HomeMy WebLinkAboutResolution No. 2011-135 CITY OF COLUMBIA HEIGHTS
RESOLUTION NO. 2011-135
RESOLUTION APPROVING AGREEMENT FOR ASSIGNMENT AND
RELEASE OF OBLIGATIONS, AND AMENDMENT OF AMENDED AND
RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT BY AND
BETEWEEN COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT
AUTHORITY COLUMBIA HEIGHTS MINNESOTA AND THE CITY OF
COLUMBIA HEIGHTS MINNESOTA AND 37th AND CENTRAL LLC
BE IT RESOLVED By the City Council (the "Council ") of the City Columbia Heights
Minnesota, (the "City ") as follows:
Section 1. Recitals.
1.01. The City, the Authority and 37th and Central LLC (the "Redeveloper ") entered into a
Contract for Private Redevelopment dated June 24, 2008, as amended by a First Amendment thereto
dated April 28, 2009, and as amended by the Second Amendment dated May 25, 2010 (collectively,
the "Contract ").
1.02. The Redeveloper has concluded negotiations with O'Reilly Automotive Stores, Inc. a
Missouri corporation ( "O'Reilly ") for the purchase by O'Reilly of all of the Redeveloper's interest
in the Contract.
1.03. The Council has reviewed the "AGREEMENT FOR ASSIGNMENT AND
RELEASE OF OBLIGATIONS, AND AMENDMENT OF AMENDED AND RESTATED
CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN COLUMBIA
HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY COLUMBIA HEIGHTS
MINNESOTA AND THE CITY OF COLUMBIA HEIGHTS MINNESOTA AND 37th AND
CENTRAL LLC" (the "Assignment ") providing for the assignment of the Contract to O'Reilly, the
release of the Redeveloper from its remaining obligations under the Contract, and the amendment of
the Contract as stated therein, and finds that the execution thereof and performance of the City's and
Authority's obligations thereunder are in the best interest of the City and its residents.
Section 2. City Approval; Further Proceedings.
2.01. The Assignment as presented to the Council is hereby in all respects approved, subject
to modifications that do not alter the substance of the transaction and that are approved by the
Mayor and City Manager, provided that execution of the documents by such officials shall be
conclusive evidence of approval.
2.02. The Mayor and City Manager are hereby authorized to execute on behalf of the City
the Assignment and any documents referenced therein requiring execution by the City, and to carry
out, on behalf of the City its obligations thereunder.
Passed this 28th day of November 2011
Offered by: Diehm
Second by: Williams
Roll Call: Ayes: Peterson, Williams, Nawrocki, Diehm, Schmitt
\„, ati/ itYki
(
Vf& Gary L. ' eterson
ST:
• atricia Muscovitz k C)City Cle k
394733v2 MTN CL205-44 2