HomeMy WebLinkAbout2016-37CITY OF COLUMBIA HEIGHTS
RESOLUTION NO. 2016 - 37
RESOLUTION RATIFYING APPROVAL OF A 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 follows:
Section 1. Recitals.
1.01. The City, the Columbia Heights Economic Development Authority (the "Authority "),
and Columbia Heights Leased Housing Associates I, LLLP (the "Developer ") have negotiated a
Second Amended and Restated Contract for Private Redevelopment (the "Contract ") to allow for
the redevelopment of certain property originally included in a Contract for Private Redevelopment
between the City, Authority, and Shafer Richardson dated as of October 25, 2004, as previously
amended and restated (the "Prior Contract "), regarding redevelopment of certain property within
the City located in the area known as Huset Park (the "Redevelopment Property ").
1.02. The City previously approved the Contract on October 12, 2015, subject to
modifications that do not alter the substance of the transaction, and the Redeveloper has acquired
the Redevelopment Property, but the Contract has not been fully executed.
1.03. The Authority, the City and the Redeveloper have proposed to modify Section 3.5 of
the Contract to allow for the refunding of the Authority's outstanding Tax Increment Revenue Bonds,
Series 2007, to achieve debt service savings. This revision constitutes a modification that alters the
substance of the transaction, and as such requires the approval of the Authority and City.
1.04. The Council has reviewed the Contract as proposed to be revised 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 Ratification of Approval; Further Proceedings.
2.01. 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.
2.02. The Mayor and City Manager are hereby authorized to execute on behalf of the City
the Contract and any documents referenced therein requiring execution by the City, and to carry out,
on behalf of the City, its obligations thereunder.
4769550 NIN1 CL205 -23
Passed this 11th day of April, 2016
Offered by: Williams
Seconded by: Murzyn, Jr
Roll Call: All Ayes
Gary L. Peterson, Mayor
Attest:
Katie Bruno, City Clerk /Council Secretary
476955vi MNI CL205 -23