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HomeMy WebLinkAbout2018-2902.05M1L, IIang 0gumwilang, FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT THIS AGREEMENT, made as of the 4th day of June, 2018, by and betweenCOLUMBIAHEIGHTSECONOMICDEVELOPMENTAUTHORITY, a public body corporate and politic (the "Authority"'), established pursuant to Minnesota Statutes, Sections 469.090 to 469.1081 (hereinafter referred to as the "Act") and HY-VEE, INC., all Iowa corporation (the "Redeveloper"). WITNESSETH: WHEREAS, the Authority and Redeveloper entered into that certain Contract for Private Redevelopment dated as of October 24, 2016 (the "Contract"), providing for redevelopment of certain property (the "Redevelopment Property") located in the City of Columbia Heights (the City"); and WHEREAS, the Redeveloper has requested and the Authority has agreed to amend the Contract to allow for an extension of the dates of commencement and completion of construction of the Minimum Improvements as further described herein; 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: 1. Amendment of Section 4.3(a) oftl1e Contract. The first two sentences of Section 4.3(a) of the Contract are amended as follows: a) Subject to Unavoidable Delays, the Rede eloper shall commence construction of the Minimum Improvements by January 31, 2019. Subject to Unavoidable Delays, the Redeveloper shall complete the construction of the Minimum Improvements by February 28, 2020. 2. Except as amended by this Amendment, the Contract shall remain in full force and effect. In accordance with Section 3.5 of the Contract, upon execution of this Amendment, Redeveloper shall reimburse the Authority for all out-of pocket-costs incurred by the Authority in connection with negotiating, drafting and approval of this Amendment, to the extent that any funds deposited in escrow to pay Administrative Costs are not sufficient for their payment. 523684v2 MNI CL205-65 IN WITNESS WHEREOF, the Authority has caused this Amendment to be (July executed in its name and behalf and its sea] to be hereunto duly affixed and the Redeveloper has caused this Amendment to be duly executed in its name and behalf on or as of the date first above written. COLUMBIA HEIGHTS ECONOMIC DEVEI,OPMENT AUTHORITY By_ p4ItsPresirit L Its Executive Director STATE OF MINNESOTA S& COUNTY OF ANGOLA The foregoingeg, instrument was acknowledged before me this day of t 2018, by Marlaine Szurek and Walter R. Fehst, the president and Execu,ve Director of the Columbia Heights Economic Development Authority, a public body politic and corporate, on behalf of the Authority. Notary Public SHELLEY SUE HANSOM TNOTARYPUBLIC • M1N7NMTA My Commiss on Eores Jan. 31, 2021 523684%,2 N4N1 CI-205-65 2 By Its Executive Director STATE OF MINNESOTA S& COUNTY OF ANGOLA The foregoingeg, instrument was acknowledged before me this day of t 2018, by Marlaine Szurek and Walter R. Fehst, the president and Execu,ve Director of the Columbia Heights Economic Development Authority, a public body politic and corporate, on behalf of the Authority. Notary Public SHELLEY SUE HANSOM TNOTARYPUBLIC • M1N7NMTA My Commiss on Eores Jan. 31, 2021 523684%,2 N4N1 CI-205-65 2 HY-VEE, INC., an Iowa Corporation By Je-r6ey N4arkey, Senior Vice President By Nathan Allen, Assistant Secretary STATE OF IOWA SS. COUNTY OF POLK The foregoing instrument was acknowledged before me this 0v day of 2018, by Jeffrey Markey and Nathan Allen, the Senior Vice President and Assistant Secretary, y, respectively, of Hy-Vee, Inc., an Iowa corporation, on behalf of the corporation. This document was drafted by: KENNEDY & GRAVEN, Chartered (MINI) 470 U.S. Bank Plaza Minneapolis, Minnesota 55402 Telephone: (612) 337-9300 523684v2 MNI CL205-65 3 n Notary Public 4ME