HomeMy WebLinkAbout02-106 RESOLUTION 02-106
A RESOLUTION APPROVING A DEVELOPMENT AGREEMENT FOR KEYSTONE
COMMUNITY AND AUTHORIZING THE MAYOR AND CITY MANAGER TO EXECUTE SAID
AGREEMENT
MOTION BY: Petersen SECOND BY: Zieska
RECITALS
WHEREAS, the City has been approached by Mr. Mike Lewis dba Keystone Communities
(collectively "Developer") with a project to construct an assisted living facility with
60 units senior independent living apartments, 27 units of assisted living and 20
units of memory care (hereinafter "Project"); and
WHEREAS, the aforementioned Project is known as KEYSTONE COMMUNITIES; and
WHEREAS, the Developer maintains that the Project is not economically viable without the
assistance of public financing; and
WHEREAS, to encourage and facilitate the development of housing to meet the life-cycle
needs of the residents of the City consistent with the objectives of the City's
Comprehensive Plan, the City is willing to work with responsible developers on
qualifying projects; and
WHEREAS, both the City and Developer understand that both time and costs are associated
with the preparation and evaluation of plans and related documents necessary to
develop and analyze the proposed Project and determine whether the Project
meets the City Economic Development Incentives Goal Targets Policy; and
WHEREAS, both the City and Developer wish to avoid the unnecessary expenditure of time
and money on projects that are not of interest to the City; and
WHEREAS, the City believes the development and construction of the Project and fulfillment
of this Agreement are vital and in the best interest of the City, the health, safety,
morals and welfare of residents of the City and in accordance with the public
purpose and provisions of the applicable state and local laws and requirements
under which the Project has been undertaken and is being assisted.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA THAT:
1. The Recitals set forth above are incorporated herein as if fully set forth.
2. The Mayor and City Manager are hereby authorized to execute the Development Contract
on behalf of the City.
16200 Eagle Creek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (952) 447-4230 / Fax (952) 447-4245
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Passed this 24th day of June, 2002.
YES NO
Haugen X Haugen
Gundlach X Gundlach
LeMair X LeMair
Petersen X Petersen
Zieska X Zieska
Frank
Boyles,
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