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I' · - ! . , . \~ J ... CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 01-086 A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A PARTIAL RELEASE OF THE CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN THE CITY OF NEW BRIGHTON, MINNESOTA AND MAINSTREET VILLAGE, LLC AND AUTHORIZING EXECUTION AND DELIVERY OF A SECOND AMENDMENT TO THAT CONTRACT (MAINSTREET VILLAGE PROJECT) 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 entered into a Contract for Private Redevelopment with Mainstreet Village, LLC (the "Redeveloper") dated as of May 15, 2000, which agreement was amended by the First Amendment to Contract dated as of October 24, 2000 (collectively, the Contract). 1.02 The Contract addressed commercial and residential development of six tracts, defined in the Contract as Tracts 1 though 6, of property in the City, (the "Redevelopment Property"). 1.03 It has been proposed that the City and the Redeveloper enter into a Partial Release Agreement by which they shall mutually release each other from the Contract obligations relating to the residential portion of the Redevelopment Property, described in the Contract as Tracts 3 and 4, so that a new agreement can , be made for the development of these tracts; 1.04 It has further been proposed that the City and the Redeveloper further amend the Redevelopment Contract as provided in the Second Amendment to the Contract for Private Redevelopment (the "Second Amendment") between the City and the Redeveloper. Section 2. FindinQs. 2.01 The Council hereby finds that the Partial Release Agreement and the Second Amendment each promotes the objectives as outlined in the City's Modified Development Program established pursuant to Minnesota Statutes, Sections 469.124 to 469.134, 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, Section 469.174 to 469.1791 , inclusive, as amended and supplemented from time to time.