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HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY VILLAGE RESOLUTION 08-005 RESOLUTION RELATING TO A SEVENTH AMENDMENT TO A REDEVELOPMENT AGREEMENT BY AND AMONG THE CITY Oh SAINT ANTHONY, MINNESOTA, THE HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT ANTHONY, MINNESOTA, AND APACHE REDEVELOPMENT, LLC (THE "MASTER DEVELOPER"), DATED DECEMBER 19, 2003 (THE "REDEVELOPMENT AGREEMENT") WHEREAS, the City of St. Anthony (the "City") and the St. Anthony Housing and Redevelopment Authority (the "Authority") entered into the Redevelopment Agreement regarding an area located in the northwest portion of the City; and WHEREAS, pursuant to the Redevelopment Agreement, the Master 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 Sixth Amendment to Redevelopment Agreement (the "Sixth Amendment")), the Master Developer agreed to commence construction of the Phase fB For Sale Housing Development by September 1, 2008, and the Master Developer has informed the Authority that it will be unable to do so; and WHEREAS, due to current market conditions and, the Master Developer has requested the Authority approve a revised Phase IB plan which replaces the proposed 128 for sale condominium units with 100 senior cooperative units. NOW, THEREFORE, BE Yf RESOLVED, by the Housing and Redevelopment Authority of the City of St. Anthony, Minnesota as follows: That the Executive Director and Authority Attorney are authorized to negotiate a Seventh Amendment to Redevelopment Agreement addressing the issues contained in this Resolution. Adopted this 8th day of April , 2008. Reviewed for Administration: Chair Executive Director