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HomeMy WebLinkAboutEDA RES 2017-33E RESOLUTION NO. 2017-33 RESOLUTION APPROVING A FIRST AMENDMENT TO CONTIUCT FOR PRIVATE REDEVELOPMENT BETWEEN THE COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY AND COLUMBIA HEIGHTS LEASED HOUSING ASSOCIATES 111, LLLP BE IT RESOLVED BY the Board of Commissioners (the "Board") of the Columbia Heights Economic Developincrit Authority (the "Authority") as follows: Section 1, Recitals, 1.01. Pursuant to their authority under Minnesota Statutes, Sections 469.090 to 469. 1082 and 469'.174 to 469.1794, as amended, the Authority and the City of Columbia Heights (the "City") established the 47"' and Grand 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 and Columbia Heights Leased Housing Associates 111, LLLP (the "Redeveloper") entered into that certain Contract for Private Redevelopment dated as of August 7, 2017 (the "'Contract"), 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"). 1.03. Based on a decrease in size and number of units of the Minimum Improvements, the parties have negotiated and propose to execute a First Amendment to the Contract (the "First Amendment") to revise the definition of "Minimum Improvernents"and to provide revised terms of the Note and revised Minimum Market Values of the Minimum Improvements resulting from said decrease in scope. Section 2. First Amendment Approved. 2-01. The First Amendment as presented to the Board is hereby in a.11 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 First Amendment 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 First Amendment and any documents referenced therein requiring execution by the Authority, including without limitation the Assessment Agreement, and to carry out, on behalf of the Authority, its obligations thereunder, 2.113. Authority staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution. .511629vi MNJ CL205-66 Adopted by the, Board of ornmissioners of the Colunibia Heights Econoinic Development Authority this 27"' day ol'November, 2017, ......... . .. Presidell ,,m, i- A r Secretay IL T- 511629v MNI CL205-66