Title
RESOLUTION FOR THE FIRST AMENDMENT TO THE AMENDED AND RESTATED PREDEVELOPMENT AGREEMENT WITH INLAND DEVELOPMENT PARTNERS, LLC FOR THE LOT D REDEVELOPMENT PROJECT
Body
RESOLVED, by the Duluth Economic Development Authority ("DEDA") that the proper DEDA officials are hereby authorized to enter into a First Amendment to the Amended and Restated Pre-Development Agreement substantially in the form of that attached hereto, with Inland Development Partners, LLC for purposes of establishing a public-private partnership with the intent of redeveloping the property known as Lot D.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of the First Amendment to the Amended and Restate Pre-Development Agreement with Inland Development Partners, LLC is to extend the agreement’s expiration date from December 31, 2026, to June 30, 2027 to accommodate unforeseen state and federal regulatory and permitting delays associated with the proposed redevelopment of the property, particularly related to the seawall permitting requirements. The extension will allow the parties to continue due diligence, resolve outstanding regulatory requirements, and work toward negotiating a purchase and development agreement originally anticipated to be completed by December 31, 2026.