Res 00-11H HRA RESOLUTION NO.t~O-I l
RESOLUTION AUTHORIZING CERTAIN
REVISIONS TO CONTRACT FOR PRIVATE
REDEVELOPMENT WITH RAY MAR
PROPERTIES, INC.
WHEREAS, the HRA did on April 25, 2000 approve the form of a contract for private
redevelopment between the HRA and Ray Mar Properties, Inc. (the "Contract"); and
WHEREAS, subsequent to such approval it has become necessary to make certain
modifications to the Contract; and
WHEREAS, the Board has received the report and recommendations of its staff regarding
such modifications, and determines the same to be necessary and appropriate and in furtherance of
the proposed development.
NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority
in and for the City of Mound, Minnesota as follows:
1. Section 8.2 of the Contract is modified by revising the second paragraph of said section
to read as follows:
"In addition to the foregoing, in order to facilitate the obtaining of construction or permanent
financing of the Minimum Improvements, the HRA agrees to subordinate its rights under this
agreement and the Mortgage to a mortgage given ~-~ ',,he pu.--pcr, c ~c ..... ~ ......~. u~
.............. ~, ..... financing, *--'
to Crow River Ba~ in ~e principal mount of $1,088,~0.~."
2. Article XI is amended by adding thereto the following new Section 11.7:
"Section 11.7. Lease. At Closing, and as a precondition thereto, the parties shall execute a
mutually acceptable lease providing for the Redeveloper's continued occupancy of the Redeveloper
Exchange Parcel pending completion and occupancy of the Minimum Improvements."
3. Exhibit C of the Contract is modified by revising paragraph 9 thereof to read as lbllows:
"9. Use by Others. It is understood that the HRA shall have the right to make parking
spaces in the Parking Lot available to other owners and tenants and to the general public. It is
understood that all spaces shall be available on a first come-first served basis. It is further
understood that the HRA may in its discretion place restrictions on parking such as, without
limitation, time limits, times of day, and types of vehicle; provided, however, that the HRA agrees
not to place restrictions on parking which unreasonably and materially interfere with the business
of the Redeveloper or its tenants on the Redevelopment Property. It is further understood that the
HRA may close the Parking Lot when such closure is, in the judgment of the HRA, necessary for
lot repairs, maintenance, reconstruction or for civic celebrations."
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In all other respects, the Contract remains unmodified.
The foregoing resolution was moved by board member
board member
The following board members voted in the affirmative
The following board members voted in the negative
and seconded by
Dated:
Attest:
Pat Meisel, Chair
Secretary
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