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BE IT RESOLVED BYthe Board' of Commissioners ("Board") of the Columbia Heights Economic Development
Authority (the "Authority") as follows:
SECTION 1. RECITALS.
1.01. Pursuant to their authority under Minnesota Statutes, Sections 469,090 to 469,1082 and
469.17'4 to 469.1794, as amended, the Authority and the City of Columbia Heights (the "City") established the
Hy-Vee 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 Hy-Vee, Inc. (the " "Redeveloper " ") entered into that certain, Contract for
Private Redevelopment dated as of October 24, 2016 (the "Contract"), providing, among other thiings, 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. Due to an expected delay in commencement of construction of the Mlinimulm Improvements,
the parties have negotiated and' propose to execute a First Amendment to the Contract (the "First
Amendment") to revise the required construction schedule of the Minimum Improvements resulting from saild
delay.
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 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,
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.
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Passed this 4th day of June, 2018
Offered by: A r'01ct±
Seconded by: C'(`�,(�,c,v
Roll Call,: cuL
Presid: !
Attest:
Assistant Secretary
Resolution 2018-09