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" CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 0'-1 OJ} A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN THE CITY OF NEW BRIGHTON, ENBY LLC, AND MEADOWOOD SHORES SENIOR HOUSING LIMITED PARTNERSHIP AND EXECUTION AND DELIVERY OF AMENDED ASSESSMENT AGREEMENTS RELATED TO THAT FIRST AMENDMENT BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, Minnesota (the "City"), as follows: . Section 1. Recitals. 1.01 The City previously entered into a Contract for Private Redevelopment, dated as of June 23, 1998 (the "Redevelopment Contract") with SilverCrest Properties, LLC ("SilverCrest") with respect to certain commercial and housing development to occur on the Redevelopment Property (as defined in the Redevelopment Contract). ,1.02 SilverCrest assigned all of its interest in the Redevelopment Contract to Rice Creek Plaza, LLC ("Rice") by way of an Assignment of Contract for Private Redevelopment dated November 11, 1998. 1.03 The Redevelopment Contract contemplated demolition of a portion of an existing shopping center to accommodate the development of a senior rental housing facility on a portion of the Redevelopment Property (the "Housing Parcel"). 1.04 A development entity known as Meadowood Shores Senior Housing Limited Partnership, a Minnesota limited partnership ("Meadowood"), purchased the Housing Parcel and concurrently assumed all rights and obligations under the Redevelopment Contract with respect to the Housing Parcel. 1.05 Meadowood and the City entered into an Assessment Agreement for the Housing Parcel dated as of July 13, 1999. 1.06 The Redevelopment Contract also contemplated construction on the remainder of the Redevelopment Parcel (the "Commercial Parcel") in the form of renovation of the remaining shopping center structure located on the property.