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CITY OF ST, ANTHONY RESOLUTION NO. 06-083 RESOLUTION RELATING TO A FIFTH 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 Agreement, the Developer agreed to commence construction of the Phase IB For Sale Housing Development by July 1, 2006, and the Developer has failed to do so; and WHEREAS, under Section 12.3 of the Agreement, the Authority is to provide the Phase IB For Sale Housing Developer Note, with a maximum principal balance of $3,432,758, to the Applicable Developer upon satisfaction of required conditions; and WHEREAS, the Developer has informed the City and the Authority that it wishes to divide the Phase IB For Sale Housing Development into two separate Elements with separate default dates to commence construction of 64 housing units by September 1, 2007, and 64 housing units by September 1, 2008; and WHEREAS, the Developer has requested that the Authority issue a separate tax increment note for each of these two portions of Phase IB; and WHEREAS, a Fifth 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 Fifth 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. 30