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HomeMy WebLinkAboutContract 22012201 °F1 L..L ',. , FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT THIS AGREEMENT, made on or as of the ~ day of May 2009, by and between the COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, COLUMBIA HEIGHTS, MINNESOTA, a public body corporate and politic (the "Authority"), established pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (hereinafter referred to as the "Act"), the CITY OF COLUMBIA HEIGHTS, a Minnesota municipal corporation (the "City"), and 37~H AND CENTRAL LLC, a Minnesota limited liability company (the "Redeveloper"). WHEREAS, the City, the Authority and the Redeveloper entered into that certain Contract for Private Redevelopment dated as of June 24, 2008 (the "Contract") providing for the redevelopment of certain property described as the Redevelopment Property in the Contract; and WHEREAS, under Section 4.3(a) of the Contract, the Redeveloper is obligated to cormmence construction of the Minimum Improvements (as defined in that section) located on the Redevelopment Property and substantially complete such construction by January 1, 2010; and WHEREAS, the Redeveloper has requested the City and the Authority to extend the time for commencement and completion of construction due to its inability to lease space in the Redevelopment Property to tenants who fit the needs of the City due to the ongoing problems in the credit markets; and WHEREAS, the parties have determined a need to amend the Contract in order to allow the Redeveloper sufficient time to lease the Redevelopment Property and construct the Minimum. Improvements thereon. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: Section 4.3 of the Contract is amended read as follows: Section 4.3. Completion of Construction. (a) Subject to Unavoidable Delays, the Redeveloper must commence construction of the Minimum Improvements by May 1, 288-9 2010, and must substantially complete construction of the Minimum Improvements by January 1, 28-1-8 2011.. All work with respect to the Minimum Improvements to be constructed or provided by the Redeveloper on the Redevelopment Property shall be in substantial conformity with the Construction Plans as submitted by the Redeveloper and approved by the Authority and the City. If the Redeveloper is making substantial progress with respect to the redevelopment project, and is unable to meet one or more of the above-referenced deadlines, the Authority and the Redeveloper shall negotiate in good faith for a reasonable period to extend the time in which necessary action(s) must be taken or occur, the lapse of which time would otherwise constitute a default under this Agreement. 2. All other terms and conditions of the Contract shall remain fully in effect unless amended as provided therein. TN WITNESS WI-iEREOF, the Authority has caused this Amendment to be duly executed in its name and behalf alid its seal to be hereunto duly affixed, and the City has caused this Amendment to be duly executed in its name and behalf and its seal to be hereunto duly affixed, and the Redeveloper has caused this Agreement to be duly executed in its name and behalf on or as of the date first above written. STATE OF MINNESOTA ) SS. COUNTY OF ANOKA ) COLUMBIA HEIGHTS E MIC DEVELOPME' AUT .GRIT Its Prz"sident ~ By ,~ Its Executive Dire for t ~ k k e foregoing instrument was acknowledged before me this 28`'' day of April, 2009, by Th ~~- ~ .. ~' ~~4 =~-~ and ~.., f-~-~ ~-~ dr,~~ ,the President and Executive Director of the Columbia Heights Economic Development Authority, a public body politic and corporate, on behalf of the Authority. PATR~CIA V. MU~C4YITZ _ NOTARY PU6lJG MINNESOTA My Exp! Q1,~i-~10 _~_ ,~ ~~ -~ . .~ _ .. Notary Public gg 2 CITY STATE OF MINNESOTA ) ss. COUNTY OF ANOKA ) The foregoing instrument was acknowledged before me this I I th day of May, 2009, by Gary Peterson and Walter R. Fehst, the Mayor and City Manager of the City of Columbia Heights, a Minnesota municipal corporation, on behalf of the . ,~ ~ ~ y ~~~ Notar Public - :~T~1C6A V MUSC4YITZ ~, y °'3`ARY PU6llC R~{~INE~OTA '~~n Ot-X1.2010 ,~ ,,~.~ $ ~., ! Y Its City Manager 37TH AND CENTRAL LLC STATE OF MINNESOTA ) ss. COUNTY OF ~ 3<~~.~.,~ .` ~~.. ) By Christoph r Little Its t~-~. 1 "'.~~ The foregoing instrument was acknowledged before me this ``day of April, 2009 by Christopher Little, the ,~ ~ ~ ~ - ~~ ~ s , ~x ~ of 37th and Central LLC, a Mim~esota limited liability company, on behalf of the company. PATRICIA V. MUSGOVIT~ NOTARY PU~UC MI ~ Cow ~!-3t® 10 c Notary Public 4