HomeMy WebLinkAbout2016-2756.12CONTRACT NO: 2016-012
CQ-4r—T—
FIRST AMENDMENT TO SECOND AMENDED AND RESTATED, CONTRACT FOR
PRIVATE REDEVELOPMENT
This agreement is made as of ZL . . ..... . 2016, by and between the COLUMBIA
A T HEIGHTS ECONOMIC DEVELOPMENT A THORITY, a public body politic and corporate (the
Authority"), the CITY OF COLUMBIA HEIGHTS, a Minnesota municipal corporation (tile
City"), and COLUMBIA HEIGHTS LEASED HOUSING ASSOCIATES 1, LLLP, a Minnesota
limited liability limited partnership (the "Redeveloper").
WHEREAS, the Authority, the City, and the Redeveloper entered into that certain Second
Amended and Restated Contract for Private Redevelopment dated as of October 30, 2015 (theContract"), amending and restating, certain prior agreements and providing, arriong 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 "AdministrativeFee") in connection with the issuance by the Authority of its Tax Increment Revenue RefundingBonds (Huset Park Area Redevelopment Project), Series 2016 (the "Bonds"); and
WHEREAS, the parties have determined to revise the Contract to clarify the definition ofMinimumImprovements," to extend the required deadlines for the commencement and completion
of construction of the Minimurn Improvements,, and to designate an extended deadline for payment
of the Administrative Fee.
NOW, THEREFORE, in consideration of the premises and the mutual obligations of the
parties hereto, each of them does hereby covenant and agree with the other as follows:
I . Amendment to Section I A of the Contract. The definition of "Minimum
Improvements" in Section 1.1 of the Contract is amended as follows:
Minimum Improvements" means the construction on the Redeveloper Parcels of a
multistory building containing 191 units of multifamily rental housing, along with associated
underground structured parking and surface parking.
2. Amendment to Section 3.i5(b) of the Contract. Section 3.5(b) of the Contract is
amended as tbllows:
b) In conjunction with execution of this Agreement, the Authority has refunded theSeries21107Bondstoachievedebtservicesavings (such refunding bonds hereinafter referred to as
the "Refunding Bonds"), and the Redeveloper has paid to the Authority funds in the amount of
107,325, representing the total actual Costs of issuance (including underwriters discount) of the
Refunding Bonds. The Redeveloper agrees that no later than August 31, 2016, the Redeveloper will
pay to the Authority an administrative fee of S100,000, which will be deposited into a legally
authorized redevelopment fund to be designated by the Authority or City.
3, Amendment to Section 43(a) of the Contract, Section 4.3(a) of the Contract is
amended as follows:
Section 4.3. Commencement and Completion of Construction. (a) Subject to Unavoidable
Delays, the Redeveloper shall commence construction of the Minimum Improvements by March 1, 2017. Subject to Unavoidable Delays, the Redeveloper shall complete the construction of the
Minimurn Improvements by September 30, 2018. All work with respect to the Minunum
Improvements to be constructed or provided by the Redeveloper on the Redeveloper Parcels shall
be in conformity with the Construction Plans as submitted by the Redeveloper and approved by the
Authority.
4. Miscellaneous. Except as amended by this Amendment, the Contract shall remain in
full force and effect- Upon execution, Redeveloper shall reimburse the Authority for all out-of
pocket-costs incurred by the Authority in connection with negotiating, drafting and approval of thisAmendment.
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IN WITNESS WHEREOF, the Authority, the City, and the Redeveloper have caused this
Amendment to be duly executed by their duly authorized representatives as of the date first above
written,
poll eM;
Its
By
Its Executive Direct
STATE OF MINNESOTA
SS,
COUNTY OF ANOKA
I I
The foregoing instrument was acknowledged before me this day of,,
2016 by Gary Peterson and Wait Fehst, the President and Executive Director of the Col mbia
Heights Economic Development Authority, on behalf of the Authority.
the I—bi
Notary Public
ar Notary Pub
I31 20171V7
Authority signature page to First Amendment to Second Amended and Restated Contract for Private
Redevelopment
By
Its City Manager
STATE OF MINNESOTA
SS.
COUNTY OF Al` OKA
The foregoing instrument was acknowledged before me this 'b day of, JJLi4— 2016 by Gary Peterson and Walt Fehst, the Mayor and City Manager of the City of Co umbia
Heights, a Minnesota municipal corporation, on behalf of the City,
3_Uc —
V111'
Notary Public
City signature page to First Amendment to Second Amended and Restated Contract for Private
Redevelopment
COLUMBIA HEIGHTS LEASED HOUSING
ASSOCIATES 1, LLLP, a Minnesota Limited
Liability Limited Partnership
Its Senior Vice President
STATE OF MINNESOTA
SS.
COUNTY OF HENNEPIN
The foregoing instrument was acknowledged before me this = day of
2016 by Mark S. Moorhouse, the Senior Vice President of Columbia HeightsLeasedousingAssociatesILLC, a Minnesota limited liability company, the General Partner of
Columbia Heights Leased Housing Associates 1, LLLP, a Minnesota Iii-nited liability limitedpartnership, on behalf of the partnership.
Kennedy & Graven, Chartered (MNI)
470 US Bank Plaza
200 South Sixth Street
Minneapolis, MN 55402
612) 337-9300
Not, y Public'
Redeveloper signature page to First Amendment to Second Amended and Restated Contract for
Private Redevelopment