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CITY OF NEW BRIGHTON <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION NO. l.--i-o11 <br />A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A <br />SECOND AMENDMENT TO THE REDEVELOPMENT AGREEMENT WITH <br />THE VIEW AT LONG LAKE, LLC. <br />BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, <br />nesota (the "City") as follows: <br />Section 1. R,n gijalls. <br />1.01 On January 25, 2011 the City Council approved a Redevelopment Agreement <br />(t "Redevelopment Agreement") with Stuart Development Company d/b/a The View at <br />Lo r g Lake, LLC (the "Redeveloper") setting out the terms and conditions under which the <br />Cii I, would sell to Redeveloper approximately 4 acres of land in the Northwest Quadrant of <br />th94 and 1-35W interchange west of Old Highway 8 (the "Property") for the purpose of <br />co1-6tructing a 124 unit apartment building ("Project"). <br />1.02. On March 22, 2011 the City Council approved a First Amendment to the <br />:lopment Agreement (the "Amended Redevelopment Agreement") with the <br />1.03. Under Section 8.5 of the Amended Redevelopment Agreement the City has <br />lity to cure certain mortgage defaults by the Redeveloper. <br />1.04. The Redeveloper's permanent mortgage lender is requesting clarification of <br />18.5 and insertion of the following language (the "Second Amendment"): <br />Effective as of January 25, 2011, Section 8.5 of the Agreement is <br />hereby deleted in its entirety and replaced with the following. <br />Section 8.5. City's Opportunity to Cure Default of Mortgage. Prior to <br />the completion of the Minimum Improvements, any mortgage <br />executed by the Developer with respect to the Property or any <br />improvements thereon shall provide that, in the event that the <br />Developer is in default under any mortgage authorized pursuant to this <br />Article, the holder of the mortgage shall notify the City in writing of. - <br />(a) the fact of the default, <br />