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:
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Secretary/CAP-Cheryl Bakken
315310v3 SJB CL205-20