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CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 09-004 A RESOLUTION AUTHORIZING FIRST AMENDMENT TO THE CONTRACT FOR PRIVATE REDEVELOPMENT WITH NEW BRIGHTON 14TH STREET LLC BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, iota (the "City") as follows: Section 1. Recitals. 1.01 On September 11, 2007 the Cityapproved a Contract for Private Re velopment (Agreement) with New Brighton 14n Street LLC ("Redeveloper") setting out t ie terms and conditions for the purchase and redevelopment by the Redeveloper of ap ximately 5.8 acres of land in the Northwest Quadrant of the 1-694 and 1-35W inte hange east of Old Highway 8 (the "Property"), as well as the granting of an option to Rye to purchase and redevelop additional property adjacent to the Property in a future aha (the "Option Property"). 1.02. Section 5.4 (b) of the Agreement required the City to cause the removal of a CleE q Channel Communications, Inc. billboard (Billboard) by September 1, 2008. Said Billb and is located on a portion of the Option Property. 1.03. The City has been negotiating with MT Properties, Inc. (MT) for acquisition of the tcher's Spur, which includes portions of the Option Property and the Billboard. MT has 1equested that the Billboard removal date be extended to September 30, 2009. 1.04. To help facilitate those negotiations, the City and the Redeveloper agree that the tension date is acceptable, so long as it does not impede the Redeveloper from exec ing its rights to acquire the Option Property. .05. Upon closing on the Butcher's Spur, the City will enter into a separate Agreement with MT for the Billboard.