Laserfiche WebLink
units under the Minnesota Common Interest Ownership Act. The Bluffs of Elk River <br />Condominium Amended and Restated Declaration establishes The Bluffs of Elk River <br />Condominium Association as the entity with authority to establish rules for the Bluff Block <br />Development. Both the Declaration and the Rules and Regulations adopted by the Association <br />provide that the units may be leased for three to twelve month terms. Throughout the <br />Development Agreement it is clear that the Bluff Block hausing development is intended to be <br />constructed and operated as owner-occupied housing and not for long term rentals. However, <br />while it may be possible for the City to pursue remedies under the Development Agreement, <br />MinnWest is not a party to the Development Agreement, Metroplains does not control the use of <br />the building, and Metroplains' lender is receiving the tax increment revenue stream so it is not <br />clear that exercising remedies under the Development Agreement will change the outcome <br />without cooperation from the various parties involved. <br />384281v2 JSB EL185-7 2 <br />