Developer shall annually file with the Trustee a schedule describing all such policies in force, including the types of insurance, names of insurers, policy numbers, effective dates, terms of duration of any other information the Developer deems pertinent. Such list shall be accompanied by an officer ' s Certificate stating that, to the best of the knowledge of the signers, such insurance then in force complies with this Section. -26- . i?. Condemnation. In the event of condemnation of ` any or all of the Property or the Facilities, other than by the Authority or the City, which reduces the Assessor ' s Market Value of the Property and the Facilities below $16, 136, 500, the Developer shall take the actions specified in Section 5. 08, � � vl paragraph (A) ; or if such actions cannot be performed, the k tj Developer shall pay to the Trustee, an amount of the r �91 � x4, A condemnation proceeds thereof equal to the lesser of (a) �7. DE l��;✓�Grts� a�N is da 4eeo-'4 AA4-- D� f6t. 4.M* aS age_4NeJ t^�Fee PIA.a re less any Bond Guaranty Payments previously made by the Developer pursuant to Section 6. 02 which were used to pav An 04 Ik A r wo?pw( a�w ow�f 06 e'z.?i interest on the Bonds, plus less any Guaranty pde,-{U► ) Payments previously made by the Developer pursuant to Section 6. 02 which were used to pay or discharge the principal on the Bonds; or (b) the amount required, together with the moneys then on hand in the Bond Fund and the Reserve Fund under the Indenture, to discharge all Bonds then Outstanding under the Cis �e4wep ,�S°lo 61 - n u°`p,.( 041.1 ✓(" o- �- b a,Js 1,V Jet f Indenture, which shall not exceed -7 less any Guaranty Payments previously made by the Developer pursuant to Section 6. 02 which were used to pay or discharge the principal on the Bonds. Any payment made under. this Section shall extinguish the Developer ' s responsibility to make Guaranty Payments under Section 6. 02. Section 6. Security For Bonds. 6. 01. Tax Increments; Use and Investment. The Developer acknowledges the right of the Authority to assign the -27- Tax Increment derived from the Property to the Trustee for the payment of principal of and interest on the Bonds; to deposit the Tax Increment with the Trustee under the Indenture for this purpose not more often than twice yearly on the dates specified in the Indenture; to invest or direct the investment of such Tax Increment in accordance with Minnesota Statutes, Section 475. 66; and to retain for itself all interest and other amounts earned with respect to the investment of such Tax Increment before deposit with the Trustee. 6. 02. Partial Bond Guaranty. The principal of the Bonds, and the interest coming due thereon other than the amount to be paid from Bond proceeds, come due on the dates and in the amounts set forth in the attached Exhibit D. The Developer agrees to pay to the Trustee at the times and subject to the limitations hereinafter provided, the amount needed in addition to the Tax Increment, and any interest earnings available to the Trustee, to pay the principal of and interest on the Bonds when due. Under the Indenture,�ceach May 15 and November 15, the Trustee is required to notify and request payment from the Developer of the amount required, if any, in addition to such Tax Increment and interest earnings, to pay the principal and interest coming due on the Bonds on the succeeding June 1 or December 1, as the case may be. The Developer agrees to pay such amount to the Trustee immediately upon receipt of such request -}T� the Trustee; provided that in -28- no event shall the amount paid to the Trustee pursuant to any a/t►,DU.f oaf l such request exceed: (a) to pay principal , less the - /r(fry�,✓a@� amount of any previous payments made for this purpose; and (b) to pay interest, $ less the amount of any previous payments made for this purpose . Payments made to the Trustee by the Developer pursuant to this Section shall be known as "Guaranty Payments . " Section 7. General Provisions. 7. 01. Conflicts of Interest; Representatives Not Individually Liable. No member, officer, or employee of the Authority shall have any personal interest, direct or indirect, in this Agreement, nor shall any such member, officer, or employee participate in any decision relating to this Agreement which affects his or her personal interests or the interests of any corporation, partnership, or association in which he or she is, directly or indirectly, interested. No member, officer, or employee of the Authority or the Developer shall be personally liable to the Developer or the Authority, as the case may be, in the event of any default under or breach of this Agreement by the Authority or the Developer, or for any amount which may become due to the Developer or the authority or for any obligation issued under the terms of this Agreement. 