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HomeMy WebLinkAboutEDA RES 2016-08COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY RESOLUTION RESOLUTION RATIFYING APPROVAL OF A SECOND AMENDED AND RESTATED CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY, THE CITY OF COLUMBIA HEIGHTS AND COLUMBIA HEIGHT'S LEASED HOUSING ASSOCIATES 1, LLLP 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 (the "City"), and Columbia Heights Leased Housing Associates 1, LLLP (the "Developer") have negotiated a Second Amended and Restated Contract for Private Redevelopment (the "Contract") to allow for the redevelopment of certain property originally included in a Contract for Private Redevelopment between the City, Authority, and Shafer Richardson dated as of October 25, 2004, as previously amended and restated (the "Prior Contract"), regarding redevelopment of certain property within the City located in the area known as Huset Park (the "Redevelopment Property"). 1,02. The Authority previously approved the Contract on October 12, 2015, subject to modifications that do not alter the substance of the transaction, and the Redeveloper has acquired the Redevelopment Property, but the Contract has not been fully executed. 1.03. The Authority, the City and the Redeveloper have proposed to modify Section 15 of the Contract to allow for the refunding of the Authority's outstanding Tax Increment Revenue Bonds, Series 2007, to achieve debt service savings. This revision constitutes a modification that alters the substance of the transaction, and as such requires the approval of the Authority and City. 1.04. The Board has reviewed the Contract as proposed to be revised 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 Ratification of Approval; Further Proceedings. 2.01, 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. 2.01 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. 476953v I MNI CL-205-23 Approved by the Board of Commissioners of the Columbia Heights Economic Development Authority this 4"' day of April, 2016. ATTEST: on Secretary 476953vt MNI CI ?05-23