CCP 04-08-2002 - Laserfiche WebLink

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MAR-t9-2002 13:3~ COMMUNITY DEI) 51292~2553 THIRD AMENDMENT TO AMENDED AND RESTATED PRELIMINARY DEVELOPMENT AGREEMENT THIS AGREEMENT is made and entered into this 20th day of November. 2000, by and between the ST. LOUIS PARK ECONOM1C DEVELOPMENT AUTHORITY, a public body politic and corporate, and the CITY OF sr. LOurS PARK, a Minnesota municipal corporation (cOllectively referred toas the "Authority") with their principal office at 5005 Minnetonka Boulevard, 51. Louis Park, Minnesota 55416 and MERIDIAN PROPERTIES REAL ESTATE DEVELOPMENT LLC, a Minnesota limited liability company (the "Developer") with its principal office at 6385 Old Shady Oak Road, Suite 120, Eden Prairie, MN 55344. WITNESSETH: WHEREAS, the Authority desires to promote redevelopment of certain property known as Phase I of the Park Commons Redevelopment Area (referred to as "Park Commons East"; fOlll1erly known as the "Phase I Area") in the city of St. Louis Park ("City"); 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 of Park Commons East; and 'WHEREAS, pursuant to the initial Agreement, the Authority has acquired most of the parcels of 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 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 of Preliminary Development Agreement dated July 6, 2000; and 'WHEREAS, the parties entered into a Second Amendment to Amended and Restated Preliminary Development Agreement dated July 6, 2000; and WHEREAS, the parties now desire to amend the Agreement further, as described in this document. NOW, THEREFORE, in consideration of the covenants and obligations of the parties hereto, the Authority and the Developer hereby agree as follows: F?04 e . .