HRA 10-02 2nd Amendment to 1st Amended & Restated Contract for Private Redevelopment-Market Place & Main G �TY O,c
December 22, 2009 H o p K ti N S HRA Report 2010-02
�
SECOND AMENDMENT TO FIRST AMENDED AND RESTATED CONTRACT FOR
PRIVATE REDEVELOPMENT — MARKETPLACE & MAIN
Proposed Action
Staff recommends adoption of the following motion: Move to approve the Second
Amendment to First Amended and Restated Contract far Private Redevelopment between
the Hopkins HRA and Marketpface Holdings, Inc.
With this motion the agreement will be finalized and executed, including amendments to the
loan and option agreements. lt is understood that staff has the ability to make minor
modifications to the agreement.
Overview
{n May 2009, the Hopkins HRA entered into a redevelopment agreement with Marketplace
Ho4dings, {nc. for the purposes of facilitating the redevelopment of the farmer Hopkins Honda
Body Shop building at 701 Mainstreet into a mixed-use housing over retail development. The
agreement required the first phase of the project to commence by October 31, 2009. The
agreement was then amended to e�ctend the commencement date to January 31, 2010. Due
to lender requirements, the closing date for developer financing is now anticipated to occur as
� late as ApriL
The developer has requested a 90-day extension in order to close on their financing and
begin construction. Staff is recommending a 120-day extension, bringing the commencement
of construction deadline to May 31, 2010, in order to give the developer ample time for
unforeseen delays.
Primarv lssues to Consider
Staff is confident that the deve4oper will secure the financing needed for this project to
commence and that the extension is necessary. If the developer faifs to perform by May 31,
2010, the HRA will be able to recover the $900,000 loan advanced for land acquisition.
Supaortinq Information
■ Second Amendment to the First Amended and Restated Contract for Private
Redevelopment
Ke en Elv rum
Director Planning & Development
Financia) Impact: $ 0 Budgeted: Y/N Source:
• Related Documents (CIP, ERP, etc.):
Notes:
t SECOND t�MEIVI)MEl�iT TO FIRST AMENDED AND RESTATED CONTRACT FOR
PRIVAT� REDEVELOPMENT
THIS SECOND AMENDMENT is made effective as of the u day of ,
2010, by and between the Housing and Redevelopment Authority in and for the City of
Hopkins, a public hody corporate and politic (hereinafter referred to as the "Authority"),
established pursuant to Minnesota Statutes, sections 469.001-469.047 (hereinafter referred to as
the "Act"), and having its principal office at 1410 First Street Soutih, Hopkins, Minnesota 55343,
and Marketplace Holdings, Inc., a Minnesota corporation (hereinafter referred to as the
"Redeveloper"), having its prineipal office at 750 Second Street Northeast, Suite 100, Hopkins,
Minnesota 55343 and amends that certain First Amended and Restated Contract fox Private
Redevelopnnent between the Authority and the Redeveloper dated as of May 5, 2009, which First
Amended and Restated Contract for Private Redevelopment has been amended by a First
Amendment thereto dated as of , 2009 (which agreement as amended is referred
to herein as the "Agreement").
WHEREAS, the Authority and the Redeveloper entered into the Agreement under which
the Redeveloper and the Authority agreed to proceed to implement a proposal by the
Redeveloper to redevelop cerfain property in the City of Hopkins through the construction of a
mixed use retail/commerciallresidential development; and
• WHEREAS, the Authority and Redeveloper desire to extend deadlines in the Agreement
and to release certain property from the provisions of the Agreement in order to reflect the intent
of the parties.
NOW, THEREFORE, the Authority and Redeveloper do hereby agree that:
1. All capitalized terms used herein shall have the meanings given to such terms in
the Agreement.
2. Section 3.8 of the Agreement is hereby amended to provide that the Authority
Loan will be due and payable if the construction of Phase I has not commenced by May 31,
2010. The Authority and Redeveloper will execute such agreements and instruments necessary
to effectuate such amendment with respect to the Authority Loan Documents.
3. Section 4.3 of the Agreement is hereby amended to provide that the date for
commencement of construction of Phase I is May 31, 2010, and the date for completion of
construction of Phase I is July 30, 2011.
4. The Developer intends to convey Parcel IIB to a third party and the Authority
consents to such transfer. The Definition of Redevelopment Property is hereby modified ta
delete Parcel IIB as a part of the Redevelopment Property and all references to Parcel IIB and
Phase IIB are hereby deleted from the Agreement. The provisions of the Agreement shall no
• longer apply to Parcel IIB and the Minimum Improvements no longer include Phase IIB.
�
5. All other provisions of the Agreement shall remain in full force and effect. ��
IN WITI�ESS WHEREOF, the Authority has caused this First Atnendment to be duly
executed in its name and behalf and the Redeveloper has caused this First Amendment to be duly
' executed in its name and behalf on or as of the date first above written.
I
�
I ��
�
I
_ �
I
- , - - - - - - _ _ _ - - -- - - -- ,
� � ; . : ;;.; . ;;.,;
� SIGNATURE PAGE
TO
FIRST AMENDMEI`1'T TO FIRST AMENDED AND RESTATED
CONTRACT FOlt PRIVATE REDEVELOPMENT
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE
CITY OF HOPHINS
By
By
STATE OF MINNESOTA )
) SS.
� COUNTY OF )
The foregoing instrument was acknowledged before me this _ day of ,
2010, by and , the
�d of the Housing and
Redevelopment Authority In and For the City of Hopkins, a public body politic and corporate
under the laws of the state of Minnesota.
Notary Public
.
,
I
SI�NATURE PAGE
„��
TO
FII2S7C AMENDMEliTT T'O FIRST AMENDED AND RESTATED
COI�TRACT FOR PItIVATE REDE�LOPMENT
�
I
MARKETPLACE HOLDINGS, INC.,
A Minnesota corporatian
By:
Its:
STATE OF MINNESOTA )
�; ) SS.
�' COUNTY OF )
The foregoing instrument was acknowledged before me this day of ,
' 2010, by , the of Marketplace Holdings, Inc., a
Minnesota corporation, on behalf of the cozporation.
��
Notary Public
i
,,
�
,:���
� ��
--
, - _ _-, -
.. ..: -
-
--- ; _--