HomeMy WebLinkAbout2015-81•l 1O I_ :_
A resolution of the City Council for the City of Columbia Heights, Minnesota,
follows
RESOLUTION APPROVING SECOND AMENDED AND RESTATED CONTRACT FOR PRIVATE
REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY,
THE CITY OF COLUMBIA HEIGHTS AND COLUMBIA HEIGHTS LEASED HOUSING ASSOCIATES I, LLLP
BE IT RESOLVED By the City Council ( "Council ") of the City of Columbia Heights, Minnesota ( "City ") as
Section 1. Recitals.
1.01. The Columbia Heights Economic Development Authority ( "Authority ") has determined a need to
exercise the powers of a housing and redevelopment authority, pursuant to Minnesota Statutes, Sections.
469.090 to 469.108 ( "EDA Act "), and is currently administering the Downtown CBD Redevelopment Project
( "Redevelopment Project ") pursuant to Minnesota Statutes, Sections 469.001 to 469.047 ( "HRA Act ").
1.02. The Authority and Huset Park Development Corporation (the "Original Developer ") previously
entered into a Contract for Private Redevelopment dated as of October 25, 2004, amended and restated in its
entirety by an 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, a Second Amendment thereto dated as of
February 9, 2009, a Third Amendment thereto dated as of September 28, 2009 (subsequent to which BNC
National Bank ( "BNC ") succeeded in interest to the Original Developer), a Fourth Amendment thereto dated as
of November 21, 2011, a Fifth Amendment thereto dated as of April 2013, and a Sixth Amendment thereto
dated as of June 2, 2014 (together, the "Original Contract ") regarding redevelopment of certain property
within the Redevelopment Project in the area known as Huset Park (the "Redevelopment Property ").
1.03. A portion of the Redevelopment Property (the "Redeveloper Parcels ") has not been developed
as contemplated in the Original Contract, and BNC has proposed to convey the Redeveloper Parcels to
Columbia Heights Leased Housing Associates I, LLLP (the "Redeveloper ") and to assign the Original Contract to
the Redeveloper as to such Redeveloper Parcels.
1.04. The Authority, the City and the Redeveloper have proposed to enter into a Second Amended and
Restated Contract for Private Redevelopment (the "Contract "), setting forth the terms and conditions of
redevelopment of the Redeveloper Parcels.
1.05, The Council has reviewed the Contract and finds that the execution thereof and performance of
the City's obligations thereunder are in the best interest of the City and its residents.
Section 2. City Approval; Further Proceedings.
2.01. The Council approves the assignment of the Original Contract to the Redeveloper as to the
Redeveloper Parcels.
2.02. The Contract 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.
City ofColumbia Heights Council Resolution
Page
2.03. The Mayor and City Manager are hereby authorized to execute on behalf ofthe City the Contract
and any documents referenced therein requiring execution by the City, and to carry out, On behalf nf the City, its
obligations thereunder.
�
�
Approved b« the [hv[ound|of the Cbvof[o|unnbiaHeight�K4innesota this I� day of October, 2015.
ORDER [JFCOUNCIL
Passed this 12th day of October, 2015
Offered by: Nawrocki
Seconded by: Murzyn, Jr.
Roll Call: All Ayes
Gary L. Peterson, �ayor
Katie Bruno, City Clerk/Council Secretary