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HomeMy WebLinkAboutEDA RES 2009-12COLUMBIA HEIG14TS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2009-12 RESOLUTION APPROVING A FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND 37'x' AND CENTRAL LLC BE IT RESOLVED By the Board of Commissioners ( "Board ") of the Columbia Heights Economic Development Authority ( "Authority ") as follows: Section 1. Recitals. 1,01. The Authority and 37th and Central LLC (the "Redeveloper ") entered into a Contract for Private Redevelopment dated June 24, 2008 (the "Contract "), setting forth the terms and conditions of redevelopment of certain property within the Redevelopment Project, generally located west of Central Avenue at 370i Street, 1.02. The parties have determined a need to amend the Contract to facilitate the leasing of the Minimum Improvements by granting an extension to the Redeveloper for the commencement of construction to May 1, 2010 and completion of construction to January 1, 2011. 1.03. The Board has reviewed a First Amendment to the Contract and finds that the execution thereof and performance of the Authority's obligations thereunder are in the best interest of the City and its residents. Section 2. Authority Approval, Further Proceedings. 2.01. The First Arendment to the Contract as presented to the Board is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the President and Executive Director, provided that execution of the 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 First Amendment to the Contract and any documents referenced therein requiring execution by the Authority, and to carry out, on behalf of the Authority its obligations thereunder. Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this 28th day of April, 2009. President ATTEST: r` Secretary