7. 02. Rights Cumulative. The rights and remedies of the parties of this Agreement, whether provided by law or by this Agreement, shall be cumulative, and the exercise by either party of any one or more of such remedies shall not preclude )F -XS-9, 04 lkt W6vaf �v iecor-- *6"t- em l4 kmh as del(JwOY /N Ae Ale a,-j- 135ue dv YNee eF� pia- >Ake/r &,-Ieh rek*,,j &-U -29-- the exercise by it, at the same or different times, of any other such remedies for the same default or breach or of any of its remedies for any other default or breach of the party. No waiver made by either such party with respect to the performance, or in manner or time thereof, of any obligation under this Agreement, shall be considered a waiver with respect to the particular obligation of the other party or a condition to its own obligation beyond those expressly waived in writing and to the extent thereof, or a waiver in any respect in regard to any other rights of the party making the waiver of any obligations of the other party. Delay by a party hereto instituting or prosecuting any cause of action or claim hereunder shall not be deemed a waiver of any rights hereunder. 7. 03. Unavoidable Delays. Wherever used in this Agreement, the term "Unavoidable Delays" shall mean a delay resulting from a cause over which the party required to make performance does not have control and which can not or could not have been avoided by the exercise of reasonable care, including but not limited to acts of God, accidents, war, civil unrest, embargos, strikes, unavailability of raw materials or manufactured goods, litigation and the delays of the other party or its contractors, agents or employees in the performance of their duties under or incident to this Agreement. _ 7. 04. Recording. The Developer shall cause this Agreement to be recorded in the office of the Registrar of -30- Titles of Scott County, Minnesota immediately following the recording of the Deed conveying title to the Property to the Developer or its designee . 7 . 05 . Override Provision. Notwithstanding any other provisions of this Agreement to the contrary, nothing herein is intended or shall be interpreted to give or convey to the Authority any interest in the Property after the transfer of title to the Property to the Developer, or in the Facilities, or to maintain any action to recover the Property or the Facilities from the Developer; and nothing herein is intended or shall be interpreted as requiring the Developer to specially guaranty the payment of more than 250 of the principal amount of the Bonds and 25% of the interest coming due thereon. e Developer' s obligations under this Agreement to c struct, m ' ntain the value of and replace the Prop y and the Facilities, and s owner of the Property to pa eneral ad valorem taxes and special ssessments lawfull evied on the Property and the 0 itute a guaranty of the payment of the Facilities,",do not co g Y P Y Bonds and the i,, erest due thereon, but shall be enforceable n/ only by an ction fo specific performance and/or to recover actual damages, losses a expenses , direct and consequential, to the City and the Authorit� Section 8 . Administrative Provisions. 8 . 01. Notices . All notices, certificates or other -31- communications required to be given to the Authority and the Developer hereunder shall be sufficiently given and shall be deemed given when delivered or deposited in the United States mail in registered form with postage fully prepaid and addressed as follows : If to the Authority : Shakopee Housing and Redevelopment Authority 129 East First Avenue Shakopee, Minnesota 55379 If to the Developer : K Mart Corporation 3100 West Big Beaver Rd. Troy, Michigan 48084 Attn: Real Estate Dept. The Authority and the Developer , by notice given hereunder , may designate different addresses to which subsequent notices, certificates or other communications will be sent. x'8. 02 Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the Authority and the Developer and their respective successors and assigns. 8. 03. Severabili.ty. In the event any provision of this Agreement steal be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. 8. 04. Amendments, Changes and Modifications. This Agreement may be amended or any of its terms modified only by written amendment authorized and executed by the Authority and the Developer. -32- 8. 