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: I ,.. " CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 02-007 A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A REVISED CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN THE CITY OF NEW BRIGHTON, MINNESOTA AND MAINSTREET VILLAGE, LLC (MAINSTREET VILLAGE HOUSING PARCELS) 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, by Resolution No. 01-087, authorized the execution of a Contract for Private Redevelopment (the "Contract") between the City and New Brighton Leased Housing Associates I, Limited Partnership (the "Housing Associates") for the development of certain real estate described therein (the "Property"). 1.02 It has been proposed that the Contract be revised to name a partner of Housing Associates as the redeveloper. 1.03 It has been further proposed that the City authorize a possible future assignment of the Property to Housing Associates. Section 2. FindinQs. 2.01 The Council hereby finds that the proposed revIsion of the Contract is consistent with the findings expressed in Resolution No. 01-087. 2.02 The Council hereby finds that a future assignment of the Property to Housing Associates promotes the objectives as outlined in its Modified Development Program established pursuant to Minnesota Statutes, Sections 469.124 to 469.134, as amended. Section 3. Authorizations. 3.01 The Mayor and the City Manager (the "Officers") are hereby authorized to execute and deliver the Contract when the following conditions are met: A. Substantial conformance of the Contract to the agreement presented to the City as of this date with such additions and modifications as the Officers may deem desirable or necessary as evidenced by the execution thereof;