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MOTION BY:
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
WHEREAS,
APPROVING ADDENDUM NO.1
TO
CONTRACT FOR DEVELOPMENT OF LAND
THE WILDS 2ND ADDITION
Kedrowski
SECOND BY: Schenck
the City has granted preliminary plat approval and final plat approval to
The Wilds 2nd Addition, subject to certain terms and conditions set
forth in the CONTRACT FOR DEVELOPMENT dated June 3, 1996;
and
the Southeasterly portion of the land compnsmg The Wilds 2nd
Addition is platted as Outlot E; and
the CONTRACT FOR DEVELOPMENT of The Wilds 2nd Addition
(hereinafter "Contract for Development") provides that the Developer
will construct Wilds Parkway to a terminus at the most westerly line of
Outlot E; and
the Developer at some future date intends to plat Outlot E as The Wilds
Fifth Addition; and
the City and Developer agree that it is in the best interest of the City
and Developer to presently construct Wilds Parkway through Outlot E
to terminate at County Road 82.
The Contract for Development of The Wilds 2nd Addition for Shamrock Development, Inc. is
amended by the inclusion of Addendum #1 as set forth below and as attached hereto:
1. The recitals set forth above are incorporated herein as if fully set forth.
2. The CONTRACT FOR DEVELOPMENT is hereby amended to add Addendum No.
1.
3. The Developer grants the City a roadway, drainage and utility easement over that
portion of Outlot E, legally described in Attachment 1 to this Addendum. Attachment
1 is incorporated by reference as if fully set forth herein.
4. The City and Developer agree that the portion of the road depicted in Attachment 1
will be platted at the time a plat is submitted for the Development of Outlot E.
16200~reek Ave. S.E., Prior Lake, Minnesota 55372-1714 / Ph. (612) 447-4230 / Fax (612) 447-4245
AN EQUAL OPPORTUNITY EMPLOYER
5. All fees owed to the City associated with the construction of the extension of Wilds
Parkway through Outlot E will be captured at the time of the final plat for The Wilds
Fifth Addition; and said fees will be based upon the estimated costs for the
construction set forth in paragraph 6 below.
6. The estimated costs for the construction of Wilds Parkway through Outlot E is
$324,307.00.
7. Paragraph 7 to the CONTRACT FOR DEVELOPMENT is amended to add the
following Section 7.3:
The Irrevocable Letter of Credit in the amount of $695,187.73 provided by the
Developer to secure compliance with the terms of the CONTRACT FOR
DEVELOPMENT shall apply also to secure the completion and acceptance by the
City for the extension of Wilds Parkway through Outlot E to County Road 82.
8. In calculating any reduction in the Irrevocable Letter of Credit pursuant to Paragraph
8 of the CONTRACT FOR DEVELOPMENT, the City shall include the estimated
construction costs for the extension of Wilds Parkway through Outlot E.
9. The construction of Wilds Parkway through Outlot E shall be in accordance with the
engineering plans prepared according to City specifications and approved by the City
Engineer.
10. Grading relating to the extension of Wilds Parkway through Outlot E shall be in
accordance with a grading plan submitted by the Developer and approved by the City
Engineer.
NOW THEREFORE, BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF
PRIOR LAKE that Addendum #1 to the Contract for Development of The Wilds 2nd Addition
is approved and the Mayor and City Manager are authorized to execute said Addendum on behalf
of the City.
Approved by the CITY COUNCIL on the 7th day of October, 1996.
YES NO
Andren X -
Greenfield 1L -
Kedrowski X
Mader =~ 1t~ -
Schenck -
RES96102.DOC