08-28-2013 Council Agenda - Laserfiche WebLink

Home Browse Search

1/13/2010 AMENDMENT #1 TO COOPERATIVE DEVELOPMENT AGREEMENT 2966 ARCADE STREET THIS AGREEMENT, MADE THIS )3day of January, 2010, by and between the City of Little Canada, a municipal corporation of the State of Minnesota (hereinafter referred to as the "City ") and Masterpiece Homes, Inc., a Minnesota Corporation (hereinafter referred to as the "Developer "). WITNESSETH: WHEREAS, Developer has entered into a Cooperative Development Agreement dated December 1, 2008 pertaining to the acquisition of 2966 Arcade Street and potential redevelopment; and 'WHEREAS, it has been determined that "allowable development costs" as defined by the Cooperative Agreement did not include all appropriate costs; and WHEREAS, Developer and City desire to amend the Cooperative Agreement to better define "allowable development costs "; NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the City and Developer make the following modifications to the original agreement: AGREEMENT Provision #1 of the Cooperative Development Agreement entitled "Financial Agreements" is modified as follows: 1. For the City's financial contribution to the costs of acquiring the Subject Property, Developer shall execute a mortgage in favor of the City in the amount of the City's contribution (expected to be $218,925.00), which will be recorded against the Subject Property as a purchase - money mortgage. The mortgage shall have a stated term of five (5) years. The City agrees not to foreclose upon the mortgage so long as the Developer is progressing towards design, presentation, and completion of a residential project on Subject Property. Developer agrees to waive any objection to foreclosure of the mortgage, at any time, should Developer abandon work on a residential project on the Subject Property for any reason. The City shall also reimburse the Developer $20,602.50 for one half the approved costs associated with the demolition of 2966 34 1