Laserfiche WebLink
<br />CITY OF NEW BRIGHTON <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION NO, 06-081 <br /> <br />A RESOLUTION AUTHORIZING EXECUTION AND <br />DELIVERY OF A FIRST AMENDMENT TO AMENDED AND <br />RESTATE'O CONTRACTS FOR PRIVATE REDEVEL- <br />OPMENT BETWEEN THE CITY AND EACH OF THE <br />ROTTLUND COMPANY, INC, AND SHERMAN <br />ASSOCIATES, INC. <br /> <br />BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, <br />Minn ota (the "City"), as follows: <br />., <br /> <br />Section 1. Recitals, <br /> <br /> <br />1.01 The City has previously entered into Amended and Restated Contracts for <br />Redevelopment dated as of December 13, 2005 (the "Contracts") between the <br />d each of The Rottlund Company, Inc. and Sherman Associates, Inc, (the <br />elopers") with respect to certain development to occur on the land in the <br />est Quadrant of)he 1-694 and 1-35W interchange west of Old Highway 8 (the <br />elopment Property"), <br /> <br />1.02 Delays in completion of remediation and construction of infrastructure, as <br />a slowdown in the market for multifamily for-sale housing, has made it <br />ary to extend certain deadlines provided for in the Contracts for completion of <br />ucture, conveyance of the Redevelopment Property to the Redevelopers, and <br />ction of the improvements by the Redevelopers, <br /> <br />.. <br /> <br />1.03 In addition, Sherman Associates, Inc. has agreed to forego its <br />pment rights as to a parcel on the southern end of the Redevelopment Property <br />ange for the ability to pay in installments for its portion of Tract 1. <br /> <br />1.04 It has been proposed that the City and each Redeveloper execute a First <br />Arne ment to Amended and Restated Contract for Private Redevelopment <br />(colle ively, the "First Amendments") to provide for such changes and to amend certain <br />other rovisions of the Contracts, <br /> <br />1 <br />