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CITY OF NEW BRIGHTON COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION NO.05-112 RE OLUTION AUTHORIZING EXECUTION AND DELIVERY OF AMENDED AND RE ATED CONTRACTS FOR PRN A TE REDEVELOPMENT BETWEEN THE CITY AND ACH OF THE ROTTLUND COMPANY, INC. AND SHERMAN ASSOCIATES, INC. E IT RESOLVED by the City Council (the "Council") of the City of New Brighton, ota (the "City"), as follows: Recitals. 1.01 The City has previously entered into Contracts for Private Redevelopment s of June 22, 2004 (the "Original Contracts") between the City and each of The Rottl d Company, Inc. and Sherman Associates, Inc. (the "Redevelopers") with respe to certain development to occur on the land in the Northwest Quadrant of the 1- 694 a d 1-35W interchange west of Old Highway 8 (the "Redevelopment Property"). 1.02 The schedule for the City's acquisition of the Midwest Asphalt property and rtain other parcels within the Redevelopment Property has made it necessary to exten certain deadlines provided for in the Original Contracts. 1.03 It has been proposed that the City and the Redevelopers execute ed and Restated Contracts for Private Redevelopment (the "Restatements") to such deadlines, to modify the allocation of responsibilities between the parties h in the Original Contracts, and to amend certain other provisions of the Original cts. Section 2. Findinas. 2.01 The Council hereby finds that the Restatements promote the objectives d in the City's Modified Development Program established pursuant to Minnesota s, Section 469.124 et seq. and the Tax Increment Financing Plans for Tax ent Financing District No. 31 (NWQ Special law), as modified, and Hazardous nee Subdistrict No. 31A, both established pursuant to Minnesota Statutes, Section 4 et seq. and laws of Minnesota 1998, Chapter 389, Article 11, Section 24. Section 3. Aooroval of Documents and Authorization.