05. Further Assurances and Corrective Instruments. The Authority and the Developer agree that they will, from time to time, execute , acknowledge and deliver , or cause to be executed, acknowledged and delivered, such supplements hereto and such further instruments as may reasonably be required for correcting any inadequate or incorrect description of the Property, the Facilities, the Site Improvements, or the Local Improvements, or for carrying out the expressed intention of this Agreement. 8. 06. Execution in Counterparts. This Agreement may be simultaneously executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 8. 07. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 8. 08. Authority and Corporation Representatives. Whenever under the provisions of this Agreement the approval of Authority or the Developer is required to take some action at the request of the other , such approval of such may be given for the Authority by an Authority Representative and for the Developer by a Developer Representative , and any party hereto shall be authorized to rely upon any such approval or request. 8. 09. Captions. The captions or headings in this Agreement are for convenience only and in no way define, limit -33- or describe the scope of intent of any provisions or Sections of this Agreement. IN WITNESS WHEREOF, the Authority has caused this Agreement to be executed in its corporate name by its duly authorized officers and sealed with its corporate seal; and the Developer has caused this Agreement to be executed in its name by its duly authorized officers and sealed with its corporate seal, as of the date first above written. THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF SHAKOPEE, MINNESOTA (SEAL) By Its Chairman And Its Executive Director K MART CORPORATION (SEAL) By Its Vice President By Its Assistant Secretary -34- STATE OF MINNESOTA) ) SS . COUNTY OF SCOTT ) On this day of 1979, before me, a Notary Public within and for said County, appeared and to me personally known, who, being by me duly sworn, did say that they are respectively the Chairman and Executive Director of The Housing and Redevelopment Authority in and for the City of Shakopee, and the instrument was signed and sealed in behalf of said corporation by authority of its Board of Commissioners, and they acknowledged that said instrument was the free act and deed of said corporation. Notary Public STATE OF MINNESOTA) ) SS. COUNTY OF ) On this day of , 1979, before me, a Notary Public within and for said County , appeared and , to me personally known, who, being by me duly sworn, did say that they are respectively the and of K Mart Corporation, a Mic igan corporation, an�tFie— instrument was signed and sealed in behalf of said corporation by authority of its Board of Directors, and they acknowledged that said instrument was the free act and deed of said corporation. Notary Public -35- BID TABULATION HRA - 79-01 Kmart Warehouse Rough Grading Bid Opening August 10, 1979 - 10: 30 A .M. PLAN HOLDER BID BID BOND 1 . Barbarbossa & Sons $1 ,141 ,400 x 2 . Orfei & Sons Inc . $1 ,225 ,000 x 3 . Northern Contracting Co. $1 ,260,000 x 4 . C .S . McCrossan, Inc . $1 ,480,000 5 . Carl Bolander & Sons $1 ,627 ,950 x 6 . Park Construction $1 ,635 ,207 x - V J RESOLUTION NO. -1473 A RESOLUTION AWARDING BONDS FOR K-MART WAREHOUSE ROUGH GRADING WHEREAS, pursuant to an advertisement for bids for K-Mart warehouse rough grading on Lot 1 , Block 1 , Valley Park Third Addition, bids were received, opened and tabulated according to law, and the following bids were received complying with the advertisement: Barbarbossa & Sons, $1 ,141 ,400.00; Orfei & Sons Inc. , $1 ,225,000.00; Northern Contracting Co. , $1 ,260,000.00; Carl Bolander & Sons, $1 ,627,950.00; and Park Construction, $1 ,635,207.00 AND WHEREAS, it appears that Barbarbossa & Sons of Osseo, Minnesota is the lowest responsible bidder, NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF SHAKOPEE, MINNESOTA: 1 . The mayor and clerk are hereby authorized and directed to enter into the attached contract with Barbarbossa & Sons of Osseo, Minnesota in the name of the city of Shakopee for the K-Mart Warehouse rough grading according to the plans and specifications therefor approved by the city council and on file in the office of the city clerk, provided, however, that said contract shall not be entered into until K-Mart has entered into an approved redevelopment contract as well as an approved agreement for the advancement of funds for site improve- ments, both of said agreements being with the Shakopee Housing and Redevelopment Authority. 