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1 ~ ~r.. CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 02-104 A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN THE CITY OF NEW BRIGHTON AND DALST AR 5TH AVENUE, LLC 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 August 22, 2000 (the "Redevelopment Contract") with Dalstar New Brighton, LLC ("Dalstar New Brighton") with respect to certain development to occur on the Redevelopment Property (as defined in the Redevelopment Contract). 1.02 Dalstar New Brighton assigned all of its interest in the Contract to Dalstar 5th Avenue, LLC ("Dalstar 5th Avenue") by way of an Assignment and Assumption of Contract for Private Redevelopment dated as of August 13, 2001. 1.03 It has been proposed that the City and Dalstar 5th Avenue amend the Redevelopment Contract as provided in the First Amendment to the Contract for Private Redevelopment (the "First Amendment") between the parties. Section 2. Findinqs. 2.01 The Council hereby finds that the First Amendment promotes the objectives outlined in the City's Modified Development Program established pursuant to Minnesota Statutes, Sections 469.124 to 469.134, inclusive, as amended and supplemented from time to time, and the Tax Increment Financing Plan for Tax Increment Financing District No. 26 established pursuant to Minnesota Statutes, Sections 469.174 to 469.1791, inclusive, as amended and supplemented from time to time. Section 3. Approval of Documents and Authorizations. 3.01 The Council hereby approves the First Amendment. The Mayor and City Manager of the City (the "Officers") are hereby authorized to execute and deliver the First Amendment when the following condition is met: Substantial