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'"I, _ '-!> " - ~ ~ RESOLUTION NO. 86-129 A RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF AN AMENDMENT TO A CONTRACT FOR PRIVATE DEVELOPMENT WITH PARK PLACE SENIOR HOUSING LIMITED PARTNERSHIP 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 objec- tives 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 de- velopment project known as Development Distr ict No. 1 (the "Development Distr ict") in an area (the "Project Area") located in the City. (e) There has been approved by the City Council, pursuant to the Act, a Development Program for the De- velopment Distr iet, as amended (the "Development Pro- gram"). (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 (the "Contract for Private Redevelopment"). (9) The Developer has presented the City with a proposal to amend such Contract for Pr i vate Redevelop-