RES 12-51CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION NO: 2012-51
RESOLUTION APPROVING DEVELOPERS AGREEMENT BETWEEN
THE CITY OF OTSEGO AND SHELARD CAPITAL INVESTMENTS,
INC. RELATIVE TO THE PLAT OF KITTREDGE CROSSINGS 10"
ADDITION
WHEREAS, the City of Otsego (CITY) has approved the Plat of KITTREDGE
CROSSINGS 10' ADDITION; and
WHEREAS, the property within the Plat will be owned by Shelard Capital
Investments, Inc. (DEVELOPER) who intends to develop the parcel; and
WHEREAS, a Developers Agreement has been drafted setting forth the terms and
conditions for development of the property, and requiring that the Developer
provide certain escrow, payment of fees, and security to insure that all public
improvements are constructed as required by CITY; and
WHEREAS, DEVELOPER has agreed to the terms and conditions of the
Developers Agreement, has executed the Agreement, and has provided the
required fee payments, escrow, and Security.
NOW, THEREFORE BE IT RESOLVED by the City Council of the City of
Otsego, Wright County, Minnesota as follows:
The CITY hereby approves the Developers Agreement as attached and
authorizes the Mayor and City Clerk to execute the Agreement on behalf of
the CITY.
2. That DEVELOPER shall not proceed with any construction activities upon
the property and CITY will not execute the Plat or release the Plat for
recording until full execution of this Agreement and City receipt of all
required escrow, fees and security, CITY receipt of a recorded copy of a
deed conveying platted property to DEVELOPER, and DEVELOPER
provides a deed to CITY for Outlot A.
ADOPTED this 13th day of August, 2012.
MOTION to approve the Resolution made by Council Member SCHARBER
And seconded by Council Member SCHROEDER
IN FAVOR: MAYOR STOCKAMP; COUNCILMEMBERS: SCHARBER, SCHROEDER, HEIDNER AND
DARKENWALD
OPPOSED: NONE
2
CITY OF OTSEGO
-�Jessica Stockamp, Ma-',
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Tami Loff, City Clerk