HomeMy WebLinkAboutResolution No. 633-06 r
• THIRD SUPPLEMENTAL AMENDMENT TO
DEVELOPMENT AGREEMENT FOR
ROCHESTER TOWNE CLUB
THIS AGREEMENT is made as of the 1"t day of L�E�02t._ 2006, by and
between the City of Rochester, Minnesota, a Minnesota municipal corporation ("City"), and
Platinum Development Group, Inc., a Minnesota corporation("Platinum").
WHEREAS, on or about August 24, 2005, the parties executed a Development
Agreement concerning Platinum's proposal to construct a new nine hole golf course in the area
of the City's current Eastwood Golf Course. The Agreement calls for the transfer of the new nine
hole golf course to the City in .exchange for the existing front nine holes of the Eastwood Golf
Course that would be transferred to Platinum for development purposes. The new development
is generally known as Rochester Towne Club; and
WHEREAS, the parties wish to amend that Development Agreement as indicated below
to the mutual benefit of both parties.
NOW, THEREFORE, the parties agree as follows:
• A. The fourth sentence of Paragraph .27 of the August 24, 2005, Agreement is
amended to read as follows:
Owner's commitment, as evidenced by meeting the conditions found in
par. 26(b) above, must be made within 24 months of execution of this
Development Agreement or the City shall be under no further obligation to
convey the Clubhouse property to Owner.
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BE IT FURTHER AGREED that, except for the above amendment, the remainder of the
August 24, 2005, Development Agreement, including those. portions of paragraph 27 not
amended above, remain in effect and binding upon the parties.
Dated at Rochester, Minnesota,this /f1 day of DECC 2006.
CITY OF ROCHESTER, MINNESOTA PLATINUM DEVELOPMENT GROUP, INC.
BY T- / ,_ BY
ITS MAYOR ITS PRESIDENT
ATTEST l �,- /
,ITS CITY LE
APPROVED AS TO FORM AND EXECUTION:
BY
ROCHESTER CITY ATTORNEY
STATE OF MINNESOTA)
) ss
CITY OF ROCHESTER )
The foregoing_ instrument was acknowledged before me this day of
2006, by Ardell F. Brede and Judy K. Scherr, the Mayor and City Clerk
respectively, of the City of Rochester, a Minnesota municipal corporation, for and on behalf of
the municipal corporation.
NOTARY PUBLIC
•
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STATE OF MINNESOTA)
ss
CITY OF ROCHESTER )
The-foregoing instrument was acknowledged before me this day of ,
2006, by the President of Platinum Development Group, Inc., a
Minnesota corporation, for and on behalf of the corporation.
NOTARY PUBLIC
This Document Drafted By:
Rochester City Attorney's Office
201 4th Street S.E.
Room 247
Rochester, MN 55904
k\Platinum.Amend3
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