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" , ,~'., ,. 'I I " '~ 1 '; 'I , :' CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 05-053 E IT RESOLVED by the City Council (the "Council") of the City of New Brighton, Minn ota (the "City"), as follows: RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A ECOND AMENDMENT TO THE CONTRACT FOR PRIVATE EDEVELOPMENT BY AND BETWEEN THE CITY AND MAINSTREET ILLAGE, LLC (MAINSTREET VILLAGE APARTMENTS) ection 1. Recitals. 1.01 The City has previously entered into a Contract for Private Redevelopment dated s of January 8, 2002 with Mainstreet Village, LLC (the "Redeveloper") which contr t was amended on September 9, 2002 (as so amended, the "Redevelopment Contr t"). The Redevelopment Contract contemplated the construction of 125 apart ent units on the Redevelopment Property (as defined in the Redevelopment Contr t), which construction has been completed. 1.02 The current owner of the Redevelopment Property and the apartment s, Brighton Leased Housing Associates I, Limited Partnership, has requested that agree to amend the Contract to permit the apartment units to be converted to iniums. Section 2. FindinQs. 2.01 The Council hereby finds that the Second Amendment reasonably acco modates changes in the Redeveloper's development schedule and promotes the objec i es outlined in the City's Modified Development Program established pursuant to Minn ota Statutes, Sections 469.124 to 469.134, inclusive, as amended and suppl mented from time to time, and the Tax Increment Financing Plan for Tax Incre ent Financing District No. 26 established pursuant to Minnesota Statutes, Section 469.1 4 et seq., as amended and supplemented from time to time. Section 3. Approval of Documents and Authorizations. 3.01 The Council hereby approves the Second Amendment. The Mayor and the y Manager (the "Officers") are hereby authorized to execute and deliver the Seco Amendment when the following conditions are met: