02-104 - Laserfiche WebLink

Home Browse Search

FIRST AMENDMENT TO CONTRACT THIS FIRST AMENDMENT TO CONTRACT ("First Amendment") is made as of the 10th day of December, 2002, by and between the City of New Brighton, Minnesota (the "City") and Dalstar 5th Avenue, LLC, a Minnesota limited liability company (the "Redeveloper"), successor in interest to Dalstar New Brighton, L.LC, a Minnesota limited liability company ("Dalstar New Brighton"). WHEREAS, the City and Dalstar New Brighton entered into a Contract for P~ivate Redevelopment dated as of August 22, 2000 (the "Contract"), which among other things required the construction of an office/warehouse facility; and WHEREAS, the Contract included an option for the purchase of certain l(:jnd adjacent to the land on which the office/warehouse facility was subsequently ctmstructed; and WHEREAS, Dalstar New Brighton assigned the Contract to the Redeveloper by way of an Assignment and Assumption of Contract for Private Redevelopment dated as of August 13, 2001; and WHEREAS, any capitalized terms not defined in this First Amendment are to have the meaning ascribed to them in the Contract; and WHEREAS, the City and the Redeveloper hereby reaffirm the terms of the Oontract but also desire to amend the Contract to further the purposes set forth tt)erein. NOW, THEREFORE, in consideration of the premises and the mutual Qpligations of the parties, the parties hereby agree as follows: Section 1. Option - Base Price Adiustment. Subsection 3.7(d) of the Contract is hereby deleted in its entirety and replaced with the following language: Provided the Redeveloper acquires the Option Property, or any portion thereof, from the City by December 31,2002, the purchase price for the land shall be calculated as follows: (i) The portion of the Option Property currently owned by the City shall be $23,068.40. Commencing on January 1, 2003 and on the first day of each month thereafter until the month of closing on this parcel, the purchase price shall increase by 1/12th of 5%. These increases shall be calculated using simple, non-compounded interest.