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Resolution 82-3035- Authorizing Rehabilitation/Modernization/Redevelopment of Commercial Areas0 CITY OF HOPKINS Hennepin County, Minnesota RESOLUTION NO. 82-3035 A RESOLUTION AUTHORIZING THE REHABILITATION, MODERNIZATION AND REDEVELOPMENT OF CERTAIN COMMERCIAL AREAS IN THE CITY OF HOPKINS AND ENGAGING CERTAIN SERVICES BY AND FROM THE HOPKINS CITY CENTER DEVELOPMENT CORPORATION IN CONNECTION THEREWITH. WHEREAS, the City of Hopkins has previously authorized and ordered a comprehensive study, plan and survey of the conditions and needs of certain commercial areas in the City which study concludes that within certain commercial areas there is physical deterioration and a need for rehabilitation and.modern- ization; and WHEREAS, there exists a City Center Development Corporation (hereinafter called "Corporation in Hopkins which is a non- profit organization that has been formed for the purpose of promoting the repairs, modernization, improvement and rehabilitation of some of the commercial and business establishments in the City; and WHEREAS, it is in the best interests of the entire City of Hopkins that there be commended and promoted a program of such rehabilitation and rebuilding of certain of the commercial and business areas in the City; and WHEREAS, the Corporation consists of various commercial and business personnel which is prepared and has offered to perform certain necessary services and duties in connection with such rehabilitation; and WHEREAS, the City is prepared to commence, supervise and conduct a rehabilitation program in certain of the above- mentioned needy commercial areas and to arrange funds to be used as loans in such modernization and rehabilitation program and require certain aid and services of the Corporation in connection therewith; and WHEREAS, such modernization and repair will improve the valuation, growth and desirability of such properties thus modernized and renovated. NOW THEREFORE, the Council of the City of Hopkins hereby approves and adopts a program of rehabilitation, modernization and repair of certain commercial districts or areas in the City. That further, the City hereby appoints the Corporation for the purpose of providing certain services in connection with such rehabilitation and improvements 0 in the above mentioned commercial districts of the City which Corporation is hereby authorized to perform at least the following functions and duties which employment the Corporation hereby accepts: a) Provide disseminate and distribute all necessary or desirable information as to such rehabilitation program b) Seek and cooperate with all commercial lenders and assist property owners in connection with necessary loans. c) Insure that applicants needing repairs or rehabilitation are in compliance with the Commercial Rehabilitation Loan Program Regulations, including inspections made by the City Building Inspector prior to the consideration and processing of such loan applications, which are to be made upon forms or other documents provided by the City for such purpose. To examine and recommend for approval or disapproval all loan applications based upon priorities set forth in such loan regulations. e) To review all loan applications for such loans and keep record of each loan proceeding. f) To monitor the loan program and submit monthly reports including but not limited to the amount of funds committed, and the projected time at which funds are required for disbursement. 0 duties: THAT FURTHER, THE CITY hereby agrees to furnish or perform the following J. SCOTT RENNE City Clerk JOSEPH C. VESELY City Attorney Inform the Corporation from time to time of the amount of monies available in the rehabilitation fund for commercial rehabilitation loans hereinabove mentioned. Provide the Corporation with a copy of all loan regulations and other pertinent information concerning such loan requirements, including any additions or amendments which may be added thereto from time to time. Issue payments from time to time for labor and materials funished or performed in connection with such previously approved Rehabilitation projects; such payments to be made only on the certification of such progress by the Corporation. The Corporation's fee shall be paid at the same time the loan proceeds are released. CORPORATION COMPENSATION: The City is hereby authorized to enter into a contractual agreement with the Corporation, which contract will define the duties, obligations and services to be performed by the Corporation in connection with the commercial area rehabilitation, and will establish the compensation fee to be paid by the City to the Corporation, which fee shall not exceed an amount equal to 7% of the principal of each loan advanced by the City. Passed and adopted by the Council of the City of Hopkins, Mina sota, at a regular meeting held the 2nd of November, 1982. ROBERT F. MILLER Mayor CONTRACT PERTAINING TO THE REHABILITATION OF CERTAIN HOPKINS COMMERCIAL BUILDINGS This Agreement, made this 2nd day of November, 1982, by and between the City of Hopkins (hereinafter termed the "City party of the first part, and City Center Development Corporation, a non profit organization (hereinafter referred to as the "Corporation WITNESSETH WHEREAS, the Corporation, pursuant to its Resolution 1, dated April 20, 1982, has determined that a program of rehabilitation is necessary and useful for the betterment of the City of Hopkins, a copy of which Resolution is hereto attached, and WHEREAS, the City of Hopkins has heretofore passed and adopted a Resolution No. 82 -305 pertaining to the rehabilitation, modernization and redevelopment of certain commercial areas in the City of Hopkins, in which Resolution the City has appointed the Corporation to perform certain duties in connection therewith, a copy of which Resolution is hereto attached. NOW THEREFORE, the parties hereto hereby agree to do and perform as follows: a. The City hereby employs the services of the Corporation to do' an perform all necessary or desirable work and services in the promotion of the rehabilitation of such commercial areas in the City which may be designated by the City for rehabilitation, all as more fully set forth in the Resolution of the City of Hopkins bearing No. 82 -305. b. That the Corporation hereby accepts and agrees to perform all necessary or desirable work and duties in connection with such rehabilitation as also set forth in said Hopkins Resolution. The City hereby agrees to pay a fee to the Corporation in connection with each commercial rehabilitation improvement project in the Hopkins Commercial area which project is first approved by the City and is commenced and completed by the applicant at the instigation and /or help of the Corporation, which fee shall be 7 percent of the rehabilitation loan secured or advanced by the City for such improvement. It is hereby further understood and agreed that this agreement may be fully cancelled and terminated by either party hereto by the service or mailing of a sixty (60) day written notice of such cancellation. IN WITNESS WHEREOF, the parties hereto have caused this agreement to be executed as of the day and year first above written. By By C Y OF HOPKINS Mayor City Manager CITY CENTER DEVELOPMENT CORPORATION