HomeMy WebLinkAboutContract No. 2013 2522 252"
FIFTH AMENDMENT TO
AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT
THIS AGREEMENT, made on or as of the .jl day of , 2013,
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 9, 2009, by a Third Amendment thereto dated
September 28, 2009 and by a Fourth Amendment thereto dated as of November 21, 2011 (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
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internal site improvements for Phase I13, including roads, and at least 80
percent of required number of housing units for Phase I13, by December
31, 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, 2013; complete by
December 30, 2015.
Phase III13: Commence by June 30, 2014; complete by June 30, 2015.
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.
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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 EC OMIC
DEVELOPMENT AU GRIT
Its Preside
�
By Gam;`
Its Executive Director
STATE OF MINNESOTA )
SS.
COUNTY OF ANOKA )
The foregoing instrument was acknowledged before me this ( day of
Mew 9 2013, by Gary Peterson 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.
0-1 Y1
Notary Public
4eonhardt
NON Public
Minnesota ary31 2014
My commission Expire sJanu
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CITY OF COLUMBIA H IGHTS
Its ayor
By
Its City Manager
STATE OF MINNESOTA )
SS.
COUNTY OF ANOKA }
The foregoing instrument was acknowledged before me this , day of
1, , 2013, by Gary Peterson and Walter R. Fehst, the Mayor and City Manager
of the City f Columbia Heights, a Minnesota municipal corporation, on behalf of the City.
i
Notary Publi
" Tori A. Leonhardt
-4z�O-, � Notary Public
- Minnesota
My Commission Expires January 31,2014
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BNC NATIONAL BANK
By
Its
STATE OF MP4414�A )
COUNTY OF rnt�P. �> T t ) SS.
T e foregoing instru ent wlss- ac iowledge before this today of
J V-Nc ' 2013 b I l�fi >1 Y the G-- of BNC National
Bank, a national banking association, on behalf oTfhc Bank.
Not Public
18100108VIAL SEAL.
Janet Brimhall
Now,Public Arizona
€" Maricopa County
M Commission Ex ires 3/8/2015
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