HomeMy WebLinkAboutEDA RES 2010-08COLUMBIA IIEIGI -ITS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2010-08
RESOLUTION APPROVING A SECOND 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 (tile "Redeveloper ") entered into a Contract
for Private Redevelopment dated June 24, 2008, as amended by a First Amendment thereto dated
April 28, 2009 (the "Contract "), setting forth the terms and conditions of redevelopment of certain
property within the Redevelopment Project, generally located west of Central Avenue at 37`x' 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, 2011 and completion of construction to January 1, 2012.
1.03. The Board has reviewed a Second 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 Second 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 Second 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 Econon -tic Development
Authority this 25th day of May, 2010.
ATTEST:
0 0 m
Secretary, Shelley 10ison