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20071105 - VI-07
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20071105 - VI-07
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3/11/2009 1:53:13 PM
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October 26, 2007 v~_7 <br />TO: The Honorable Mayor & Council <br />FROM: John Grossman, HRA Director <br />RE: Resolution authorizing Termination Agreement with Sherman <br />Associates, Inc. <br />The attached termination agreement between The City, HRA, Sherman <br />Associates and Waterfront Lofts LLC specifies that all development agreements <br />between these parties are terminated entirely and that all claims or matters arising <br />out of the agreements have been satisfied and no party shall have any claim <br />against any other party with respect to the development agreements. All <br />agreements (from February 2004 through August 2005) related to riverfront <br />development and all the public properties referenced in the agreements are <br />included in the termination. <br />The development agreements with Sherman specified responsibility for certain <br />costs. The HRA was responsible for providing clear title to the property. The <br />developer was responsible for legal and consulting costs relating to the condo <br />project. The developer was responsible for demolition costs but the HRA would <br />reimburse them if Block 1 was not sold to the developer. <br />The HRA and Sherman Associates have agreed on the costs for which each is to <br />be reimbursed to settle the responsibilities under the agreements. The HRA will <br />reimburse Sherman for $90,308.00 in costs paid by Sherman for demolition and <br />grading on Block 1, clearing the title and preparing a plat for Block i, and for <br />financial analysis related to the townhouse proposal. Sherman will reimburse the <br />HRA for $28,498.98 in costs paid by the HRA for legal and professional <br />consulting costs related to the condo project. This is in addition to the $70,500 <br />Sherman has deposited with the HRA in 2004 and 2005 for the payment of legal <br />and consulting costs. <br />Mr. Brueggemann confirmed that Sherman Associates agrees to the costs <br />settlement and will sign the Termination Agreement. The HRA has approved the <br />termination agreement, contingent on the City Council also approving the <br />agreement. <br />Recommendation: Approve the attached Resolution authorizing the Mayor <br />and City Clerk to execute the Termination Agreement. <br />
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