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02-14-2001 Council Agenda
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02-14-2001 Council Agenda
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SECOND AMENDMENT TO DEVELOPMENT AGREEMENT <br />Recitals: <br />a. Recital One: The City of Little Canada, Minnesota (the "City ") and R. J. Marco <br />Construction, Inc. (the "Marco ") are parties to a Development Agreement dated as of July 14, <br />1999 (the "Agreement "). <br />b. Recital Two: On or about December 20, 1999, Marco assigned its rights under the <br />Agreement to Little Canada North, LLC, a Minnesota limited liability company (the <br />"Developer "). <br />c. Recital Three: Effective January 5, 2000, the City and the Developer amended the <br />Development Agreement to modify various provisions thereof (the "First Amendment "). <br />d. Recital Four: Certain of the Reimbursable Soil Correction Costs (as defined in the <br />First Amendment) will be paid by the City and not by the Developer as stated in the First <br />Amendment because a Ramsey County Community Development Block Grant in the form of a <br />zero percent loan is available to the City to pay such costs; and the Developer has also incurred <br />and paid an amount to correct additional adverse soil conditions existing on the Development <br />Property (as defined in the Agreement). <br />e. Recital Five: The City and the Developer further desire to amend the <br />Development Agreement to modify various provisions thereof and are executing this amendment <br />(the "Second Amendment ") to set forth these modifications. <br />2. Effective Date: This Second Amendment is effective as of February 14, 2001. <br />3. Addition to Section 1.1 - Definitions: The following definition is added to Section <br />1.1: <br />Loan means the Community Development Block Grant in the amount of <br />$95,000 loaned to the City by the County at zero percent to correct adverse soil <br />conditions existing on the Development Property. <br />12554g7v1 <br />Page 27 <br />
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