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M, <br />CITY OF ST. ANTHONY VILLAGE <br />RESOLUTION 08-028 <br />RESOLUTION RELATING TO A SEVENTH AMENDMENT TO A REDEVELOPMENT <br />AGREEMENT BY AND AMONG THE CITY OF SAINT ANTHONY, MINNESOTA, THE <br />HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT ANTHONY, <br />MINNESOTA, AND APACHE REDEVELOPMENT, LLC (THE "MASTER DEVELOPER"), <br />DATED DECEMBER 19, 2003 (THE "REDEVELOPMENT AGREEMENT"), AND PLANNED <br />UNIT DEVELOPMENT AGREEMENT, BY AND BETWEEN THE CiTY AND SILVER <br />LAKES HOMES I, LLC, DATED AS OF NOVEMBER 1, 2004 (THE "PUD AGREEMENT") <br />WHEREAS, the City of St. Anthony (the "City") and the St. Anthony Housing and <br />Redevelopment Authority (the "Authority") entered into the Redevelopment Agreement and the City <br />entered into the PUD Agreement, both regarding an area located in the northwest portion of the City; <br />and <br />WHEREAS, pursuant to the Redevelopment Agreement, the Master Developer agreed to <br />develop a development in multiple Phases or Elements, including the Phase IB For Sale Housing <br />Development or Element consisting of an initial 128 units of for sale housing, subject to final plans to <br />be approved by the City; and <br />WHEREAS, under Section 10.1 of the Redevelopment Agreement (as amended by the Sixth <br />Amendment to Redevelopment Agreement (fine "Sixth Amendment')), the Master Developer agreed to <br />commence construction of the Phase IB For Sale Housing Development by September 1, 2008, and the <br />Master Developer has informed the City that it will be unable to do so; and <br />WHEREAS, due to current market conditions and, the Master Developer has requested the <br />City approve a revised Phase IB plan which replaces the proposed 128 for sale condominium units <br />with 100 senior cooperative units; and <br />WHEREAS, the PUD Agreement contained final development approval for the Phase IB For <br />Sale Housing which is inconsistent with what is currently proposed by the Master Developer. <br />NOW, THEREFORE, BE IT RESOLVED, by the City of St. Anthony, Minnesota as follows: <br />That the City Manager and City Attorney are authorized to negotiate a Seventh Amendment to <br />Redevelopment Agreement and to negotiate an Amendment to the PUD Agreement, each <br />addressing the issues contained in this Resolution. <br />Adopted this 8th day of April, 2008. <br />Mayor <br />ATTEST: <br />City Clerk <br />Review for Administration: <br />City Manager <br />