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NJS Development - HEDRA Resolution - 11-3-21 clean1 HASTINGS ECONOMIC DEVELOPMENT AND REDEVELOPMENT AUTHORITY DAKOTA COUNTY, MINNESOTA HEDRA RESOLUTION NO. 2021-21 A RESOLUTION TERMINATING AND CANCELLING THE CONTRACT FOR PRIVATE REDEVELOPMENT WITH NJS DEVELOPMENT LLC DATED SEPTEMBER 20, 2021 AND APPROVING THE NEW CONTRACT FOR PRIVATE REDEVELOPMENT WITH NJS DEVELOPMENT LLC WHEREAS, on September 9, 2021, by and through HEDRA Resolution No. 2021-13, following a public hearing, the Hastings Economic Development and Redevelopment Authority (“HEDRA”) approved the sale of the real property legally described on Exhibit A (the “HEDRA Property”) for redevelopment purposes to NJS Development LLC (“Developer”); and WHEREAS, also on September 9, 2021, by and through HEDRA Resolution No. 2021- 13, HEDRA approved the related Contract for Private Redevelopment (“Original Development Agreement”) by and between HEDRA and the City of Hastings and Developer for a redevelopment project (“Project”); and WHEREAS, the Developer will be constructing the Project on the real property legally described on Exhibit B (the “Property”); and WHEREAS, the Original Development Agreement inadvertently omitted a parcel that is necessary for the Project; and WHEREAS, the parties mutually desire to terminate and cancel the Original Development Agreement to clarify all parcels in the Project; and WHEREAS, the parties mutually desire to enter into a new Contract for Private Redevelopment (“New Development Agreement”), which includes all of parcels in the Project; and WHEREAS, HEDRA still desires to convey the HEDRA Property to the Developer for the Project. NOW THEREFORE BE IT RESOLVED by the Board of the Hastings Economic Development and Redevelopment Authority as follows: 1. The Original Development Agreement is hereby terminated and canceled. 2. The New Development Agreement is hereby approved, subject to minor modification as approved by the City Attorney, and the appropriate officials are authorized to take such action as to effectuate its execution and implementation. 2 3. The required HEDRA representatives are authorized to execute the necessary documents to transfer and convey title of the HEDRA Property to Developer for redevelopment purposes. 4. No additional public hearing for the sale of the HEDRA Property is required as neither the Developer nor the Project has changed from the Original Development Agreement. Adopted by the Hastings Economic Development and Redevelopment Authority this 10th day of November, 2021. Ayes: Nays: Absent: Dennis Peine, President Eric Maass, Secretary I HEREBY CERTIFY that the above is a true and correct copy of the resolution presented to and adopted by the Hastings Economic Development and Redevelopment Authority, County of Dakota, Minnesota, on the 10th day of November, 2021, as disclosed by the records of the City of Hastings on file and of record in the office. Eric Maass, Secretary A-1 EXHIBIT A LEGAL DESCRIPTION OF HEDRA PROPERTY Real property in Dakota County, Minnesota legally described as follows: PID: 19-32150-17-020 (Abstract Property) All of Lot One (1), Block Seventeen (17) in the Town of Hastings, excepting therefrom, however, all that portion lying northeasterly of a line 25 feet southwesterly of, measured at right angles and parallel with, the centerline of Chicago, Milwaukee, St. Paul, and Pacific Railroad Company’s spur track as now there laid across Bailey Street in said Town of Hastings, Dakota County, Minnesota; and ALSO All of Lot Two (2), Block Seventeen (17), Town of Hastings, excepting therefrom the West two- thirds (W 2/3) of the North half (N 1/2) of said Lot Two (2) and further excepting therefrom the West one-third (W 1/3) of the South half (S 1/2) of said Lot Two (2), Town of Hastings, Dakota County, Minnesota. PID: 19-32150-17-021 (Abstract Property) The North 1/2 of the West 1/2 of the East 2/3 of Lot 2 and the West 1/3 of Lot 2, Block 17, Town of Hastings, Dakota County, Minnesota. PID: 19-32150-17-080 (Abstract Property) Lots 7 and 8, Block 17, Town of Hastings, Dakota County, Minnesota. B-1 EXHIBIT B LEGAL DESCRIPTION OF PROPERTY Real property in Dakota County, Minnesota legally described as follows: PID: 19-32150-17-030 (Abstract Property) Lot Three (3) in Block Seventeen (17) in the Town (now city) of Hastings, according to the plat thereof now on file and of record in the office of the County Recorder in and for Dakota County, Minnesota. PID: 19-32150-17-020 (Abstract Property) All of Lot One (1), Block Seventeen (17) in the Town of Hastings, excepting therefrom, however, all that portion lying northeasterly of a line 25 feet southwesterly of, measured at right angles and parallel with, the centerline of Chicago, Milwaukee, St. Paul, and Pacific Railroad Company’s spur track as now there laid across Bailey Street in said Town of Hastings, Dakota County, Minnesota; and ALSO All of Lot Two (2), Block Seventeen (17), Town of Hastings, excepting therefrom the West two- thirds (W 2/3) of the North half (N 1/2) of said Lot Two (2) and further excepting therefrom the West one-third (W 1/3) of the South half (S 1/2) of said Lot Two (2), Town of Hastings, Dakota County, Minnesota. PID: 19-32150-17-021 (Abstract Property) The North 1/2 of the West 1/2 of the East 2/3 of Lot 2 and the West 1/3 of Lot 2, Block 17, Town of Hastings, Dakota County, Minnesota. PID: 19-32150-17-080 (Abstract Property) Lots 7 and 8, Block 17, Town of Hastings, Dakota County, Minnesota.