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Home My WebLink About05(E) - Adopt a resolution authorizing the first amendment the Parkwood Estates Development Agreement Report1 218406v1 (reserved for recording information) FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (Developer Installed Improvements) PARKWOOD ESTATES (Project #21-000003) THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (“Amendment”) dated ____________________, 2021, by and between the CITY OF PRIOR LAKE, a Minnesota municipal corporation (“City”), and CNC DEVELOPMENT VII LLC, a Minnesota limited liability company (“Developer”). RECITALS A. The City and Developer previously entered into a Development Agreement dated July 19, 2021, and recorded September 8, 2021, as Scott County Document No. A1138787 (“Development Agreement”) concerning the platting of PARKWOOD ESTATES for the construction and development of a 55 residential unit project. B. The Developer is the fee owner of real property legally described on Exhibit A attached hereto located in Scott County, Minnesota (“Property”). 2 218406v1 C. Pursuant to paragraph 35D of the Development Agreement, all amendments to the Development Agreement shall be in writing, signed by the parties, and approved by resolution of the City Council. D. The Developer has requested an amendment to the Development Agreement to amend paragraph 4B, Developer Installed Public Improvements, concerning temporary certificates of occupancy and building permits. E. The City Council has reviewed and approved the proposed amendment regarding paragraph 4B of the Development Agreement. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, the parties agree as follows: 1. The City hereby grants approval to the Developer’s request for an amendment to the Development Agreement regarding paragraph 4B of the Development Agreement subject to the implementation of the recommendations adopted in Resolution No. 2021-____ on October ___, 2021. Paragraph 4B shall include the following language: The City agrees to allow Developer to construct two model homes by obtaining Temporary Certificates of Occupancy and by obtaining building permits. The City will issue building permits for nineteen (19) homes as shown on the attached Exhibit B. At no time will the City provide Developer any Certificates of Occupancy FOR THE ADDITIONAL 19 LOTS until the City Council approves and accepts the Parkwood Development. No home permits will be issued by the City until the following items have been completed by Developer and inspected, approved and signed off by the City of Prior Lake: Sanitary sewer and water mains shall be in working order and shall have passed all required testing and televising to the City’s satisfaction; Developer shall return the existing portion of Fish Point Road to pavement as directed by the City for plowing operations; Developer shall install and pave the temporary access off of Mushtown Road for the development; Developer shall pave a 3” base course of pavement as shown in Exhibit B no later than October 31, 2021. 3 218406v1 Developer shall continue to coordinate the small utilities for joint trench installation; and The Developer shall furnish and verify GPS coordinates for the requested area. Developer assumes all responsibility for plowing and maintenance of paved roads within the Parkwood Development until Public Works staff deem development roads are in a condition where City plowing operations can occur. 2. Developer shall comply with all applicable conditions of the original Development Agreement. 3. Except as otherwise specifically amended herein, the Development Agreement shall remain in full force and effect. This Amendment shall be binding on the parties, their heirs, successors and assigns and shall be recorded against the Property in the office of the Scott County Recorder/Registrar of Titles as promptly as possible after it has been executed by the parties. IN WITNESS WHEREOF, the parties have caused this Amendment to be executed this _____ day of ____________, 2021. [Remainder of page intentionally left blank. Signature pages follow.] 4 218406v1 CITY OF PRIOR LAKE By: ______________________________________ Mayor Kirt Briggs (SEAL) And _____________________________________ Jason Wedel, City Manager STATE OF MINNESOTA ) ( ss. COUNTY OF SCOTT ) The foregoing instrument was acknowledged before me this ________ day of ______________, 2021, by Kirt Briggs and by Jason Wedel, respectively the Mayor and City Manager of the City of Prior Lake, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. _________________________________________ Notary Public 5 218406v1 DEVELOPER: CNC DEVELOPMENT VII LLC, a Minnesota limited liability company By: __________________________________________ William E. Ryan, Its Manager STATE OF MINNESOTA ) ( ss. COUNTY OF ____________) The foregoing instrument was acknowledged before me this ________ day of ______________, 2021, by William E. Ryan, the Manager of CNC Development VII LLC, a Minnesota limited liability company, on its behalf. ______________________________________________ Notary Public DRAFTED BY: Campbell Knutson Professional Association Grand oak Office Center I 860 Blue Gentian Road, #290 Eagan, Minnesota 55121 Telephone: (651) 452-5000 SNC 6 218406v1 MORTGAGE HOLDER CONSENT TO FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (PARKWOOD ESTATES) TRADITION CAPITAL BANK, a Minnesota banking corporation, which holds a Combination Mortgage, Security Agreement, Fixture Filings and Assignment of Leases and Rents ("Mortgage") on the subject property, the development of which is governed by the foregoing Development Agreement and First Amendment to Development Agreement, which Mortgage is dated May 26, 2021 and recorded May 27, 2021 with the Scott County Recorder as document number A1129931, agrees that the Development Agreement and First Amendment to Development Agreement shall remain in full force and effect even if it forecloses on its Mortgage. Dated this _____ day of ____________, 2021. TRADITION CAPITAL BANK By _________________________ [print name] Its ______________________ [title] STATE OF MINNESOTA ) ) ss. COUNTY OF HENNEPIN The foregoing instrument was acknowledged before me this _____ day of _________________, 2021, by ____________________________ the ____________________ of Tradition Capital Bank, a Minnesota banking corporation, on behalf of the entity. ________________________________________ Notary Public DRAFTED BY: CAMPBELL, KNUTSON Professional Association Grand Oak Office Center I 860 Blue Gentian Road, Suite 290 Eagan, Minnesota 55121 Telephone: (651) 452-5000 SNC 7 218406v1 EXHIBIT A TO FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (PARKWOOD ESTATES) Lots 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, Block 1, Parkwood Estates, Scott County, Minnesota. Lots 1, 2, 3, 4, 5, 6, 7, 8, Block 2, Parkwood Estates, Scott County, Minnesota 8 218406v1 EXHIBIT B TO FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (PARKWOOD ESTATES)