2. The city clerk is hereby authorized and directed to return forthwith to all bidders the deposits made with their bids, except that the deposits of the successful bidder and the next lowest bidder shall be retained until a contract has been signed. Adopted this 14th day of August, 1979. Walter C. Har ec , Mayor Attest: Douglas Re er City dministrator A�++'slll Intl W Q t � RESOLUTION NO. 1479 � A RESOLUTION ORDERING THE 197q DISEASED SHADE TREE REMOVAL PROGRAM WHEREAS, the City Council of the City of Shakopee has received a letter from the following owners of property waiving their right to a public hearing: Ed Fonnier, Sr . Gilbert E, Lebens John A. Thul Rolland D. Pistulka Harold Flynn Duane Marschall Lucy Evenson Alvina Kopisca Clair VanMaldeghem Lydia Rohlfs Wallace G. Bastian Robert F. Vierling J. Patric Leavitt , Jr. Marvin Gerth Thomas P. Ingvoldstad D, C. McGuire Esther Johnson and WHEREAS, the City Council received and approved a report on June 28, 1977, from the City Administrator outlining the City of Shakopee ' s Diseased Shade Tree Removal Program; and WHEREAS, the Diseased Shade Tree Removal Program as approved provides that the City of Shakopee will contract with pri ,�'�::'firms to remove trees on private property, apply to the State of Minnesota, for a subsidy of the costs and special assess the remaining costs tQ the property owner. NOW, THEREFORE, BE IT RESOLVED BY THE CITY CQUNCIL OF THE CITY OF SHAKOPEE, MINNESOTA, that the 1979 Diseased Shade Tree Removal Program for the City of Shakopee is hereby ordered. Adopted in Adj. Reg. Session of the City Council of the City of Shakopee, Minnesota, held this 14th. day of August, 197.9. Mayor of he City Q Sh A,Pee ATTES Git ler Ap roved s to form this — day of 979. �' ity torne r N . 14}75 RESOLUTION 0 A RESOLUTION DECLARING THE COST TO BE ASSESSED, ORDERING THE PREPARATION OF AND SETTING A HEARING DATE ON THE PROPOSED ASSESSMENTS FOR THE 1979 DISEASED SHADE TREE REMOVAL PROGRAM WHEREAS, contracts have heretofore been let for the 1979 Diseased Shade Tree Removal Program covering the removal of shade trees from the following described property: Original Shakopee Plat.: L5, Blk 7 , S�; L-31 Blk 26, W50 ;L Blk 33; Lam,—Blk 33, E L8, Blk 43; Lots 3, 4 & S� of 5, Blk 50 .incl . ; L3, Blk 59; L3,, Blk 73; L10, Blk 77 Ex S8' ; L4, Blk 169; East Shakopee Plat : Lots 4 to 8, Blk 16 & P/O vacated alley Incl. ; Husman Addn. : Lots 3 & 4 EX W' erly 50' of 4 incl. ; Lot 6; Lot 7 ; G & 0 Addn. : Lot 22 , & N 20' of Lot 23 EX W 24. 6 ' of both, Blk5, incl . ; .Lot 7 N51 , Lot 8, Lot 9 S 32 ' EX E 5 ' Blk 6 , incl . ; A Parcel . 14 acres in 6 115 22 SWk M' a 35. 58 acre parcel in 13 115 22 SE's SE's & SW'k SE� WHEREAS, the contract price for such improvements is $4,619. 98 and the expenses incurred or to be incurred in making said improvements amounts to -0- so that the total cost of the improvements would be $4,619. 98 and of this 4,619. 98 the State will pay$1 , 940. 39 as " its share of the costs and the City will pay $180, 38 as its share of the costs . NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SHAKOPEE, MINNESOTA: 1 . That the cost of such improvements to be specially assessed is hereby declared to be $2 ,499.21. 2. That the City Clerk, with the assistance of the City Engineer, or his assistant , shall forthwith calculate the proper amount to be spcially assessed for such improvements against every assessable lot , piece of parcel of land within the district affected without regard to cash valuation, as provided by law, and they shall file a copy of such proposed assessment in the office of the City Clerk for public inspection. BE IT FURTHER RESOLVED: 1 . That a hearing shall be held on the 4th day of September, 1979, in the City Hall at 8: 30 PM to pass upon such proposed assessments and at such time and place all persons owning property affected by such or improvements and proposed assessments will be given 'an' opportuni to be heard with reference to such assessment. 2 . That the City Clerk is hereby directed to cause a notice of the hearing on the proposed assessment to be published once in the official newspaper of the City of Shakopee at least two weeks prior to the hearing and he shall state in the notice the total cost of the improvements . He shall also cause mailed notice of such hearing to be given the owner of each parcel described in the assess- ment roll not less than two weeks prior to the hearing. . Adopted in adj . regular session of the City Council of the City of Shakopee , Minnesota, held this 14th day of August, 1979. Mayor of e i y o Shakopee ATTEST: ; C:;,1-1 -t T Cle A.pprov as t form this day of 1979 T A to eY a