HomeMy WebLinkAbout06-191- Village Commerce Bldg.
16200 Eagle Creek Avenue S.E.
Prior Lake, MN 55372-1714
RESOLUTION 06-191
A RESOLUTION AUTHORIZING THE MAYOR AND CITY MANAGER
TO EXECUTE A QUIT CLAIM DEED RELEASING THE CITY'S INTEREST
IN THE FORMER T J TOWING PROPERTY FOR VilLAGE COMMERCE BUilDING, llC.
Motion By: Millar
Second By: Erickson
WHEREAS, the 2030 Vision, and Strategic Plan provides that continued redevelopment of the
Downtown Prior Lake area is important to the citizens of Prior Lake; and
WHEREAS, Village Commerce Building, LLC has purchased the former T J Towing parcel from the
City subject to a rescission provision, in order to construct a 2-story retail/office
building, and
WHEREAS, the contract documents for this transaction provide that the City will release its interest
in the property once an investment of $100,000 has been made in the building project;
and
WHEREAS, Village Commerce Building, LLC has completed the site utilities, the footings and
foundation work to grade, the parking lot soil subcut, and the soil corrections under the
building pad, and is requesting that the City execute a quit claim deed releasing its
interest in the property, and
WHEREAS, the City Council has determined that with respect to this issue, the contract obligations
of Village Commerce Building, LLC pertaining to the release of the rescission clause
have been met.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCil OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The Mayor and City Manager are authorized to execute a Quit Claim deed releasing the City's
interest in the property located at 16675 Franklin Trail, Prior Lake, Minnesota.
PASSED AND ADOPTED THIS 6TH DAY OF NOVEMBER, 2006.
Haugen
Dornbush
Erickson
LeMair
Millar
YES
Yes
Absent
Yes
Abstain
Yes
NO
Haugen
Dornbush
Erickson
LeMair
Millar
Frank ?:!~an~ger
~,cityofprjorlake;<:om,
Phone 952.447.4230 / Fax 952.447.4245