HomeMy WebLinkAboutEDA RES 2011-18COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2011-18
RESOLUTION APPROVING A FOURTH AMENDMENT To AMENDED
AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT
BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT
AUTHORITY, THE CITY OF COLUMBIA HEIGHTS AND BNC
NATIONAL BANK AS SUCCESSOR TO HUSET PARK DEVELOPMENT
CORPORATION
BE IT RESOLVED By the Board of Commissioners ("Board") of the Columbia Heights
Economic Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The 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, the City of Columbia Heights ("City") and I-luset Park Developnient
Corporation (the "Redeveloper") entered into a into An Amended and Restated Contract for Private
Redevelopment dated as of August 1, 2007, as amended by a First Amendment thereto dated June
16, 2008 and a Second Amendment thereto dated as of February 9, 2009 and a Third Amendment
Thereto dated as of September 28, 2009 (the "Contract"), setting forth the terms and conditions of
redevelopment of certain property within the Redevelopment Project, generally located east of
University Avenue and south and west of Huset Park.
1.03. BNC National Bank (the "Lender") is the successor in interest to Redeveloper under
the Contract.
1.04. The Lender has requested the Authority and City to modify the Contract in certain
respects, and the Authority has caused to be prepared a Fourth Amendment to Amended and
Restated Contract for Private Redevelopment between the Authority, City and Lender (the
Amendment").
1.05. The Board has reviewed the Fourth Amendment and finds that the execution thereof
and performance of the Authority's obligations thereunder are in the best interest of the City and its
residents.
Section 2. Authority,Approyal - Further Proceedings.
2.01. The Fourth Amendment as presented to the Board is hereby in all respects approved,
subject to modifications that do not alter the substance of the transaction. and that are approved by
the President and Executive Director, provided that execution of the documents by such officials
shall be conclusive evidence of approval.
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2.02. The President and Executive Director are hereby authorised to execute on behalf of
the Authority the Fourth Amendment and any documents referenced therein requiring execution by
the Authority, .and to carry out, on behalf of the Authority its obligations thereunder.
Approved by the Board of Commissioners of the Columbia Heights Economic Development
Authority this 22" d day of November, 2011.
ATTEST:
y i-
Shelley Hanson., Seqjetary
3946120 SJB C1.205 -23 2