4.5. HRSR 05-04-2020 - Laserfiche WebLink

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SECOND AMENDMENT TO PRELIMINARY DEVELOPMENT AGREEMENT This Second Amendment dated April 29, 2020 (the "Second Amendment"), to that Preliminary Development Agreement dated as of October 7, 2019 by and between the City of Elk River, a Minnesota municipal corporation(the"City"),the Housing and Redevelopment Authority of the City of Elk River, a public body corporate and politic under the laws of the State of Minnesota (the "Authority"), and Modern Construction of Minnesota, Inc., a Minnesota corporation (the "Developer"). WHEREAS, on January 16,2020,the parties entered into a First Amendment to Preliminary Development Agreement (the "First Amendment"); WHEREAS, the First Amendment extended the deadline in which the Developer had to submit its proposal and extended the term of the Agreement;and WHEREAS, the parties wish to further extend these deadlines; and NOW, THEREFORE, the parties agree as follows: The Preliminary Development Agreement is hereby amended as follows: 1. The first paragraph of Section 3 is amended to read as follows. The remainder of Section 3 (paragraphs (a) through (n) shall remain unchanged. Section 3. Developer's Obligations. On September 8, 2020, the Developer must submit a proposal to the City and the Authority, which proposal must provide the following information: 2. The first paragraph of Section 8 is amended to read as follows. The remainder of Section 8 shall remain unchanged. Section 8. Term of Agreement. This Agreement is effective until September 8,2020. After such date, neither party shall have any obligation hereunder except as expressly set forth to the contrary herein. 3. Except as amended by this Second Amendment,all other terms of the Preliminary Development Agreement shall remain in full force and effect. 635129v1EL185-54 _I_