HomeMy WebLinkAboutCC RES 08-028 RESOLUTION RELATING TO A SEVENTH AMENDMENT TO A REDEVELOPMENT AREEMENT 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 "MA Meeting Sheet
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Box: 31
Folder: RES 2008
Document: CC RES 08-028 RESOLUTION RELATING TO A SEVENTH
AMENDMENT TO A REDEVELOPMENT AREEMENT 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 "MA
i CITY OF ST. ANTHONY VILLAGE
RESOLUTION 08-028
RESOLUTION RELATING TO A SEVENTH 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 "MASTER DEVELOPER"),
DATED DECEMBER 19, 2003 (THE "REDEVELOPMENT AGREEMENT"), AND PLANNED
UNIT DEVELOPMENT AGREEMENT, BY AND BETWEEN THE CITY AND SILVER
LAKES HOMES I,LLC,DATED AS OF NOVEMBER 1,2004 (THE "PUD AGREEMENT")
WHEREAS, the City of St. Anthony (the "City") and the St. Anthony Housing and
Redevelopment Authority (the "Authority") entered into the Redevelopment Agreement and the City
entered into the PUD Agreement, both 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 IB For Sale Housing Development by September 1, 2008, and the
Master Developer has informed the City that it will be unable to do so;and
WHEREAS, due to current market conditions and, the Master Developer has requested the
City approve a revised Phase IB plan which replaces the proposed 128 for sale condominium units
with 100 senior cooperative units;and
WHEREAS, the PUD Agreement contained final development approval for the Phase IB For
Sale Housing which is inconsistent with what is currently proposed by the Master Developer.
NOW,THEREFORE,BE IT RESOLVED,by the City of St. Anthony, Minnesota as follows:
That the City Manager and City Attorney are authorized to negotiate a Seventh Amendment to
Redevelopment Agreement and to negotiate an Amendment to the PUD Agreement, each
addressing the issues contained in this Resolution.
Adopted this 8thday of April,2008.
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ATTEST:
City CWk
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Review for Administration:
City Manager