Recorded First amendment to Development ContractDocument Number: A781241
Filed and/or Recorded on
Jan 2, 2025 10:34 AM
Office of the County Recorder/Registrar of Titles
Carver County, Minnesota
Kaaren Leh?is, County Recorder
Deputy RR/NV
Document Recording Fees $ 46.00
Document fobl $ 46.00
Requesting Parfy: Guaranty Commercial lltle Inc
Pages: 8
This cover page has b€en added to this document by Carver County Land Records
and is now an omcial part of this recorded document
FIRST AMENDMENT
TO
DEVELOPMENT CONTRACT
THIS FIRST AMENDMENT TO DEVELOPMENT CONTRACT ("Amendment") is made
.1t1
thisfQaay of Dec. .2 Wt, Ot, between and among the CITY OI. CHANHASSEN, a Minnesota
municipal corporation ("City"), and ROERS CHANHASSEN BEI\I{ETT APARTMENTS OWNER LLC, a
Delaware limited liability company ("Roers Bennett") and ROERS CHAIIHASSEN HARLOW APARTMENTS
OWNER LLC, a Delaware limited liability limited partnership ("Roers Harlow") (collectively, Roers Bennett and
Roers Harlow are referred to herein as "Developer"), and ROERS CHAIIHASSEN FUND MANAGER LLC, a
Minnesota limited liability company ("Roers Fund Manager").
RECITALS
A. The City and Developer previously entered into a Development Contract dated Jruly 22,2024
("Development Contract") for the property legally described in Exhibit A attached hereto, to be platted as
Chanhassen Market Street Addition.
Roturn to:
Guaranty Commercial nto, lnc.
465 Nicollst Ma , Su[o 230
Minneapolis, MN 55401233974v3
B. The City and Developer desire to amend the Development Contract to reflect that the required
security under the Developnrent Contract will be provided by Roers Fund Manager
NOW, THEREFORE,'I'HE PARTIES AGREE AS FOLLOWS:
Paragraph 6 ofthe Development Contract is hereby amended in its entirety to read as follows
6, Developer Security. To guarantee compliance with the terms of this Contract, payment of special
assessments, payment of the costs of all public improvements, and construction of all public
improvements, Roers Fund Manager, as surety for the Developer, shall furnish the City with a letter of
credit in the fbrm attached hereto, from a bank acceptable to the City. or cash escrow ("security") in the
amount of$708,308.57. The amount ofthe security was calculated as ll0% ofthe following:
t.
Site Grading/Erosion Control/Restoration
Watermain
Storm Sewer
Streets
Sub-total, Construction Costs
Engineering. surveying, and inspection (70lo of construction costs)
Sub-total, Other Costs
TOTAL COST OF PUBLIC IMPROVEMENTS
IN ITNESS
[The remainder of this page has been intentionally left blank
Signature pages follow. l
$ 89.898.50
s410.101.38
$ 3 r .800.00
$ 49.99 r .60
s60l,791.48
$42. r25.40
SECURITY AMOUNT (ll0%, of 643,916.88) $708,3011.57
This breakdown is for historical reference; it is not a restriction on the use of the security. The security shall be
subject to the approval of the City. The City may draw down the security, without notice, for any violation of the
terms of this Contract. If the required public improvements are not completed at least thirty (30) days prior to the
expiration of the security, the City may also draw it down. If the security is drawn down, the draw shall be used to
cLrre the default. With City approval, the security may be reduced from time to time as financial obligations are paid,
but in no case shallthe security be reduced to a point less than l00Z ofthe original amount until (l) all improvements
have been completed, (2) iron monuments for lot corners have been installed, (3) all financial obligations to the City
satisfied, (4) the required "record" plans have been received by the City, (5) a warranty security is provided, and (6)
the public improvements are accepted by the City.
WHEREOF, the parties have caused this Amendment to be executed thi
.zolq
n n*l_-Ya day of
D<-L f
)
2l lr)7.lv l
s42,12s.40
s643,916.88
2. Except as herein amended, the Development Contract shall remain in full force and effect.
( t't \' ()t.' c tI,\NIt,\sst,t\
Ilv:E t,'i ll,,/lrro
And
Etir. R;-, Mt;Z
fa
Laurie Hokkanen, City Manager
r"{'W
)
)ss
)
The foregoing instrument was acknowledged before me ttri. | ( aay of l)ltu.4t'v , 204 by Elise
Ryan and by Laurie Hokkanen, respectively the Mayor and City Manager ofthe City of Chanhassen, a Minnesota
SI'A'IE OF MINNESoTA
COUNTY OF CARVER
municipal corporation, on behalfofthe corporation and pursuant to the authority granted by its City Council.
iv"t""r-S-
I JENNIFER ANN POTTEB
Notary Public-Minnesota
Erpil€ J.n 31,2027
3
231974v3
I (SEAL)-
<,
ROERS CI{ANHASSEN BENNETT
APARTMENTS O
By:
rroruo. futinrrttol-a)
. )ss
COUNTY OF nne
The foregoing instrument was acknowledged before me
Tom Cronin, the Authorized SiSnatory of Roers Chanhassen
limited liability limited company, on its behalf.
