3.5. HRSR 04-28-2003 - Laserfiche WebLink

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Amended and Restated Preliminary Redevelopment Agreement This Amended and Restated Preliminary Redevelopment Agreement (the "Agreement") is dated as of April 28, 2002; is by and between the Housing and Redevelopment Authority in and for the City of Elk River,Minnesota(the "HRA"), and MetroPlains Development, LLC, a Minnesota limited liability company("MetroPlains"); and provides as follows: 1. Recitals. (a) The HRA and the City of Elk River have been examining the need to revitalize and redevelop the City's downtown business district. (b) Pursuant to a recent "request for proposals" process, MetroPlains was selected by the HRA to work toward conceptualizing, designing and implementing one or more initial phases of the downtown revitalization project. At the present time, these initial phases of MetroPlains, should they prove feasible and acceptable in all other respects, are expected to entail mixed-use development, including residential and retail components (the "MetroPlains Project") and are expected to occur within but not necessarily to encompass entirely the shaded areas indicated on the attached Exhibit A (the "Exclusive Sites"). • (c) The purpose of this Agreement is to provide a basic framework and certain understandings for examining and possibly implementing the MetroPlains Project. The HRA and MetroPlains agree to work diligently and in good faith with each other to realize mutually satisfactory results of the kind envisioned hereby, without committing either party to a project which it does not find acceptable in its own judgment and discretion. 2. Terms of Agreement. (a) The term of this Agreement (the "Term") shall extend through November 1, 2003, upon which date this Agreement shall expire unless extended in writing by the parties in their sole and absolute discretion, respectively. Upon expiration of this Agreement, neither party shall have any right or obligation hereunder, except that the provisions of subparagraph (g) below respecting the use and final accounting of the $15,000 deposit described therein shall continue to apply in accordance with the terms thereof. (b) MetroPlains will proceed with due diligence to examine the feasibility of and develop, if possible, more specific plans and locations (within the Exclusive Sites) for the MetroPlains Project. MetroPlains will keep the HRA apprised from time to time of its progress in developing such plans. As those plans proceed, it is anticipated that the parties would work in good faith toward drafting a mutually acceptable definitive redevelopment agreement("Redevelopment Agreement") respecting the terms and • conditions and other specifics relating to the undertaking and completion of the 1457233v4 1