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:
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Secretary
President