89-150 - Laserfiche WebLink

Home Browse Search

" 1i.~.J; ~ iI.' RESOLUTION NO. 89-150 STATE OF MINNESOTA COUNTY OF RAMSEY CITY OF NEW BRIGHTON RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF AN AMENDMENT TO A CONTRACT FOR PRIVATE DEVELOPMENT WITH PARK · PLACE SENIOR HOUSING LIMITED. It is hereby resolved by the City Council of the City of New Brighton, Minnesota, (the "City"), as follows: 1. Recitals. (a) The City has the powers provided in Minnesota Statutes, Chapter 472A, as amended (the "Act"). (b) Pursuant to and in furtherance of the objectives of the Act, the City has undertaken a program to promote development of certain land within the City and in this connection is engaged in carrying out its development project known as Development District No. 1 (the "Development District") in an area (the "Project Area" located int he City. (c) There has been approved by the City Council, pursuant to the Act, a Development Program for the Development District, as amended (the "Development Program" ) . (d) The acquisition and the subsequent sale or lease of the potential development property to private developers for development are stated objectives of the Development Program. (e) In order to achieve the objectives of the Development Program and particularly to make the land in the Project Area available for development by private enterprise in conformance with the Development Program, the City has determined to provide substantial aid and assistance in connection with the Development Program through the financing of certain of the public costs of development in the Project Area. (f) The City has entered into a Contract for Private Redevelopment with Park Place Senior Housing Limited Partnership (the "Developer") dated as of January 24, 1986 as amended on January 31, 1986 and April 14, 1987 (the "Contract for Private Redevelopment"). (g) The Developer has presented the City with a proposal to amend such Contract for Private Redevelopment (the "Amendment to Contract for Private Redevelopment") to reschedule the principal repayment under the Promissory Note as described in the Contract for Private Redevelopment. Such rescheduling modifies certain terms and conditions of the Contract for Private Redevelopment and the Note. 2. The City Council hereby approves the Amendment to Contract for Private Redevelopment Agreement and Note substantially in the form presented to the Council and hereby authorizes the officers of the City to execute the same on behalf of the City, with such additions and modifications as those officers may deem desirable or necessary, as evidenced by their execution thereof.