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HRA Regular Session 5. 1. Meeting Date: 06/11/2013 Submitted For: Kurt Ulrich By: Jo Thieling, Administrative Services Information Title: Approve First Amendment to the Real Estate Contract Between the Ramsey HRA and McDonalds USA, LLC. Background: Staff received a request from McDonald's for a six month extension to their purchase agreement. After conferring with legal counsel, staff contacted McDonald's and recommended they shorten the extension request to a time period closer to what is actually needed to avoid the possibility of circumstances that may change the agreement. McDonald's is comfortable with shortening the extension to October 9, or 90 -days. McDonald's submitted their building permits several weeks ago and has committed to the project, but would like to extend the expiration of the contingency period to allow all contingencies to be completed prior to closing.. The most significant open items are: Plat and easement recordation Completion of the access road construction and utilities The HRA is scheduled to order the road and utility improvements on June 11, to be substantially complete by August 2 per contract. The plat and easements are expected to be recorded next week. Notification: Observations /Alternatives: The revised document (with a 90 -day extension) is now proposed to read: FIRST AMENDMENT TO REAL ESTATE CONTRACT This FIRST AMENDMENT TO REAL ESTATE CONTRACT ( "Amendment ") is dated between THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF RAMSEY, MINNESOTA, a public body corporate and politic under the laws of the State of Minnesota ( "Seller ") and McDONALD'S USA, LLC, a Delaware limited liability company ( "Purchaser "). The following statements are a material part of this Amendment: A. Seller and Purchaser entered into a Real Estate Contract dated December 19, 2012 ( "Contract ") for the property described in Exhibit A attached to the Contract and incorporated into this Agreement by this reference. B. Purchaser has expended considerable time, money and effort to satisfy the conditions precedent in the Contract. C. The expiration of the Contingency Period is about to occur, and the parties desire to extend such date. THEREFORE, in consideration of the mutual covenants contained in the Contract and other good and valuable consideration, the receipt of which is hereby acknowledged between the parties, Seller and Purchaser agree as follows: