HomeMy WebLinkAboutEDA RES 2011-19COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 201.1-19
RESOLUTION APPROVING AGREEMENT FOR ASSIGNMENT AND
RELEASE OF OBLIGATIONS, AND AMENDMENT OF AMENDED AND
RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT BY AND
BETEWEEN COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT
AUTHORITY COLUMBIA HEIGHTS MINNESOTA AND THE CITY OF
COLUMBIA HEIGHTS MINNESOTA AND 37th AND CENTRAL LLC
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, the City of Columbia Heights and 37th and Central LLC (the
"Redeveloper") entered into a Contract fior Private Redevelopment dated June 24, 2008, as amended
by a First Amendment thereto dated April 28, 2009, and as amended by the Second Amendment
thereto dated May 25, 2010 (collectively, the "Contract").
1.02. The Redeveloper has concluded negotiations with O'Reilly Automotive Stores, Inc. a
Missouri corporation ("O'Reilly") for the purchase by O'Reilly of all of the Redeveloper's interest
in the Contract.
1.03. The Board has reviewed the "AGREENIENTFOR ASSIGNMENT AND RELEASE
OF OBLIGATIONS, A: "CIO AMENDMENT COI" AMENDIED AND RESTATED CONTRACT
FOR PRIVATE REDEVELOPMENT BY AND BETEWEEN COLUMBIA HEIGHTS
ECONOMIC DEVELOPMENT AUTHORITY COLUMBIA HEIGHTS MINNESOTA AND
THE CITY OF COLUMBIA HEIGHTS MINNESOTA AND 37th AND CENTRAL LLC" (the
"Assignment") providing for the assigninent of the Contract to O'Reilly, the release of the
Redeveloper from its remaining obligations under the Contract, and the amendment of the Contract
as stated therein, 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 Approval; Further Proceedings.
2.01. The Assignment as presented to the Board is hereby in all respects approved, subject
to modifications that do not after 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,
2,02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Assignment of the Contract 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:
J,\A
A
Shelley Hanson,*retary
-194728v2 MI N ('120544