HomeMy WebLinkAboutEDA RES 2009-06
EDA Resolution 2009-06
Amendment to “Contract for Private Redevelopment by and Between the Columbia
Heights Economic Development Authority, Columbia Heights, Minnesota and
Greater Metropolitan Housing Corporation” dated May 14, 2007
WHEREAS
, on May 14, 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 4141 Jefferson 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
, the agreement called for payment of up to $65,050 in gap financing by the
Economic Development Authority pursuant to Section 3.3(a), and
WHEREAS
, due to economic conditions causing declining sales prices the
redevelopment gas has increased to $88,850, an increase of $23,800, and
WHEREAS,
The EDA is “not responsible for any deficit incurred by the Redeveloper
(defined within the Agreement as Greater Metropolitan Housing Corporation) in the
acquisition, construction or sale of the Minimum Improvements”, and
WHEREAS,
although not obligated to provide additional funding, the EDA is electing to
divide the increased gap financing amount by 50% ($11,900) for a total assistance of
$76,950.
NOW THEREFORE BE IT RESOLVED, The Economic Development Authority hereby
agrees to amend Section 3.3 (a) of the Agreement to increase the amount of Authority
Assistance to $76,950. The Authority Assistance shall be paid from Fund 226 “Special
Projects.”
Passed this _____day of ____________, 2009.
Offered by:
Second by:
Roll Call: ______________________________
President -
_______________________________
Executive Director, Walter R. Fehst