RES 12-71CITY OF OTSEGO
COUNTY OF WRIGHT
STATE OF MINNESOTA
RESOLUTION O:2012-7
RE SOLUTION APPROVING DEVELOPERS AGREEMENT BETWEEN
THE CITY OF OTSEGO AND SHELARD CAPITAL INVESTMENTS,
INC. RELATIVE TO THE PLAT OF KITTREDGE CROSSINGS l.lt"
ADDITXON
WHEREAS, the City of Otsego (CITE has approved the Plat of KITTREDGE
CROSSINGS 11th ADDITION; and
WHEREAS, the property within the Plat will be owned by Shelard Capital
Investments, Inc. (DEVELOPER) who intends to develop the parcel; and
WHE a Developers Agreement
o.t.o� developmenthas been dcd i. rttie ter aid
o the r e��� and �# .i i that the vl �•��
providea certainescrow,.��e t of fees, and securityi rthat all public
improvements are constructed as required y CITY, and
1� has reed to the terms and conditions of the
W�S�P .
Developers Agreement, has
executed the Agreement, and has provided the
required fee payments, escrow, and Security.
NOW5 THERE FORE BE IT RE SOLVED by the City Council of the City o
otsego, WrightCounty, Minnesota llo s:
1. The CITY hereby approves the Developers Agreement as attached and
authorizes the Mayon and City Clerk to execute the Agreement on behalf of
the CITY.
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2. That DEVELOPER shall not proceed with any construction activities upon
the propefty 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 receiIP t of a. recorded copy of a
deed conveying platted propetty to DEVELOPER, and DEVELOPER
pr
ovi Wes a deed to CITY for Oudot A.
ADOPTED this 22nd day of October, 20124
MOTION to approve the Resolution made by Council Member DARKENWALD
And seconded by Council Member,sHARRER
IN FAVOR: DARKEWALD, SCAB R, SCHROEDER
OPPoS : STOP, HEIDNER
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CITY of OSLO
a.w)�'k(k f - - - fd�-
Jessica Stockamp, M yar
Tami Loi% City Clerk