1995-051
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o
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CITY OF HOPKINS
Hennepin County, Minn sota
RESOLUTION NO. 95-51
RESOLUTION RELATING TO WESTBROOKE CONDOMINIUM ASSOCIATION;
DEVELOPMENT AGREEMENT; SUBORDINATION.
BE IT RESOLVED by the City Council of the City of Hopkins, Minnesota (City):
Section 1. Backaround: findinas.
1 .01. The City has entered into a development agreement between the City
of Hopkins, Minnesota, and Westbrooke Condominium Association (Association),
d/b/a Meadow Creek Condominiums, dated as of May 8, 1995 (Agreement)
relating to the construction of certain housing improvements (Housing
Improvements) on property owned by the Association.
1.02. Under Section 6.7 (f) of the Agreement, the City has agreed to
subordinate its rights and interests in assets of the Association pursuant to the
Agreement to assist the Association in obtaining short-term financing for the
Housing Improvements subject to such reasonable terms and conditions agreed
upon by the City and any short-term lender.
1.03. A form of inter-creditor and subordination agreement (Subordination
Agreement) between the City, Association and Americana Bank has been
presented to the Council and is on file with the City Clerk.
1.04. It is found and determined that the terms and conditions of the
Subordination Agreement are satisfactory, consistent with the Agreement and in
the best interests of the City.
Sec. 2. Approvals: authorizations.
2.01. The form of the Subordination Agreement is approved.
2.02. The Mayor and City Manager are authorized and directed to execute
and deliver the Subordination Agreement on behalf of the City.
Adopted this
5th
day of
Julv
, 1995.
Charles D. Redepenning, M or