HomeMy WebLinkAboutResolution 2000-09 - Authorizing Beacon Bank to Take Possession of Project - Lake Jubert Estates City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2000-09
A RESOLUTION AUTHORIZING BEACON BANK TO TAKE POSSESSION OF
PROJECT
WHEREAS, Nedegaard Construction Company, Inc. is developing Lake Jubert
Estates within the City of Corcoran and has executed a Development Agreement
outlining its obligations in that development; and
WHEREAS, Beacon Bank is financing the Nedegaard project and has requested
that the City authorize the Bank to take possession of the project and assume the
obligations of the Developer in the event the Developer defaults; that eh Bank wants the
option but not the obligation to assume the project; and
WEHREAS, it is in the best interest of the City that in the event Developer
defaults that the Bank assumes Developer's obligations, otherwise the City would have to
finalize the project using the Letter of Credit provided by the Developer.
NOW, THEREFORE, the Corcoran City Council resolves that in the event
Developer, Nedegaard Construction Company, Inc., defaults in its obligations under the
Development Agreement between Nedegaard and the City, Beacon Bank may assume the
obligations of Developer and finish the project, at its option.
Moved by member John Bucher; Seconded by member Ronald Thomas.
The following voted in favor of said resolution: Guenthner, Bucher, Gmach, Lindsley,
Thomas
The following voted against the same: None
Whereupon said Resolution was declared carried.
Dated this 10th day of February 2000
/s/Kenneth Guenthner
Kenneth Guenthner, Mayor
ATTEST:
Roberta Colotti
City Administrator
City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2000-09
A RESOLUTION AUTHORIZING BEACON BANK TO TAKE POSSESSION OF
PROJECT
WHEREAS,Nedegaard Construction Company, Inc. is developing Lake Jubert
Estates within the City of Corcoran and has executed a Development Agreement
outlining its obligations in that development; and
WHEREAS, Beacon Bank is financing the Nedegaard project and has requested
that the City authorize the Bank to take possession of the project and assume the
obligations of the Developer in the event the Developer defaults; that eh Bank wants the
option but not the obligation to assume the project; and
WEHREAS, it is in the best interest of the City that in the event Developer
defaults that the Bank assumes Developer's obligations, otherwise the City would have to
finalize the project using the Letter of Credit provided by the Developer.
NOW, THEREFORE, the Corcoran City Council resolves that in the event
Developer,Nedegaard Construction Company, Inc., defaults in its obligations under the
Development Agreement between Nedegaard and the City, Beacon Bank may assume the
obligations of Developer and finish the project, at its option.
Moved by member John Bucher; Seconded by member Ronald Thomas.
The following voted in favor of said resolution: Guenthner,Bucher, Gmach, Lindsley,
Thomas
The following voted against the same: None
Whereupon said Resolution was declared carried.
Dated this 10'h day of February 2000
/s/Kenneth Guenthner
Kenneth Guenthner, Mayor
ATTEST:.,C � }
Roberta Colotti
• City Administrator
City of Corcoran
County of Hennepin
State of Minnesota
RESOLUTION NO. 2000-09
A RESOLUTION AUTHORIZING BEACON BANK TO TAKE POSSESSION OF
PROJECT
WHEREAS, Nedegaard Construction Company, Inc. is developing Lake Jubert
Estates within the City of Corcoran and has executed a Development Agreement
outlining its obligations in that development; and
WHEREAS, Beacon Bank is financing the Nedegaard project and has requested
that the City authorize the Bank to take possession of the project and assume the
obligations of the Developer in the event the Developer defaults; that eh Bank wants the
option but not the obligation to assume the project; and
WEHREAS, it is in the best interest of the City that in the event Developer
defaults that the Bank assumes Developer’s obligations, otherwise the City would have to
finalize the project using the Letter of Credit provided by the Developer.
NOW, THEREFORE, the Corcoran City Council resolves that in the event
Developer, Nedegaard Construction Company, Inc., defaults in its obligations under the
Development Agreement between Nedegaard and the City, Beacon Bank may assume the
obligations of Developer and finish the project, at its option.
Moved by memberSeconded by member
John Bucher; Ronald Thomas.
The following voted in favor of said resolution
:
Guenthner, Bucher, Gmach, Lindsley,
Thomas
The following voted against the same
:
None
Whereupon said Resolution was declared carried.
th
Dated this 10 day of February 2000
_______________________
Kenneth Guenthner, Mayor
ATTEST:
_________________________
Roberta Colotti
City Administrator