08-11-2004 Council Agenda - Laserfiche WebLink

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FIRST AMENDMENT TO DEVELOPMENT AGREEMENT The parties to this First Amendment to Development Agreement (this "Agreement ") are the Economic Development Authority of the City of Little Canada, a body corporate and politic established under Minnesota Statutes, Ch. 469 (the "EDA "), and The Villas at Little Canada LLC, a Minnesota limited liability company ( "Developer "). This Agreement is made and is effective as of the 16th day of July, 2004. RECITALS A. The EDA and Developer are the parties to that certain Development Agreement, dated as of December 9, 2003 (the "Development Agreement "). B. The EDA and Developer wish to amend the Development Agreement to modify the legal description of the property subject to the Development Agreement as provided herein. NOW, THEREFORE, for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 1. Terms used herein and not otherwise defined herein shall have the meanings given to them in the Development Agreement. 2. The legal description of the Mellgren Property set forth on Exhibit A -1 to the Development Agreement is amended in its entirety to read as set forth on Exhibit A -1 attached hereto. 3. The legal description of the RutziciclCardinal /Venetian Property set forth on Exhibit A -2 to the Development Agreement is amended in its entirety to read as set forth on Exhibit A -2 attached hereto. 4. Any property not described in Exhibit A -1 or Exhibit A -2 is hereby released from the Development Agreement. 5. Except as provided herein, the terms and provisions of the Development Agreement shall remain unchanged and in full force and effect. IN WITNESS WHEREOF, the parties hereto cause this Agreement to be executed as of the date and year first above written. [The remainder of this page has been left blank intentionally.] : 5017 -13v1