HomeMy WebLinkAboutEDA RES 2014-04COLUMBIA HEIGHTS ECONOMIC DEVELOPMENTAUTHORITY
BE u 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, 46:9.090 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").
1.03, BBC 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 Sixth Arnendment to Amended and Restated
Contract for Private Redevelopment between the Authority, City and Lender (the "Sixth
Amendment"),
1,05, 'flic Board has reviewed the Sixth Amendment and finds that the execution thereof
and perfon-nance of the Authority's obligations thereunder are in the best interest of the City and its
residents.
Section 2. Authonty AP wal, udber Proceedin
zova --E-
2.0L The Sixth 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,
2.02. The President and Executive Director are hereby authorized to execute on behalf of
the Authority the Sixth 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 2nd day of June, 2014.
ATTEST:
Secretary
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