HomeMy WebLinkAboutCC RES 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 "DEV Meeting Sheet
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104233
Box: 31
Folder: RES 2006
Document: CC RES 06-083 RESOLUTION RELATING TO A FIFTH
AMENDMENT TO A REDEVELOPMENT AGREEMENT BY AND AMONG
THE CIN OF SAINT ANTHONY, MINNESOTA, THE HOUSING AND
REDEVELOPMENT AUTHORITY OF THE CIN OF SAINT ANTHONY,
MINNESOTA, AND APACHE REDEVELOPMENT, LLC (THE "DEV
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.
•
• Adopted this 14`x`day of November, 2006.
Mayor
ATTEST: 6XV�
City Clerk
Reviewed for Administration:
ity anager
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