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CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO. 13 -085 A RESOLUTION AUTHORIZING EXECUTION OF A FIRSTAMENDMENT TO THE CONTRACT FOR PRIVATE REDEVELOPMENT WITH PULTE HOMES OF MINNESOTA LLC. BE IT RESOLVED by Min sots ( "City ") as follows: Section 1. Recitals. the City Council ( "Council ") of the City of New Brighton, 1.01. The City and Pulte Homes of Minnesota, LLC ( "Pulte ") entered into a Contract for Private Redevelopment with an effective date of June 11, 2013 ( "Agreement "), pursuant to which Pulte has agreed to purchase certain real property located in the City of New Brighton, Ramsey County, State of Minnesota, as further described in the Agreement. 1.02. Despite Pulte's efforts to obtain all necessary governmental approvals for the Redevelopment Property, Pulte has not received approval from the MPCA for the Responsive Action Plan ( "RAP ") submitted by Pulte to the MPCA. 1.03. Because Pulte had not yet received MPCA approval of the RAP and because of the large amount of due diligence costs already expended by Pulte with regard to the Redevelopment Property, Pulte's corporate policies required it to exercise its right to terminate the Agreement on October 11, 2013 (in accordance with Section 4.1(d) of the Agreement) in order to avoid having Pulte's earnest money become nonrefundable. 1.04. Pulte and the City wish to reinstate all of the terms, covenants, conditions and provisions of the Agreement and to amend the Agreement in order to extend Pulte's 120 day inspection period contained in Section 4.1(d) the Agreement to allow the company 60 additional days to obtain such approval from the MPCA for the RAP. Section 2. Findings. 2.01 The Council hereby finds that the Agreement promotes the objectives outlined in the City's Modified Development Program established pursuant to Minnesota Statutes, Section 469.124 et seq, and the Tax Increment Financing Plan for Tax Increment Financing District No. 31 and 31A (NWQ