HomeMy WebLinkAboutEDA RES 2015-23COLUMBIA HEIGHTS, ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO, 2015-23
RESOLUTION APPROVING A SECOND AMENDED AND RESTATED
CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE
COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, THE
CITY OF COLUMBIA HEIGHTS AND COLUMBIA HEIGHTS LEASED
HOUSING ASSOCIATES 1, Ll,l..,P
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 Columbia Heights Economic Development Authority ("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 Fleights (the "City"), and Huset Park
Development Corporation (the "Original Developer") previously entered into a Conti-act for
Private Redevelopment dated as of October 25, 2004, amended and restated in its entirety by all
Amended and Restated Contract for Private Redevelopment dated as of August 1, 2007, as
amended by a First Amendment thereto dated as of June 16, 2008" a Second Amendment thereto
dated as of February 9, 2009, a Third Amendment thereto dated as of September 28, 2009
(subsequent to which BNC National Bank ("BNC") succeeded in interest to the Original
Developer), a Fourth Amendment thereto dated as of November 21, 2011, a Fifth Amendment
thereto dated as of April 2013, and a Sixth Amendment thereto dated as of June 2, 2014
(together, the "Original Contract") regarding redevelopment of certain property within the
Redevelopment Project in the area known as Huset Park (the "Redevelopment Property"),
1.03. A portion of the Redevelopment Property (the "Redeveloper Parcels") has not
been developed as contemplated in the Original Contract, and BNC proposes to convey the
Redeveloper Parcels to Columbia Heights Leased Housing Associates 1, LLLP (the
"Redeveloper") and to assign the Original Contract to the Redeveloper as to such Redeveloper
Parcels,
1.04. The Authority, the City and the Redeveloper have proposed to enter into a Second
Amended and Restated Contract for Private Redevelopment (the "Contract"), setting forth, the terms
and conditions of'redevelopment of the Redeveloper Parcels.
1.05. The Board has reviewed the Contract 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. A uthoi t A roval - Further Proceed in s,
2,01 . The Authority approves the assignment of the Original Contract to the Redeveloper
as to the Redeveloper Parcels,
20.2. The Contract 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.
2.03. The President and Executive Director are hereby authorized to execute on behalf of
the Authority 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 12"' day of October, 2015.
ATTEST:
Secretary��