CC RES 07-067 RESOLUTION RELTING TO A SIXTHA MENDMENT TO A REDEVELOPMENT AGREEMENT BY AND AMONG THE CITY OF SAINT ANTHONY, MINNESOTA, THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT ANTHONY, MINNESOTA, AND APACHE REDEVELOPMENT, LLC (THE "DEVE

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• CITY OF ST. ANTHONY RESOLUTION NO. 07-067 RESOLUTION RELATING TO A SIXTH AMENDMENT TO A REDEVELOPMENT AGREEMENT BY AND AMONG THE CITY OF SAINT ANTHONY, MINNESOTA, THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT ANTHONY, MINNESOTA, AND APACHE REDEVELOPMENT, LLC (THE "DEVELOPER"),DATED DECEMBER 19,2003. WHEREAS,the City of St. Anthony (the"City") and the St. Anthony Housing and Redevelopment Authority (the "Authority") entered into the referenced agreement regarding an area located in the northwest portion of the City(the "Agreement"); and WHEREAS, pursuant to the Agreement, the Developer agreed to develop a development in multiple Phases or Elements, including the Phase IB For Sale Housing Development or Element consisting of an initial 128 units of for sale housing, subject to final plans to be approved by the City; and WHEREAS,under Section 10.1 of the Redevelopment Agreement(as amended by the Fifth • Amendment to Redevelopment Agreement dated November 11, 2006 (the"Fifth Amendment")), the Developer agreed to commence construction of the Phase IB-1 For Sale Housing Development by September 1, 2007, and the Developer has failed to do so;and WHEREAS, under Section 10.1 of the Redevelopment Agreement(as amended by the Fifth Amendment),the Developer agreed to commence construction of the Phase I1B-2 For Sale Housing Development by September 1,2008;and WHEREAS,due to current market conditions and financing requirements,the Developer has requested that Section 10.1 of the Redevelopment Agreement be amended to require construction to commence on Phase IB-1 by September 1,2008,and on Phase M-2 by September 1,2009;and WHEREAS,a Sixth Amendment to the Agreement has been prepared to address these issues. NOW,THEREFORE, BE IT RESOLVED, by the City of St. Anthony, Minnesota as follows: That the Mayor and City Manager are authorized to enter into a Sixth Amendment to Redevelopment Agreement by and among the City of Saint Anthony, Minnesota,the • Housing and Redevelopment Authority of the City of Saint Anthony, Minnesota, and Apache Redevelopment, LLC.