HomeMy WebLinkAbout03-181 ~6200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
~SOL~T~ON ~'0~:'i 8i'
~SOLUTION OF THE P~OR LA~ CITY COUNCIL
AUTHO~ZING PAYMENT TO ~YSTONE COMMUNITIES
MOTION BY: BLOMBERG SECOND BY: LEMAIR
WHEREAS: On April 2''a, 2001, the City Council passed resolution 01-34 approving in
concept the use of cash contributions to assist in the funding of an assisted living project,
and
WHEREAS: The City entered into a development agreement with the Developer
(Keystone Communities) which provided for reimbursement of $200,000 to the
Developer for site improvement costs, and
WHEREAS: The Developer has submitted documentation of expenditures for the
project that meet the qualifications for reimbursement pursuant to the development
agreement, and
WHEREAS: There are adequate funds available to fund the application.
THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PRIOR LAKE, MINNESOTA,
1. The recitals set forth above are incorporated herein.
2. The amount of $200,000 is hereby authorized to be paid to the Developer for site
improvement costs associated with the development of the Keystone
Communities project located at 4685 Park Nicollet Avenue, Prior Lake, MN.
3. The amount of $200,000 is to be paid from the Contingency Reserve Account.
Any negative balance in the Contingency Reserve Account caused by this
payment shall be drawn from the General Fund Balance.
Passed and adopted this 3rd day of November, 2003.
YES NO
HAUGEN X HAUGEN
BLOMBERG X BLOMBERG
LEMAIR X LEMAIR
PETERSEN X I PETERSEN
zmsK X I .e /
[Seal] Frank Boyles, City Manage
R:\RESOLUTI\PLANRES',2003'/03-181.h~6v.cityofpriorlake.com
Phone 952.447.4230 / Fax 952.447.4245
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