Laserfiche WebLink
THIRD AMENDMENT TO PRELIMINARY DEVELOPMENT AGREEMENT <br /> This Third Amendment dated October 5, 2020 (the "Third Amendment"), to that Preliminary <br /> Development Agreement dated as of October 7, 2019 by and between the City of Elk River, a <br /> Minnesota municipal corporation(the"City"),the Housing and Redevelopment Authority of the City <br /> of Elk River, a public body corporate and politic under the laws of the State of Minnesota (the <br /> "Authority"), and Modern Construction of Minnesota, Inc., a Minnesota corporation (the <br /> "Developer"). <br /> WHEREAS, on January 16,2020,the parties entered into a First Amendment to Preliminary <br /> Development Agreement (the "First Amendment");and <br /> WHEREAS, the First Amendment extended the deadline in which the Developer had to <br /> submit its proposal and extended the term of the Agreement;and <br /> WHEREAS, on April 29,2020,the parties entered into a Second Amendment to Preliminary <br /> Development Agreement to extend the deadline in which the Developer had to submit its proposal <br /> and extended the term of the Agreement (the "Second Amendment"); and <br /> WHEREAS, the parties wish to further extend these deadlines; and <br /> NOW, THEREFORE, the parties agree as follows: <br /> The Preliminary Development Agreement is hereby amended as follows: <br /> 1. The first paragraph of Section 3 is amended to read as follows. The remainder of Section 3 <br /> (paragraphs (a) through (n) shall remain unchanged. <br /> Section 3. Developer's Obligations. On January 4, 2020, the Developer must submit a <br /> proposal to the City and the Authority, which proposal must provide the following <br /> information: <br /> 2. The first paragraph of Section 8 is amended to read as follows. The remainder of Section 8 shall <br /> remain unchanged. <br /> Section 8. Term of Agreement. This Agreement is effective until January 4, 2021. After <br /> such date, neither party shall have any obligation hereunder except as expressly set forth to <br /> the contrary herein. <br /> 3. Except as amended by this Third Amendment, all other terms of the Preliminary Development <br /> Agreement shall remain in full force and effect. <br /> 635129v1EL185-54 _I_ <br />