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<br />MAR-I 9-2002 13:35 <br /> <br />COMMUN I TY DEl) <br /> <br />5129242553 <br /> <br />P.08 <br /> <br />e <br /> <br />SECOND AMENDMENT TO AMENDED AND REST A TED <br />PRELIMINARY DEVELOPMENT AGREEMENT <br /> <br />THIS AGREEMENT is made and entered into this -2tb... day of July, 2000, by and <br />between the ST. LOUIS PARK ECONOMIC DEVELOPMENT AUTIlORlTY, a public body <br />politic and corporate, and the CITY OF ST. LOUIS PARK. a Minnesota municipal corporation <br />(collectively referred to as the "Authority") with their principal office at 5005 Minnetonka <br />Boulevard, St. Louis Park, Minnesota 55416 and MERIDIAN PROPERTIES REAL ESTATE <br />DEVELOPMENT LLC, a Minnesota limited liability company (the "Developer") with its <br />principal office at 6385 Old Shady Oak Road, Suite 120, Eden Prairie, MN 55344. <br /> <br />WlTNESSETH: <br /> <br />WHEREAS, the Authority desires to promote redevelopment of certain property known <br />as Phase I of the Park Commons Redevelopment Area (referred to as "Park Commons East"; <br />formerly known as the "Phase I Area") in the city of 51. Louis Park ("City"), which property is <br />depicted in exhibit A attached hereto; and <br /> <br />WHEREAS, the Authority and AvalonBay Communities, Inc. ("AvalonBay") entered <br />into an Amended and Restated Preliminary Development Agreement dated August 30, 1999, as <br />amended by a First Amendment thereto dated December 6, 1999 (the "Agreement") in <br />connection with redevelopment of Park Commons East; and <br /> <br />e WHEREAS, pursuant to the initial Agreement, the Authority has acquired most of the <br />parcels of Park Commons East, is currently negotiating to acquire the remaining parcels, has <br />prepared a preliminary analysis of public financing resources available to assist the Developer, <br />and has commenced demolition of existing buildings on a portion of Park Commons East; and <br /> <br />WHEREAS, pursuant to the initial Agreement, AvalonBay submitted to the Authority a <br />master site plan, attached as exhibit B, for redevelopment of Park Commons East; and <br /> <br />WHEREAS, with the consent of the Authority and the City, AvalonBay has assigned all <br />its rights and obligations under the Agreement to the Developer pursuant to that certain <br />Assignment of Preliminary Development Agreement dated ..:1"1//.-1{ I... ,2000; and <br /> <br />WHEREAS, the parties now desire to amend and restate the Agreement in order to <br />describe their respective responsibilities as they continue to negotiate in good faith toward a <br />definitive agreement regarding Park Commons East; and <br /> <br />WHEREAS, the Authority has detennined that it is in the Authority's best interest to <br />designate the Developer (as successor to A valonBay) as the sole developer of Park Conunons <br />East during the term oflhis Agreement; <br /> <br />e <br /> <br />SlB.t&2112vJ <br />SA285-40 <br /> <br />1 <br />