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File #: 45607    Version: Name: SUBSTITUTE - 10788 CIC Lots 66-69 Deed Restriction
Type: Resolution Status: Passed
File created: 1/3/2017 In control: PLAN COMMISSION
On agenda: 2/7/2017 Final action: 2/7/2017
Enactment date: 2/10/2017 Enactment #: RES-17-00123
Title: SUBSTITUTE Terminating a deed restrictions on Lots 1, 2, 21 through 66 through 69, and 79 through 91 within the Center for Industry and Commerce, which limits restricts the land to hotel or motel uses, restricts building size and for the purpose of rezoning to Industrial Limited.
Sponsors: Samba Baldeh
Attachments: 1. Link_CSM_Reso_45461, 2. Link_Ord_File_45543, 3. 45607 Original Resolution Ver. 1, 4. Exhibit A.pdf, 5. Exhibit B.pdf, 6. Exhibit C (2).pdf
Fiscal Note
The proposed resolution has no fiscal impact.

Title
SUBSTITUTE Terminating a deed restrictions on Lots 1, 2, 21 through 66 through 69, and 79 through 91 within the Center for Industry and Commerce, which limits restricts the land to hotel or motel uses, restricts building size and for the purpose of rezoning to Industrial Limited.

Body
WHEREAS, on September 20, 2016 the Common Council approved the execution of a Purchase and Sale Agreement (“Agreement”) with St. John Properties Acquisitions, LLC (“Buyer”) to acquire the City owned property described therein (“Property”) via Resolution Enactment No. RES-16-00714, File No. 44296 which was subsequently amended by Resolution Enactment No. RES-16-00881, File No. 45292; and

WHEREAS, a deed restriction for Lots 21 through 50 and 79 through 91 was recorded on May 8, 2003 as document number 3708482 restricts the land from certain uses as shown on the attached Exhibit A; and

WHEREAS, a deed restriction for Lots 62 through 65 was recorded on May 8, 2003 as document number 3708485 restricts the land from certain uses as shown on the attached Exhibit B; and

WHEREAS, a deed restriction for Lots 1, 2 and 51 through 61 was recorded on May 8, 2003 as document number 3708483 restricts the land from certain uses as shown on the attached Exhibit C; and

WHEREAS, a deed restriction for Lots 66 through 69 (collectively, the Lots noted in this resolution are the “Restricted Lots”) was recorded on May 8, 2003 as document number 3708486 (collectively, the recorded documents noted in this resolution referred to as the “Deed Restriction”) restricts the land to hotel or motel uses. The Restricted Lots are part of the Property that Buyer is under contract with the City to acquire; and

WHEREAS, per Paragraph 9 of the Agreement the City is required to rezone the Property to Industrial Limited during the Due Diligence Period, which necessitates the need to revoke the Deed Restriction.

NOW, THEREFORE, BE IT RESOLVED...

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