BY COUNCILOR GILBERT:
The city of Duluth does ordain:
Section 1. That the proper city officials are hereby authorized to enter into a development agreement substantially in the form of that on file in the office of the city clerk as Public Document No. ____________ with Robert D. Finnigan for the sale of the below-described property and the development thereon and adjacent thereto of a four to eight unit condominium development.
Section 2. That pursuant to said agreement, the proper city officials are hereby authorized to convey the following-described property in St. Louis County, Minnesota to Robert D. Finnigan, by quit claim deed, for the sum of $20,000, payable to Fund 0100, Agency 700, Organization 1448: Lot 10, Block 79, DULUTH PROPER Second Division.
Section 3. This ordinance shall take effect 30 days from and after its passage and publication.
STATEMENT OF PURPOSE: The purpose of this ordinance is to authorize the conveyance of a city-owned lot in the Central Hillside neighborhood of Duluth, generally at the intersection of Cascade Street and Sixth Street, to Robert D. Finnigan and to allow him to incorporate it, with two adjacent lots presently owned by Mr. Finnigan, to a condominium development consisting of four to eight new units of residential housing.
Mr. Finnigan presently owns Lots 11 and 12, Block 79, DULUTH PROPER Second Division which are located directly north of Lot 10 which is owned by the city. Mr. Finnigan has proposed to construct at least four but no more than eight new units of housing on the site. This will require the rezoning of the property from R-2 to R-3 and the vacation of the west 1/2 of Cascade Street adjacent to the property as well as the acquisition of Lot 10 from the city. The plan has been discussed in the neighborhood and the biggest concerns there are that the density of the use not result in more than eight residential units being built on the site and that the elevation of the units not exceed the thirty foot height limitation applicable under present zoning.
Under the terms of agreement, the city would agree to sell Lot 10 to Mr. Finnigan after the necessary rezoning and vacations had taken effect and then only after a restrictive covenant had been executed and recorded against the property restricting the density and height of the development of both Lot 10 and Lots 11 and 12 which Mr. Finnigan presently owns. He would then be entitled to a reasonable period of time to complete his proposed development in conformance with the project description contained in the agreement and the restrictions contained in the restrictive covenant.
If he failed to do so, Lot 10 would revert to the city, the city would be able to rezone the property if it chose and the restrictions in the restrictive covenant would continue to apply to both the city land and Mr. Finnigan's land.