HomeMy WebLinkAboutContract 2011 2418 •
FOURTH AMENDMENT TO
AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT
THIS AGREEMENT, made on or as of the 28th day of November, 2011, by and between
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, COLUMBIA
HEIGHTS, MINNESOTA, a public body corporate and politic (the "Authority "), established
pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (hereinafter referred to as the
"Act "), the CITY OF COLUMBIA HEIGHTS, a Minnesota municipal corporation (the "City ")
and BNC NATIONAL BANK, a national banking association (the "Lender ", and successor in
interest to Huset Park Development Corporation, the "Redeveloper).
WITNESSETH:
WHEREAS, the Authority, City, and Redeveloper hereto entered into that certain
Amended and Restated Contract for Private Redevelopment dated as of August 1, 2007, as
amended by a First Amendment thereto dated as of June 16, 2008, as further amended by a
Second Amendment thereto dated as of February 2009 and by a Third Amendment thereto dated
September 28, 2009 (the "Contract "), providing for redevelopment of certain property in the City
described as the Redevelopment Property; and
WHEREAS, the Authority, City and Lender entered into a Subordination and Consent
Agreement dated July 10, 2006 (the "Subordination Agreement ") regarding the Contract; and
WHEREAS, the Subordination Agreement provided that, if Lender foreclosed on its
Mortgage (as defined in the Subordination Agreement), Lender is entitled to all the rights and
benefits of Redeveloper under the Contract as though Lender were the Redeveloper, subject to
Lender's performance of all terms and conditions of the Contract.; and
WHEREAS, the Lender has requested that the Authority and City amend the Contract as
further described herein;
NOW, THEREFORE, in consideration of the premises and the mutual obligations of the
parties hereto, each of them does hereby covenant and agree with the other as follows:
1. Section 4.3 of the Contract is modified as follows (italicized language shows
revision):
Section 4.3. Completion of Construction. (a) Subject to Unavoidable Delays and the
provisions of paragraphs (b), (c) and (d) below, the Minimum Improvements must be constructed
in accordance with the following schedule:
Phase I: As of the date of the Amended and Restated Contract, the internal site
improvements and at least 80 percent of the required number of units for
Phase IA are complete. Redeveloper must substantially complete all
internal site improvements for Phase IB, including roads, and at least 80
394607v3 SJB CL205 -23
percent of required number of housing units for Phase IB, by December
31, 2012.
Phase II: As of the date of this Fourth Amendment to the Amended and Restated
Contract, Phase IIA is substantially complete. Redeveloper must
substantially complete all internal site improvements, including roads,
together with at least 80 percent of required number of housing units for
Phase IIB, by April 30, 2013.
Phase III: Redeveloper must construct and complete all internal site improvements,
including roads, and at least 80 percent of the required number of housing
units, according to the following schedule:
Phase IIIA: Commence by December 30, 2012; complete by
December 30, 2014.
Phase IIIB: Commence by June 30, 2013; complete by June 30, 2014.
Phase IIIC: Commence by December 31, 2014; complete by
December 31, 2016.
2. The Contract remains in full force and effect and is not modified except as
expressly provided herein.
394607v3 SJB CL205 -23 2
IN WITNESS WHEREOF, the Authority has caused this Agreement to be duly executed
in its name and behalf and its seal to be hereunto duly affixed and the Redeveloper has caused
this Agreement to be duly executed in its name and behalf on or as of the date first above written.
COLUMBIA HEIGHTS ECO MIC
DEVELOPMENT AUTH t ' ITY
13 WASP iZ —
s - esident
By
Its Executive Director
STATE OF MINNESOTA )
) SS.
COUNTY OF ANOKA )
The foregoing instrument was acknowledged before me this ,a154- day of
, 2011, by J� t and Walter R. Fehst, the President
and Executive Director of the ColuMbia Heights Economic Development Authority, a public
body politic and corporate, on behalf of the Authority.
PATRICIA V. MISCOVITZ r
ar �' PiCd3l31Y
No ary Public
•,;t,
comi 01 .31 -2015
394607v3 SJB CL205 -23 3
CITY OF COLUMBIA S
B
Its Mayor
By .r�..r
Its City Manager
STATE OF MINNESOTA )
) SS.
COUNTY OF ANOKA )
The foregoing instrument was acknowledged before me this .. ( day of
e _: M , 2011, by Gary Peterson and Walter R. Fehst, the Mayor and City Manager
of the City of Columbia Heights, a Minnesota municipal corporation, on behalf of the City.
ri
PRICY. MUSCOWL
Nom iC M O M
Comm fi, X 01. 362015 r otary Public
394607v3 SJB CL205 -23 4
BNC NATIONAL BANK
*
7 1
..110.21FAIP_
By k : - .0mosi---
Its \APce_ frerimrA
STATE OF MINNESOTA )
) SS.
COUNTY OF tgeApte )
The foregoing instrument was acknowledged before this / day of
2011 byt)eA, 4 /Pr( 60-1 /Wro A:: , the Vie c /12c BNC National
Bank, a national banking association, on behalf of the Bank.
RANDOLPH C. JOHNSON
N0 i so
a
*at:oy t
N„,... t,, Cc nrmssion E.- Jan 31, 2015
I Notary Publi LT
394607v3 SJB CL205-23 5