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HomeMy WebLinkAbout2016-63CITY RESOLUTION NO. 2016-63 RESOLUTION APPROVING FIRST AMENDMENT SECOND AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, OF r COLUMBIA r HOUSING ASSOCIATES BE IT RESOLVED BY the City Council (the "Council ") of the City of Columbia Heights, Minnesota (the "City ") as follows: Section 1. Recitals. 1.01. Pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1082 and 469.174 to 469.1794, as amended, the Columbia Heights Economic Development Authority (the "Authority "), with the approval of the City, created the Huset Park Tax Increment Financing District within its Downtown CBD Redevelopment Project (the "Project "), for the purpose of facilitating the redevelopment of certain substandard property within the Project. 1.02. the Authority, the City, and Columbia Heights Leased Housing Associates I, LLLP (the "Redeveloper ") entered into that certain Second Amended and Restated Contract for Private Redevelopment dated as of October 30, 2015 (the "Contract "), amending and restating certain prior agreements and providing, among other things, for the construction by the Redeveloper of certain improvements (the "Minimum Improvements ") on the property legally described within the Contract (the "Redevelopment Property "), and the disbursement of an administrative fee by the Redeveloper to the Authority (the "Administrative Fee ") in connection with the issuance by the Authority of its Tax Increment Revenue Refunding Bonds ( Huset Park Area Redevelopment Project), Series 2016 (the "Bonds "). 1.03. The parties have negotiated and propose to execute a First Amendment to the Contract (the "First Amendment ") to clarify the definition of "Minimum Improvements," to extend the required deadlines for the commencement and completion of construction of the Minimum Improvements, and to designate an extended deadline for payment of the Administrative Fee. Section 2. First Amendment Approved. 2.01. The First Amendment 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 First Amendment by such officials shall be conclusive evidence of approval. 482535v1 NINl CL205 -23 2.02. The Mayor and City Manager are hereby authorized to execute on behalf of the City the First Amendment and any documents referenced therein requiring execution by the City, and to carry out, on behalf of the City, its obligations thereunder. 2.03. City staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution. Adopted by the City Council of the City of Columbia Heights this July 11, 2016. Offered by: Schmitt Seconded by: Murzyn, Jr. Roll Call: All Ayes ATTEST: ' City Clerk 482535v 1 MN1 CL205 -23