CCP 04-08-2002 - Laserfiche WebLink

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MRR-19~2002 13:37 COMMUNITY DEU 61292~2663 .P.I? . AMENDED AND RESTATED PRELIMINARY DEVELOPMENT AGREEMENT THIS AGREEMENT is made and entered into this _ day of July, 2000, by and between the ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTHORITY, a public body politic and corporate, and thc CITY OF ST. LOUIS PARK, a Minnesota municipal corporation (collectively referred to as the "Authority") with their principal office at 5005 Minnetonka Boulevard, St. Louis Park, Minnesota 55416 and [Told Develspment eRtit).]. a MERIDIAN PROPERTIES REAL EST A TE DEVELOPMENT LLC, a Minnesota limited Iiabilitv COmnllny (the "Developer") with its principal office at WITNESSETH: WHEREAS, the Authority desires to promote redevelopment of certain property known as Phase I of the Park Commons Redevelopment Area f(referred to as "Park Commons East": formerly known lis the "Phase I Area") in the city of St. Louis Park ("City"), which property is depicted in exhibit A attached hereto; and WHEREAS, the Authority and AvalonBay Communities, Inc. ("AvalonBay") entered into an Amended and Restated Preliminary Development Agreement dated August 30, 1999, as amended by a First Amendment thereto dated December 6, 1999 (the "Agreement") in connection with redevelopment oftlla PHaGe I Mea Park Commons East; and WHEREAS, pursuant to the initial Agreement, the Authority has acquired most of the parcels of tile Pllase I .^.rea Park Commons East, is currently negotiating to acquire the remaining parcels, has prepared a preliminary analysis of public financing resources available to assist the Developer, and has commenced demolition of existing buildings on a portion of w PllaGe I ,^.rea Park Commous East; and WHEREAS, pursuant to the initial Agreement, AvalonBay submitted to the Authority a master site plan, attached as exhibit B, for redevelopment of the Pllase I .'\rea Park Commons East, and WHEREAS, with the consent of the Authority and the City, AvalonBay has assigned all its rights and obligations under the Agreement to the Developer pursuant to that certain Assignment ofPreJiminary Development Agreement dated .2000; and WHEREAS, the parties now desire to amend and restate the Agreement in order to describe their respective responsibilities as they continue to negotiate in good faith toward a definitive agreement regarding !he PRase ll.rea Park Commons East; and WHEREAS. the Authorityhas determined that it is in the Authority's best interest to designate the Developer (as successor to AvalonBay) as the sole developer ofy,@ Vllase I l.rea :\m-l~2172vl SA2BS-40 . . .