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THE CITY OF HASTINGS, DAKOTA COUNTY, MINNESOTA <br />RESOLUTION NO. -20.07 <br />APPROVING A TERMINATION AGREEMENT RELATING <br />TO DEVELOPMENT AGREEMENTS WITH <br />SHERMANASSOCIATES, INC. AND WATERFORD LOFTS LLC <br />Council Member _ <br />moved its adoption: <br />troduced the following Resolution and <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HASTINGS AS <br />FOLLOWS: <br />Section 1. Background. <br />O 1. The City of Hastings (the "City"), The Housing and <br />Redevelopment Authority in and for the City of Hastings (the <br />"Authority"}, Sherman Associates, Inc., ("Sherman"}, and <br />Waterford Lofts LLC (the "Redeveloper") have entered into a <br />number of agreements (the "Development Agreements") related <br />to the redevelopment of certain real property located in the <br />City's downtown. <br />1.02. Due to market and other conditions the redevelopment <br />activities contemplated by the Development Agreements did not <br />occur. <br />1.03. The City, the Authority, Sherman and the Redeveloper have <br />settled their financial claims arising under the Development <br />Agreements and have agreed to terminate the Development <br />Agreements. <br />1.04. There has been prepared and presented to the City a <br />Termination Agreement terminating the Development <br />Agreements. <br />Section 2. Approval of Termination Agreement. The Termination <br />Agreement is hereby approved and the Mayor and City Clerk are hereby <br />authorized to execute the same on behalf of the City. <br />Section 3. Effective Date. This resolution is effective upon the date of its <br />approval. <br />