1c Assignment of Development Contract for Hidden Creek Meadows
CITY OF
CHANHASSEN
7700 Market Boulevard
PO Box 147
Chanhassen, MN 55317
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1~
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MEMORANDUM
TO:
Paul Oehme, City Engmeer/Pubhc Works Director
Alyson Fauske, Assistant City EngineerU-:f--
~CJ.
FROM:
~.
DATE:
Apn128,2006
SUBJECT:
Approve Assignment of Development Contract for Hidden Creek
Meadows- Project No. 05-12 (Simple Majority Vote Required)
On June 13, 2005, City CouncIl approved the development contract for Hidden
Creek Meadows. In conjunction with the sale of the property, the developer,
Dean Carlson has requested that the development contract be assigned to Boyer
Building Corporation.
The developer has met the terms of Paragraph 8, Part A, havmg paId the
$121,415.80 cash fee on November 1,2005.
RECOMMENDA TION
Staff recommends that City Council approve the assignment of the development,
subject to the followmg conditions:
1. Boyer Building CorporatIOn is reqmred to submit a letter of credit m the
amount of $859,962.41 before the Agreement is executed by the CIty.
2. Before the Agreement IS executed by the City, the Mortgage Holder
Consent to Assignment of Development Contract, if applicable.
3. A $56 cash fee for recording purposes must be submitted before the City
executes the Agreement.
4. The conditions of approval stIpulated m the June 13, 2005 development
contract remain as stated, with the exception of Paragraph 8, Part A
regardmg payment of cash fees.
Attachments: April 18, 2006 emaII from Dean Carlson
Assignment of Development Contract
c: Dean Carlson
John Boyer
G'\ENG\PROJECTS\Hidden Creek Meadows\Assign DC Boyer.doc
The City 01 Chanhassen . A growing community with clean lakes, quality schools, a charming downtown, thriving businesses, winding trails, and beautiful parks. A great place to live, work, and play.
(reservedfor recording iriformation)
ASSIGNMENT OF
DEVELOPMENT CONTRACT
AGREEMENT dated , 2006, by, between, and among the CITY
OF CHANHASSEN, a Minnesota municipal corporation ("City"); D & G OF CHANHASSEN,
LLC, a Minnesota limited liability company (the "Developer"); and BOYER BUILDING
CORPORATION, a Minnesota corporation (the "Successor Developer").
RECITALS
A. The City and the Developer have entered into a Development Contract dated June
13,2005, concerning the plat of HIDDEN CREEK MEADOWS, recorded with the Carver County
Recorder's office on February 15, 2006 as Document No. A435093. The Development Contract
was amended by Addendum "A" to Hidden Creek Meadows Development Contract between the
City and the Developer dated October 10,2005, recorded with the Carver County Recorder's office
on February 15, 2006 as Document No. A435094. The Development Contract and Addendum "A"
to Development Contract are referred herein collectively as the "Development Contract".
B. The Developer has asked the City to approve the assignment of its rights and
obligations under the Development Contract to the Successor Developer.
C. Paragraph 23C of the Development Contract authorizes the City to approve the
assignment of the Development Contract.
NOW, THEREFORE, IN CONSIDERATION OF THEIR MUTUAL COVENANTS
THE PARTIES AGREE AS FOLLOWS:
1. ASSIGNMENT. The Developer's rights and obligations under the Development
Contract are assigned to the Successor Developer subject to the terms of this Assignment. The
Successor Developer accepts the assignment and agrees to be bound by its terms.
2. TRUNK SANITARY SEWER AND WATER HOOK-UP CHARGES. It is
understood by the parties hereto that the trunk sanitary sewer and water hook-up charges for the plat
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1
of HIDDEN CREEK MEADOWS are due with the building pennit at the rate in effect at the time
of building permit application. The party applying for the building permit is responsible for paying
these fees.
3. EFFECTIVE DATE OF ASSIGNMENT. This Assignment shall be effective
when the Successor Developer furnishes the City the security required by the Development
Contract. Since some of the work required under the Development Contract has already been
completed, the amount of the security to be furnished by the Successor Developer is $859,962.41.
4. NOTICES. Required Notices to the Successor Developer shall be in writing, and
shall be either hand delivered to the Successor Developer, its employees or agents, or mailed to the
Successor Developer by registered mail at the following address:
John Boyer
Boyer Building Corporation
3435 Co. Rd. 101
Minnetonka, MN 55345
5. BINDING EFFECTIRECORDING. This Assignment may be recorded against
the title to the land described in the Development Contract and is binding upon the parties, their
successors, heirs, and assigns.
CITY OF CHANHASSEN
BY:
Thomas A. Furlong, Mayor
(SEAL)
AND
Todd Gerhardt, City Manager/Clerk
D & G OF CHANHASSEN, LLC
--_._~y;--~4~
~ean Carlson, Chief Manager
:::RBrG~:TION
J6hn Boyer, Treasurer
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2
STATE OF MINNESOTA )
( ss.
COUNTY OF CARVER )
The foregoing instrwnent was acknowledged before me this day of
, 2006, by Thomas A. Furlong and by Todd Gerhardt, the Mayor and City
Manager/Clerk 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 )
j l __ . ( ss.
COUNTY OF t1t!1!1tp n )
The foregoing instrwnent was acknowledged before me this J gi/... day of
'. 2006, by Dean Carlson, the Chief Manager of D & G of Chanhassen,
Minnesota limited liability company, on behalf of the company.
.~,
UAG
i J . JANET M LIEN
, ~ l..~ NOT,\i1Y PUBLIC l.lINNESOTA
~n'.. f.ly COllltll Expires Jon 31. 2010
STATE OF MINNESOTA )
j / ( ss.
COUNTYOFjyef)n~/n )
regoing instrwnent was acknowledged before me this c{ g-tl, day of
2006, by John Boyer, the Treasurer of Boyer Building Corporation, a
ta corporation, on behalf of the corporation.
,;, . JANET M LIEN
~ J... ~ NOTMn PUBLIC - 1.1INNESOTA
~~ "... I.ly CUllllll Expires Jan. 31 2010
........-
DRAFTED BY:
CAMPBELL KNuTSON
Professional Association
317 Eagandale Office Center
1380 Corporate Center Curve
Eagan, Minnesota 55121
(651) 452-5000
RNK:srn
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FEE OWNER CONSENT TO
ASSIGNMENT OF DEVELOPMENT CONTRACT
BOYER BmLDING CORPORATION, a Minnesota corporation, fee owner of all or part
of the subject property, the development of which is governed by the Development Contract
described in the foregoing Assignment of Development Contract, affirms and consents to the
provisions thereof and agrees to be bound by the provisions as the same may apply to that portion of
the subject property owned by it.
Datedtbis <<~ day of ~ ,2006.
STATE OF MINNESOTA )
J / . ( ss.
COUNTYOFtfellnepln )
I
The foregoing instrument was acknowledged before me this 0( f:IJ1 day of
2006 by John Boyer, the Treasurer of Boyer Building Corporation, a
sota corporation, on behalf of the corporation.
~~
I' J . JANET M LIEN
, ~ ......~ NOT AHY PUlJLlC .I.IINNESOTA
~~ '. 1.1'1 Cr)Jllllt i: XPlft'S J::lIl. 31 2010
~
DRAFfED BY:
CAMPBEll KNuTSON
Professional Association
317 Eagandale Office Center
1380 Corporate Center Curve
Eagan, Minnesota 55121
(651) 452-5000
RNK.:srn
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SRN:r04127/2006
4