3.0 HRSR 12-07-2015 - Laserfiche WebLink

Home Browse Search

"Developer"shall mean a Purchaser who has acquired an interest in a Development Property and is undertaking a redevelopment project pursuant to a Redevelopment Contract. "Disposition Policy"shall mean the City of Minneapolis Real Estate Disposition Policy. "Fair Market Value"shall mean the actual value in money for which a willing seller not compelled to sell will sell real property to a willing buyer not required to buy. "Fair Reuse Value"shall mean an estimated fair market value sale price or rental rate for Development Property based on the planned use of the real property as determined by the CPED Appraiser. "Holding Costs"shall mean those customary costs for property maintenance, including, but not limited to, lawn mowing, snow removal, security, trash removal, utilities, taxes and special assessments. "Land Inventory"shall mean all of the Development Properties that are available for disposition pursuant to this Disposition Policy. "Lease Rate"shall mean the lease or rental rate the City shall charge a Purchaser for the lease of Development Property. "Offer to Purchase"shall mean the CPED form offer to purchase to be submitted by a Purchaser to CPED Staff documenting the Purchaser's offer to purchase a Development Property. An Offer to Purchase shall not constitute a legally binding acceptance of a Purchaser's offer. Only a fully executed Redevelopment Contract, as authorized by the City Council and law, shall constitute a legally binding acceptance of a Purchaser's offer. "Project Coordinator"shall mean the CPED staff person assigned by a CPED manager to coordinate a development project. "Property"shall have the same meaning as Development Property has herein, and may be used interchangeably with Development Property. "Purchaser"shall mean any person, corporation or other legal entity who: (i) makes an offer to purchase, lease or acquire an interest in Development Property; or(ii) has entered into a Redevelopment Contract for the purchase, lease or other acquisition of an interest in Development Property; or(iii) has actually purchased, leased or otherwise acquired an interest in Development Property. "Purchase Price"shall mean the actual purchase price the Purchaser shall pay to acquire the Development Property as required and approved by the City Council. "Recapture Agreement"shall mean the agreement between the City and the Purchaser evidencing any Writedown given the Purchaser and providing for the recapture by the City of all or a portion of the Writedown at a future date, not to exceed twenty (20)years from the date of conveyance of the Development Property. The Recapture Agreement shall be evidenced by a promissory note and secured by a mortgage or other collateral acceptable to the CPED Director. "Redevelopment Contract"shall mean the contract between the City and the Purchaser for the redevelopment of Development Property pursuant to the Disposition Policy. Updated as of 10/6/04 2