HomeMy WebLinkAboutEDA RES 2016-17BE IT RESOLVED BY the Board of Commissioners (the "Board") of the Columbia Heights
Econornic Development Authority (the "Authority") as follows:
Section. I. Recitals.
1.01. Pursuant to their authority under Minnesota Statutes, Sections 469.090 to
469,1082 and 4699.174 to 469.1794, as amended, the Authority and the City of Columbia Heights
(the "City") established the Huset Park Tax Increment Financing District within the Downtown
CBD Redevelopment Project (the "Project"), for the purpose of facilitating the redevelopment of
certain substandard property within the Project.
1.02, the Authority, the City, and Columbia Heights Leased Housing Associates 1, I-LLP
(the "Redeveloper") entered into that certain Second Amended and Restated Contract for Private
Redevelopment dated as of October 30, 2015 (the "Contract"), amending and restating certain prior
agreements and providing, among other things, for the construction by the Redeveloper of certain
improvements (the "Minimum Improvements") on the property legally described within the
Contract (the "'Redevelopment Property"), and the disbursement of an administrative fee by the
Redeveloper to the Authority (the "Administrative Fee") in connection with the issuance by the
Authority of its Tax Increment Revenue Refunding Bonds (Huset Park Area Redevelopment
Project), Series 2016 (the "Bonds").
1,0 3, The parties have negotiated and propose to execute a First Amendment to the
Contract (the "First Amendment") to clarify the definition Of "Minimum Improvements," to
extend the required deadlines for the commencement and completion of construction of the
Minimum Improvements, and to designate an extended deadline for payinent of the
Administrative Fee,
1.04. The City Council of the City approved the First Amendment at its regular meeting
on July IL 20 16.
Section 2. First Amendment Approved.
2.01. The First 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
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approved by the President and Executive Director, provided that execution of the First
Amendment 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 First Amendment and any documents referenced therein requiring execution
by the Authority, and to carry out, on behalf of the Authority, its obligations, thereunder,
2,03, Authority staff and consultants are authorized to take any actions necessary to
carry out the intent of this resolution.
Adopted by the Board of Commissioners of the Columbia Heights Economic
Development Authority this July 21, 2016.
Vice President
ATTEST:
"D
Secretary
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