HomeMy WebLinkAboutEDA RES 2007-24
COLUMBIA HEIGl-ITS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2007-24
RESOLUTION APPROVING ASSIGNMENT AND ASSUMPTION
AGREEMENT TRANSFERRING CERTAIN RIGHTS AND OBLIGATIONS IN
THE CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND
GRAND CENTRAL PROPERTIES, LLC, TO GRAND CENTRAL COMMONS,
LLC
BE IT RESOLVED By the Bomd of Commissioners ("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 Avenue, between 47'h and 49[h Avenues.
1.02. New Heights Development, LLC changed its legal name to Grand Central
Properties, LLC but in all respects remained the Redeveloper under the Contract, with the result
that the Authority approved a Third Amendment to the Contract, approving Grand Central as the
Redeveloper and modifying certain obligations of the Redeveloper in the Contract.
1.03. The Redeveloper has procured a Subdeveloper for the Commercial Property
described in the Contract, and seeks to transfer the Commercial Propelty and obligations related in
the Contract thereto to the Subdeveloper.
1.04. The Board has reviewed an Assigm11ent and Assumption agreement (the
"Assignment") between the Redeveloper and Grand Central Commons, LLC (the "Subdeveloper")
providing for the assigmnent of the rights to develop the COIllinercial Propelty to the Subdeveloper,
with the Subdeveloper assuming certain obligations ofthe Redeveloper under the Contract relating
to the Commercial Property as identified in the Assignment, and finds that the approval and
execution thereof and performance of the Authority's obligations thereunder are in the best interest
of the City and its residents.
Section 2. Authority ADproval: Further Proceedings.
2.01. The Assignment as presented to the Board is hereby in all respects approved,
subject to modifications that do not alter thc substance of the transaction and that are
approved by the President and Executive Director, provided that execution ofthe documents
by such officials shall be conclusive evidence of approval.
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Assignment and any documents referenced therein requiring execution by the
322780v2 MTN CL20S-20
Authority, and to carry out, on behalf of the Authority its obligations thereunder.
Approved by the Board of COlllinissioners of the Columbia Heights Economic Development
Authority this 23rd day of October 2007.
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ATTEST:
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Secretary-Cheryl Baldcen
322780v2 MTN CL205-20