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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 419270v1 SJB CL205-23 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. 419270v1 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 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 419270v1 SJB CL205-23 3 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 419270v1 SJB CL205-23 4 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 419270vl SJB CL205-23 5