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HomeMy WebLinkAboutEDA RES 2010-03COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2010 -03 RESOLUTION APPROVING A FOURTH AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND GRAND CENTRAL PROPERTIES, LLC BE IT RESOLVED By the Board of Commissioners (the "Board ") of the Columbia Heights Economic Development Authority (the "Authority ") as follows: Section 1. Recitals. 1.01. The Authority and New Heights Development, LLC entered into that certain Contract for Private Redevelopment dated as of September 22, 2003, as amended by a First Amendment thereto dated April 26, 2005 and by a Second Amendment thereto dated November 22, 2005 and a Third Amendment thereto dated August 28, 2007 (the "Contract ") providing for the redevelopment of certain property in the City. 1.02. New Heights Development, LLC has changed its legal name to Grand Central Properties, LLC but in all respects remains the Redeveloper under the Contract. 1.03. The Authority considered and approved a further amendment to the Contract in September, 2008, but such amendment was not executed. 1.04. The parties have determined a need to amend the Contract further, and staff has submitted to the Board a Fourth Amendment to the Contract which supersedes any prior unexecuted versions of such amendment. 1.05. The Board has reviewed the Fourth 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 Proceedin s. 2.01. The Fourth Amendment 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 Fourth 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. Passed this 23rd day of February 2010. Motion By: Second By: Ayes: ATTEST: --s�o 0 tl QXA A-A-a Secretary President