HomeMy WebLinkAboutItem #5 Termination of Road Improvement AgreementWhen Recorded Return to:
SimonCRE Prospector, LLC
6900 East 2nd Street
Scottdale, Arizona 85251
Attention: Joe Acker
TERMINATION OF ROAD IMPROVEMENT AGREEMENT
This Termination of Road Improvement Agreement ("Termination") is made and entered
into this day of , 2025, by and between SIMONCRE PROSPECTOR, LLC,
an Arizona limited liability company ("Simon"), TARGET CORPORATION, a Minnesota
corporation ("Targe and THE CITY OF CHUBBUCK, a municipal corporation (the "City").
WHEREAS Simon and Target, as successors in interest to Pine Ridge Mall JC, L.L.C., a
Missouri limited liability company, as successor in interest to Pine Ridge Mall Development
Company, a Utah limited partnership, and the City entered into a Road Improvement Agreement
dated February 28, 1986 and recorded on March 25, 1986, as Bannock County, Idaho Instrument
No. 768184 (the "RIA") regarding certain road improvements to Hawthorne Road for the regional
shopping mall commonly known as Pine Ridge Mall as legal described on Exhibit A attached
hereto and made a part hereof (the "PropertX").
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual covenants
contained herein, Simon, Target, and City agree that all work contemplated under the RIA has
been completed, or the intent of the RIA has otherwise been satisfied through later development
and construction so further work under the RIA is otherwise unnecessary, and the RIA is hereby
terminated and of no further force and effect with respect to the Property, to the extent that property
is owned by Simon or Target. For purposes of clarity, Target had no liability or responsibility
pursuant to the terms of the RIA. This Termination does not alter any duties of maintenance or to
otherwise comply with other legal requirements, including those regarding Pine Ridge Road.
IN WITNESS WHEREOF, the parties have executed this Termination as of the date first
above written.
[SIGNATURE AND ACKNOWLEDGMENT FOLLOWS]
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CITY OF CHUBBUCK, a municipal
corporation
Mayor
ATTEST:
City Clerk
STATE OF )
ss.
COUNTY OF )
On this day of 2025, before me, the undersigned notary public,
in and for said State, personally appeared and , known to me to be
the Mayor and City Clerk, respectively, of the municipal corporation that executed the within
instrument, or the persons who executed the instrument on behalf of the municipal, and
acknowledged to me that such municipal corporation executed the same.
Notary Public
My Commission Expires:
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SIMONCRE PROSPECTOR, LLC,
an Arizona limited liability company
Joshua Simon, its Manager
STATE OF ARIZONA )
) ss.
COUNTY OF MARICOPA )
This instrument was acknowledged before me this day of 2025,
by Joshua Simon, the Manager of SimonCRE Prospector, LLC, an Arizona limited liability
company, on behalf of such limited liability company.
Notary Public
My Commission Expires:
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TARGET CORPORATION,
a Minnesota corporation
an
STATE OF MINNESOTA )
ss.
COUNTY OF )
, its
This instrument was acknowledged before me this day of 2025,
by , the of Target Corporation, a Minnesota corporation, on behalf of
such corporation.
Notary Public
My Commission Expires:
Exhibit A
Property
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RESOLUTION NO. 2025 -
A RESOLUTION OF THE CITY OF CHUBBUCK, IDAHO, APPROVING THE
TERMINATION OF THE ROAD IMPROVEMENT AGREEMENT BY AND
BETWEEN SIMONCRE PROSPECTOR, LLC, AN ARIZONA LIMITED
LIABILITY COMPANY AND TARGET CORPORATION, A MINNESOTA
CORPORATION, AS SUCCESSORS IN INTEREST TO PINE RIDGE MALL
JC, L.L.C., A MISSOURI LIMITED LIABILITY COMPANY, AS SUCCESSOR
IN INTEREST TO PINE RIDGE MALL DEVELOPMENT COMPANY, A
UTAH LIMITED PARTNERSHIP, AND THE CITY OF CHUBBUCK, A
MUNICIPAL CORPORATION AND RECORDED ON MARCH 25, 1986, AS
INSTRUMENT NO. 768184 RELATING TO CERTAIN ROAD
IMPROVEMENTS FOR THE REGIONAL SHOPPING MALL COMMONLY
KNOWN AS PINE RIDGE MALL; AND AUTHORIZING THE MAYOR TO
EXECUTE AND DELIVER SAID TERMINATION AGREEMENT ON
BEHALF OF THE CITY OF CHUBBUCK.
BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
CHUBBUCK, IDAHO, as follows:
WHEREAS, on or about February 28, 1986, SimonCRE Prospector, LLC, an Arizona
limited liability company, and Target Corporation, a Minnesota corporation, as successors in
interest to Pine Ridge Mall JC, L.L.C., a Missouri limited liability company, as successor in
interest to Pine Ridge Mall Development Company, a Utah limited partnership, and the City of
Chubbuck entered into a Road Improvement Agreement recorded on March 25, 1986, as
Instrument No. 768184.
WHEREAS, the Mayor and City Council desire to now approve the Termination of Road
Improvement Agreement, with respect to property owned by SimonCRE Prospector, LLC and
Target Corporation.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF
THE CITY OF CHUBBUCK, IDAHO, as follows:
Section 1. The Termination of Road Improvement Agreement between the City of Chubbuck and
SimonCRE Prospector, LLC, an Arizona limited liability company, and Target Corporation, a
Minnesota corporation, is hereby approved in substantially the form and substance as on file with
the City Clerk's Office.
Section 2. The Mayor is hereby authorized to execute the Termination of Road Improvement
Agreement and the City Clerk is authorized to Attest that signature and take all steps necessary to
carry out the purpose and intent of this Resolution.
[SIGNATURES BELOW]
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PASSED AND by the City Council, and APPROVED by the Mayor of the City of Chubbuck,
Idaho, this day of February, 2025.
Kevin England, Mayor
ATTEST:
Joey Bowers, City Clerk
APPROVED AS TO FORM:
Ryan Lewis, City Attorney
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