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CITY OF ST. ANTHONY H.R.A. • H.R.A. RESOLUTION 1996-002 RESOLUTION APPROVING EXECUTION AND DELIVERY OF FIRST AMENDMENT TO DEVELOPMENT AGREEMENT RELATING TO CHANDLER PLACE PROJECT BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of St. Anthony, Minnesota (the "HRA") as follows: Section 1. Recitals. The HRA is engaged in carrying out a redevelopment project as defined in Minnesota Statutes, Section 469.002, Subdivision 12, known the Chandler Place Project (the "Redevelopment Project") in the area in the City located north of 37th Avenue North, east of Chandler Drive and west of Foss Road (the "Project Area"). The HRA has approved a Redevelopment Plan for the Redevelopment Project, dated October 8, 1985 (the "Redevelopment Plan") and has established the Project Area as a tax increment financing district (the "TIF District"). In carrying out the Redevelopment Project and in order to achieve the objectives of the Redevelopment Plan the HRA provided assistance to the Project by making a loan to St. Anthony Nursing Home, a Minnesota general partnership (the "Company") pursuant to a Development Agreement, dated as of December 1, 1985 (the "Development Agreement"), between the HRA and the Company (the "Loan"), in connection with the construction by the Company of Chandler Place, a 119-unit elderly housing development. The Loan was funded Sfrom tax increment revenue derived from the TIF District. It has been proposed that the Company pay $600,000 to the HRA in full satisfaction of the Loan and that the HRA agree to provide $100,000 from tax increment revenue from the TIF District to pay a portion of the costs of expansion of the St. Anthony Health Center which is located in the Project Area. Section 2. Agreements. There has been prepared and presented to this Board a draft of a First Amendment to Development Agreement (the "First Amendment") by and between the HRA and the Company, or a successor thereto, in which the HRA agrees to accept $600,000 in satisfaction of the Loan and to provide $100,000 to pay a portion of costs of the expansion of St. Anthony Health Center upon completion of the expansion. Section 3. Findings. The HRA believes that the expansion of St. Anthony Health Center is in the best interests of the HRA and City and of benefit to the residents of the City and will help achieve the objectives of the HRA with respect to the Project Area as set forth in the Redevelopment Plan. Section 4. Approvals. The form and terms of the First Amendment is hereby approved and the Chairman and Secretary are hereby authorized and directed to execute, acknowledge and deliver the First Amendment on behalf of the HRA in the form submitted to this meeting with such changes, insertions and omissions therein as do not change the substance of the First Amendment and as