HomeMy WebLinkAboutCC 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 Meeting Sheet
IIIIIIVIIIVIIIVIIIVIIIVIII IIIIIIII
ioaiss
Box: 31
Folder: RES 2007
Document: CC RES 07-067 RESOLUTION RELYING TO A SIXTHA
MENDMENT TO A REDEVELOPMENT AGREEMENT BY AND AMONG
THE CIN OF SAINT ANTHONY, MINNESOTA, THE HOUSING AND
REDEVELOPMENT AUTHORITY OF THE CITY OF SAINT ANTHONY,
MINNESOTA, AND APACHE REDEVELOPMENT, LLC (THE "DEVE
• 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.
• Adopted this 25th day of September,2007
Mayor
I. ATTEST:
City Clerk
Review for Administration:
4tyanager
•