RES 2022-15 Authorizing Execution of a First Amendment to Development Agreement Otsego Mini Storage, LLCEXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE
CITY OF OTSEGO, MINNESOTA
HELD: January 24, 2022
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Otsego, Wright County, Minnesota, was duly called and held at the City Hall in said City on
January 24, 2022, at 7:00 p.m.
The following members were present: Stockamp, Darkenwald, Dahl, and Moores
and the following were absent: Goede
Prior to discussion Darkenwald recused himself from the discussion and stepped down from the
dais.
Member Moores introduced the following resolution and moved its adoption:
RESOLUTION N0.2022-15
AUTHORIZING EXECUTION OF A FIRST
AMENDMENT TO DEVELOPMENT AGREEMENT
A. WHEREAS, the City of Otsego, Minnesota (the "City"), Otsego Apartments, LLC,
a Minnesota limited liability company (the "Developer") and Otsego Mini Storage, LLC, a
Minnesota limited liability company ("OMS ") entered into a Development Agreement, dated as of
January 28, 2019 (the "Development Agreement") in connection with the construction of a 97-unit
multifamily rental apartment project and the construction of an approximately 44,000 square foot
commercial mini -storage facility (the "Phase 1 Project") and the construction of a 67-unit
multifamily rental apartment project (the "Phase 2 Project" and with the Phase 1 Project, the
"Project"), each to be constructed by the Developer and located in the City; and
B. WHEREAS, the City, OMS and the Developer propose to amend the Development
Agreement as provided in the First Amendment to Development Agreement to amend Exhibit A
to the Development Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Otsego,
Minnesota, as follows:
1. The City Council hereby approves the First Amendment to Development
Agreement in substantially the form submitted, and the Mayor and City Administrator/Finance
Director are hereby authorized and directed to execute the First Amendment to Development
Agreement on behalf of the City.
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2. The approval hereby given to the First Amendment to Development Agreement
includes approval of such additional details therein as may be necessary and appropriate and such
modifications thereof, deletions therefrom and additions thereto as may be necessary and
appropriate and approved by the City officials authorized by this resolution to execute the
Agreement. The execution of the Agreement by the appropriate officer or officers of the City shall
be conclusive evidence of the approval of the Agreement in accordance with the terms hereof.
The motion for adoption of the foregoing resolution was duly seconded by member Dahl
and, after full discussion thereof, and upon a vote being taken thereof, the following voted in favor
thereof: Stockamp, Dahl, and Moores
and the following voted against same: none
The following member abstained: Darkenwald
Adopted this 24th day of January, 2022.
Attest:
City Administrator/Fi}�ance Director
��nss6�i
STATE OF MINNESOTA
COUNTY OF WRIGHT
CITY OF OTSEGO
I, the undersigned, being the duly qualified and acting City Administrator/Finance Director
of the City Council of the City of Otsego, Minnesota, DO HEREBY CERTIFY that I have carefully
compared the attached and foregoing extract of minutes with the original minutes of a meeting of
the City Council City held on the date therein indicated, which are on file and of record in my
office, and the same is a full, true and complete transcript therefrom insofar as the same relates to
a Resolution Authorizing the Execution of an Amendment to Development Agreement.
WITNESS my hand as such City Administrator/Finance Director of the City Council of
the City of Otsego, Minnesota this day of January, 2022.
3
City
Director
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FIRST AMENDMENT TO DEVELOPMENT AGREEMENT
THIS FIRST AMENDMENT TO DEVELOPMENT AGREEMENT (the "Amendment"),
dated as of the 1st day of January, 2022, by and among the CITY OF OTSEGO, MINNESOTA
(the "City"), a municipal corporation and political subdivision of the State of Minnesota, Otsego
Apartments, LLC, a Minnesota limited liability company (the "Developer") and Otsego Mini
Storage, LLC, a Minnesota limited liability company (the "OMS").
WITNESSES:
WHEREAS, the City, the Developer and OMS entered into a Development Agreement
dated as of January 28, 2019 (the "Development Agreement") relating to the acquisition and
development of certain real property; and
WHEREAS, the City, the Developer
Agreement as provided in this Amendment; and
and OMS wish to amend the Development
WHEREAS, the City, the Developer and OMS have both duly authorized the
Amendment; and
NOW, THEREFORE, the Development Agreement is amended as provided herein.
1. Section 1.1 of the Development Agreement is amended and the definition of Land
Use Agreement is amended and restated as follows:
"Land Use Agreement means collectively the Development Agreement for
Riverbend North dated as of January 28, 2019 between the City, OMS, and the
Developer and the Development Contract for Riverbend North Second Addition
dated as of January 24, 2022 by and between the City and the Developer;"
2. EXHIBIT A, is amended and restated as follows:
"Lot 2, Blocic 1 Riverbend North Addition
Lot 1, Blocic 1 Riverbend North 2nd Addition
Lot 2, Blocic 1 Riverbend North 2nd Addition"
3. Except as herein amended, all terms and provisions of the Development
Agreement shall remain in full force and effect.
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IN WITNESS WHEREOF, the City, the Developer and MIS have caused this
Amendment to be duly executed on the date first written above.
CITY OF OTSEGO, MINNESOTA
By• ^" .f �"^"
Its City Administrat®r/Finance Director
This is a signature page to the First Amendment to the Development Agreement by and among
the City of Otsego, Minnesota, Otsego Apartments, LLC and Otsego Mini Storage, LLC.
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OTSEGO APARTMENTS, LLC
Its Manager
This is a signature page to the First Amendment to the Development Agreement by and among
the City of Otsego, Minnesota, Otsego Apartments, LLC and Otsego Mini Storage, LLC.
S-2
72290641v3
OTSEGO MINI STORAGE, LLC
By
Its Manager
This is a signature page to the First Amendment to the Development Agreement by and among
the City of Otsego, Minnesota, Otsego Apartments, LL' C and Otsego Mini Storage, LLC.
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