Notary Pu
Tom Cronin, lts Authorized Sigaatory
tni, lU* auy ot
Benn€tt Apartments
D4cnber zoz{ bv
DelawareOwner LLC. a
k-64
,1
P^CE CAIHEBNETY€BSTER
rioT RY RBLIC -t$lfsot^
H€trt{€Pf{ Cq,t{fi
My Corinl,ss,on ErPrIr3 Jan 31.2025
233974v3
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Y"/
ROERS CHANHASSEN HARLOW
APARTMENTS OWNER LLC
By:
STATE OF Mi/1 o Jo I-o,
Tom Cron in, Its Authorized Signatory
U( auyof Decembcr 2 @-Xav
elawarerlow Apartments Owner LLC, a D
)
. )ss.
COUNTY OF
The foregoing instrument was acknowledged before me thts
Tom Cronin, the Authorized Signatory of Roers Chanhassen Ha
lirnited liability limited company, on its behalf.
Notarv Public
PAIGE CAIHERI* WEBSTER
l{OT RY REIIC . tilSi€SOIA
HENi{EPIN COUI{TY
My Comm6s on EIp 'o3 $n 31. 2025
5
2f39',74\3
srATE oF Mir1,,r e;o'l-r
COLINTY OF n
DRAFTED BY:
CAMPBELL, KNUTSON
P rofe s sio n a I A sso ciatio n
Grand Oak 0ffice Center I
860 Blue Gentian Road, Suite 290
Eagan, MN 55121
Telephone: (651) 452-5000
AMP
ROERS CHANHASSEN FUND MANAGER LLC
By'
Tom n, Its Authorized Signatory
Notary Public
)ss
)
The foregoing instrument was acknowledged before me this I U+h day ol De(embor , 2O!! by
Tom Cronin, th; Auihorized Signatory of Roers Chanhassen Fund Manager LLC, a Minnesota limited liability
limited company, on its behalf.
6
PAIGE CAIHERII{E WEBSTER
NOT FY Pt ELlC.lm0ESOr
ItE tt€Pll{ coutlTY
Vy Cotrm6!,on Errrrci Jan 3l m25
233974v3
)
EXHIBIT A
LECAL DESCRIPTION OF PROPERTY
Lot l, Block I, Bloomberg 2nd Addition, except that part contained within the plat of Frontier
Cinema Addition, Carver County, Minnesota.
And
Lot I , Block l, Bloomberg Addition and Outlots A and B, Bloomberg Addition, Carver County,
Minnesota.
And
Lot 2, Block I . Bloomberg 2nd Addition, EXCEPT the West 90.00 feet of the South 13.50 feet
thereof; and further excepting the East 60.00 feet olthe West 150.00 feet ofthe South 3.50 feet
thereof, Carver County, Minnesota.
And
Lot l, Block I , Frontier Cinema Addition, according to the recorded plat thereof, Carver County,
Minnesota.
And
That part ofLot l, Block l, Market Street Station, according to the recorded plat thereofon file or
of record in the County Recorder's office in and for Carver County, Minnesota, lying easterly,
southerly, easterly and northerly of the following described line:
Commencing at the most southeasterly corner of Lot l. Block | , Market Street Station; thence
Nofth 00 degrees 08 minutes 32 seconds East, assumed bearing. along the most easterly line of
said Lot I a distance of 147 .78 feet; thence South 89 degrees 53 minutes 0l seconds West a
distance of 102.49 feet; thence North 00 degrees 03 minutes 20 seconds West a distance of 281 .41
feet; thence South 89 degrees 56 minutes 40 seconds West a distance of0.6l feet; thence North
00 degrees 03 minutes 20 seconds West a distance of I .14 feet; thence South 89 degrees 56
minutes 40 seconds West a distance of 4.10 feet to the point ofbeginning ofthe line to be
described; thence South 00 degrees 03 minutes 20 seconds East a distance of L79 feet; thence
North 89 degrees 56 minutes 40 seconds East a distance of 2.62 feet; thence South 00 degrees 03
minutes 20 seconds East a distance of 209.97 feeti thence North 89 degrees 56 minutes 40
seconds East a distance of2.l0 feet more or less to the intersection ofthe east line of said Lot I
and said line there terminating.
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