HomeMy WebLinkAbout84-18 - ADMIN Resolution - City Council - 1984/02/06RESOLUTION NO. 84-18
RESOLUTION APPROVING AGREEMENT WITH
K -MART CORPORATION, RED OWL STORES, INC.,
AND PENINSULA INDUSTRIALS
WHEREAS, the City of St. Louis Park ("City") has
undertaken eminent domain action against property located near
the intersection of 36th Street and Highway 100 owned by
Peninsula Industrials ("Peninsula") leased to K -Mart
Corporation ("K -Mart") and a portion subleased to Red Owl
Stores, Inc., ("Red Owl") and
WHEREAS, pursuant to a clause in its lease agreement,
K -Mart Corporation has given notice to Peninsula and Red Owl of
its intention to vacate the premises and terminate the lease,
and
WHEREAS, Red Owl and Peninsula have commenced
litigation against K -Mart and the City alleging a breach of
contract against K -Mart and alleging that should the action
against K -Mart fail the City will be required to reimburse the
other parties for their losses, and
WHEREAS, Red Owl desires to stay on their portion of
10 the premises, and
WHEREAS, Peninsula is willing to allow Red Owl to stay
as long as this action does not waive any of its legal claims
against any of the other parties, and
WHEREAS, it appears in the best interests of the City
to agree that this may occur without waiving any party's legal
rights or remedies because such action minimizes the potential
damages to,be sought against the City without waiving any legal
rights or remedies the City might have.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of St. Louis Park as follows:
1. The City Council of the City of St. Louis Park
hereby approves the attached Stipulation Agreement between the
City, K -mart Corporation, Red Owl Stores, Inc., and Peninsula
Industrials.
2. The Mayor and City Manager are hereby authorized
to execute said Stipulation Agreement and take whatever
additional action is necessary to place the Stipulation in full
force and effect.
1
Adopted by the City Council February 6, 1984.
Attest:
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City Cler
Reviewed for Administration:
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Approved as to form and
legality:
City torney
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