1o. Covenant Agreemt BloombergMEMORANDUM
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TO:
Todd Gerhardt, City Manager
FROM:
DATE:
RE:
Justin Miller, Assistant to the City Manager
November 4, 2003 t~ K~"~,.
Partial Release of Covenant Agreement with Bloomberg
Companies for property located within Market Street Station
project
BACKGROUND
In 1996, as part of the private redevelopment agreement with Bloomberg
Companies for the Country Suites/High Timber Lounge project, a covenant
agreement was executed stating that the ownership of these properties must
remain under one owner. In looking at the title/survey work for the Market Street
Station project, it was determined that a small sliver of land (approximately where
the pinsetters sit in the current bowling alley) was included in this covenant
agreement. Since this land will be owned by Market Street Station, LLC, it is
necessary for this section of land to be removed from the covenant agreement.
RECOMMENDATION
Staff recommends that the Chanhassen City Council release the property
described in the attached agreement from the covenant agreement known as
Document No. 191011, recorded February 9, 1996. This action requires a
majority vote of the council.
The City ot Chanhassen, A grovs,'lr sj ,3onlmur~;ty with clean lakes q(~ality sc~lools a chalilli?g d,;)¢¢~llOWl! ti~riv'irlc] [3kl,%irl(,,s,% v',,~r~,d~liO traiis amd [)(3Lititjl [)ark
PARTIAL RELEASE
OF
COVENANT AGREEMENT
THIS AGREEMENT made this __ day of November, 2003, by and between the
CITY OF CHANHASSEN, a municipal corporation under the laws of the State of Minnesota
("City") and BLOOMBERG COMPANIES, INC., a Minnesota corporation ("Developer").
RECITALS
WHEREAS, the Developer is the fee owner of:
The West 90.00 feet of the South 13.50 feet of Lot 2, Block 1, Bloomberg
2nd Addition; and the East 60.00 feet of the West 150.00 feet of the South
3.50 feet of Lot 2, Block 1, Bloomberg 2nd Addition, according to the plat
thereof now on file and of record in the Office of the County Recorder,
Carver County, Minnesota,
hereinafter described as "Subject Property"); and
WHEREAS, the City entered into a Covenant Agreement with National Lodging
Companies, Inc. ("NLC") which was recorded on February 9, 1996 as Document No. 191011 in
the office of the Carver County Recorder, Carver County, Minnesota; and
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WHEREAS, it has been determined that the Subject Property should not have been
included in the Covenant Agreement in that NLC was not the owner of the Subject Property; and
WHEREAS, the Developer has requested that the City release the Subject Property from
the terms, covenants and conditions of the Covenant Agreement; and
WHEREAS, the City deems that it is not in the public interest for the Subject Property to
be subject to the Covenant Agreement.
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
AND THE TERMS AND CONDITIONS HEREOF, THE PARTIES AGREE AS
FOLLOWS:
1. PARTIAL RELEASE. The Subject Property is hereby released from the terms
and conditions of the Covenant Agreement and may be sold separately.
2. BUILDING CODE. The City will continue to treat the remainder of the property
described in the Covenant Agreement as a single lot for State Building Code purposes.
3. RUN WITH THE LAND. This Agreement shall run with the land and be
recorded against the title to the Subject Property and is binding upon the parties, their heirs,
successors, and assigns.
(SEAL)
CITY OF CHANHASSEN
By:
Thomas A. Furlong, Mayor
By:.
Todd Gerhardt, City Manager
BLOOMBERG COMPANIES, INC.
By:.
Its: President
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STATE OF MINNESOTA )
)SS.
COUNTY OF CARVER )
The foregoing instrument was acknowledged before me this __ day of November,
2003, by Thomas A. Furlong and by Todd Gerhardt, the Mayor and City Manager of the City of
Chanhassen, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the
authority granted by its City Council.
Notary Public
STATE OF MINNESOTA )
)SS.
COUNTY OF )
The foregoing instrument was acknowledged before me this __ day of November,
2003, by , the President of Bloomberg Companies, Inc., a
Minnesota corporation, on behalf of said corporation.
Notary Public
THIS INSTRUMENT DRAFTED BY:
CAMPBELL KNUTSON, P.A.
Professional Association
317 Eagandale Office Center
1380 Corporate Center Curve
Eagan, Minnesota 55121
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