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HomeMy WebLinkAboutEDA RES 2013-02COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION NO. 2013-02 RESOLUTION APPROVING A FIFTH AMENDMENT TO AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF COLUMBIA HEIGHTS AND ZINC NATIONAL BANK AS SUCCESSOR TO HUSET PARK DEVELOPMENT CORPORATION BE IT RESOLVED By the Board of Commissioners ("Board"') of the Colun-lbia Heights Economic Development Authority ("Authority") as fiollows. 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 46,9,001 to 469,047 (" "(IRA Act"), 1.02. The Authority, the City of Columbial-leights, ("City") and Huset Park Development 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 ot'September 28, 2009 and a Fourth Amendment dated as of November 22, 2011 (the "Conti-act"), setting forth the terms and conditions of redevelopment of certain properly within the Redevelopment Project, generally located cast 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 Fifth Amendment to Amended and Restated Contract for Private Redevelopment between the Authority, City and Lender (the "(Fifth Amendment"), 1.0)5. 'The Board has reviewed the Fifth 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. Authori jLty Approval, Further Proceedings, 2.01. The Fifth 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 docurnents by such officials 3946120 SJB 01,205-23 shall be conclusive evidence of approval. 2.02. The President and Executive Director are hereby authorized to execute on behalf of the Authority the Fifth 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 6th day of May, 2013. ATTEST: Shelley Hanson, Sctary 394612v I SJB C1,205-23 2