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HRA Resolution 2000-10RESOLUTION NO. 00 -10 MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY RESOLUTION AMENDING THE CONTRACT FOR PRIVATE DEVELOPMENT BY AND BETWEEN TWIN CITY DIE CASTINGS COMPANY AND HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR IRE CITY OF MONTICELLO AND CITY OF MONTICELLO WHEREAS, the Housing and Redevelopment Authority (the "Authority") in and for the City of Monticello, the City of Monticello (the "City" ), and Twin City Die Castings Company (the "Developer") entered into the Contract for Private Development (the "Agreement ") by and between Twin City Die Castings Company and Housing and Redevelopment Authority in and for the City of Monticello and City of Monticello on October 25, 1999; and WHEREAS, ARTICLE IV, Construction of Minimum Improvements, Section 4.3. Commencement and. Completion of Construction. of the Agreement read: Subject to Unavoidable Delays, the Developer shall complete the construction of Phase I by June 1, 2000, and ........................ ; and WHEREAS, ARTICLE IV, Construction of Minimum Improvements, Section 4.3. Commencement and Completion of Construction. of the Agreement was amended by the Authority, the City, and the Developer on March 13, 2000 to read: Subject to Unavoidable Delays, the Developer shall complete the construction of Phase I by September 1, 2000, and WHEREAS, to prevent default of the Agreement, the Developer requests ARTICLE IV, Construction of Minimum Improvements, Section 4.3. Commencement and Completion of Construction. of the Agreement be amended to read: Subject to Unavoidable Delays, the Development shall complete the construction of Phase I by December 1, 2000. NOW, THEREFORE, BE IT RESOLVED by the Authority, the City, and the Developer as follows: 1. The Developer acknowledges that due to significant increase in costs associated with the research and development of a fire code plan for construction of a magnesium processing plant and the increase in construction costs to comply with the fire code plan, the Developer was caused to revise the Construction Plans for the Minimum Improvements of Phase I in order to reduce construction costs. 2. The Developer acknowledges the revised Construction Plans do not alter the amount of square footage of the Minimum Improvements of Phase I. Resolution No, cc T Page 2 3. The Chief Building Official in and for the City of Monticello has reviewed and approved the revised Construction Plans for Phase I. 4. The Authority acknowledges amending the completion construction date from September 1, 2000, to December 1, 20110, and the revised Construction Plans will not alter the Projected Tax Increment Cash Flow. The Authority, the City, and the Developer hereby approve amending the construction completion date from September 1, 2000, to December 1, 2000, within the Contract for Private Development by and between Twin City Die Castings Company, Housing and Redevelopment Authority in and for the City of Monticello, and City of Monticello, dated October 25, 1999. Dated: August 14 , 20 00 HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO By Its Uair Y By <tA Its Executive Director CITY OF MO T CELLO By Tts Ma or By Y G�V Its Administrator TWIN CITY DIE CASTINGS COMPANY B Y Its w► w �.v