HomeMy WebLinkAboutEDA RES 2009-05
EDA Resolution 2009-05
Amendment to "Contract for Private Redevelopment by and Between the
Columbia Heights Economic Development Authority, Columbia Heights,
Minnesota and Greater Metropolitan Housing Corporation" dated
November 27,2007
WHEREAS, on November 27,2007 the City's Economic Development Authority
(EDA) approved an agreement entitled, "Contract for Private Redevelopment by
and Between the Columbia Heights Economic Development Authority, Columbia
Heights, Minnesota and Greater Metropolitan Housing Corporation (the
Agreement), and
WHERAS, this contract outlined the terms and conditions for redevelopment of
property addressed as 3805 Second Street, and
WHEREAS, the end result of the redevelopment is the construction and sale of
two single family homes by Greater Metropolitan Housing Corporation, and
WHEREAS, Section 4.3 (a) "Completion of Construction" requires a
commencement date of May 1, 2008 and a construction completion date of
December 31, 2008.
WHEREAS, due to economic conditions causing declining sales prices the
redevelopment project has been delayed.
NOW THEREFORE BE IT RESOLVED, The Economic Development Authority
hereby agrees to amend Section 4.3 (a) of the Agreement to change
commencement date from May 1, 2008 to May 1, 2010 and complete
construction date from December 31,2010 to December 31,2009.
Passed this c::2!:.Lday of ~ ,2009.
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Offered by: '~\~
Second by: ~r
Roll Call: ~. ~