HomeMy WebLinkAboutResolution No. 007-08 RESOLUTION
WHEREAS, Chafoulias Companies has asked to be designated as the developer for the
Broadway Commons redevelopment project site.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester
that the City hereby designates Chafoulias Companies as the developer for the Broadway.
Commons redevelopment project site.
BE IT FURTHER RESOLVED by the Council that its designation of Chafoulias Companies
as the developer for the Broadway Commons redevelopment project site is subject to the following
conditions:
1. Initial designation for a period extending through 12/31/08.
2. Written updates, provided at least quarterly, on the progress of the project.
3. The Council, upon satisfactory evidence of significant progress, may extend
the designation for an additional year. Such evidence may include acquisition
of parcels needed for the project, letters of intent from prospective tenants,
• preliminary financing commitments, design modifications and TIF and other
approvals.
4. The granting of the designation is not intended to prohibit the City from
pursuing the design and construction of a parking facility on the First Avenue
parking lot.
5. Designation is intended only to provide exclusive negotiation rights. The City
is not agreeing to reach an ultimate agreement.
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PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS Z'h AY OF 2008.
LAVAa�� PRESIDENT OF SAID COMMON COUNCIL
ATTEST:
CITY CLERK
APPROVED THIS Sth .DAY OF Olrn� 12008.
MAYOR OF SAID CITY
(8eal of the City of
Rochester, Minnesota)
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