Loading...
HomeMy WebLinkAboutEDA RES 2007-17 COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2007-17 RESOLUTION APPROVING A THIRD AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND GRAND CENTRAL PROPERTIES, LLC BE IT RESOLVED By the Board of COllli11issioners ("Board") of the Columbia Heights Economic Development Authority ("Authority") as follows: Section 1. Recitals. 1.01. The Authority and New Heights Development, LLC (the "Redeveloper") entered into a Contract for Private Redevelopment dated September 22, 2003, as amended by First Amendment thereto dated April 26, 2005 and a Second Amendment thereto dated November 22, 2005 (the "Contract"), setting forth the terms and conditions of redevelopment of certain property within the Redevelopment Project, generally located east of Central A venue, between 47'h and 49th Avenues. 1.02. New Heights Development, LLC has changed its legal name to Grand Central Properties, LLC but in all respects remains the Redeveloper under the Contract. 1.03. The parties have determined a need to mnend the Contract further, to adjust the schedule for redevelopment of the subject property due to circumstances beyond the control of the Redeveloper. 1.04. The Board has reviewed a Third Amendment to the Contract and finds that the approval and execution thereof and performance of the Authority's obligations thereunder m'e in the best interest of the City and its residents. Section 2. Authority Approval; Fmther Proceedings. 2.01. The Third Amendment to the Contract as presented to the Board is hereby in all respects approved, snbject to modifications that do not alter the substance of the transaction and that m'e approved by the President and Executive DiTector, provided that execution of the docmnents by such officials shall be conclusive evidence of approval. 2.02. The President and Executive Director me hereby authorized to execute on behalf of the Authority the Third Amendment to the Contract m1d any documents referenced therein requiring execution by the Authority, m1d to carry out, on behalf of the Authority its obligations therennder. Approved by the Board Authority this ;)..- J(' of Commissioners of the day of August, 2007. ATTEST: ~ &-/~ Secretary/CAP-Cheryl Bakken 315310v3 SJB CL205-20