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.J '\. .'.' ~ T CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA ! ; RESOLUTION NO. 00-101 A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT BY AND BETWEEN THE CITY AND MAINSTREET VILLAGE, LLC, MEMORANDUM OF CONTRACT, AND CONSENT TO ASSIGNMENT AND ASSUMPTION AGREEMENT. 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 has heretofore entered into a Contract for Private Redevelopment, dated as of May 15,2000 (the "Redevelopment Contract"), by and between Mainstreet Village, LLC (the "Redeveloper") and the City with respect to certain development to occur on the Redevelopment Property (as defined in the Redevelopment Contract). 1.02 It has been proposed that the City and the Redeveloper amend the Redevelopment Contract as provided in the First Amendment to the Contract for Private Redevelopment (the "First Amendment") between the City and the Redeveloper. 1.03 It has been proposed that the City and the Redeveloper enter into a Memorandum of Contract (the "Memorandum") in order to memorialize certain provisions provided in the First Amendment. 1.04 The Redeveloper has proposed to convey a portion of the Redevelopment Property to CO Mortgage Services, Inc. ("CU Mortgage") and to assign the Redevelopment Contract, as amended by the First Amendment and as it relates to such portion of the Redevelopment Property, to CU Mortgage through an Assignment and Assumption Agreement by and between the Redeveloper and CU Mortgage (the "Assignment"). 1.05 Under the terms of the Redevelopment Contract, the consent of the City is required in order for the Redeveloper to convey any portion of the Redevelopment Property or to assign its interest in the Redevelopment Contract to CU Mortgage. ; I 1:\S~D\COUNCIL\ReSOIUtiOnS\2000\Cd\Mainstreet Village. wpd