HomeMy WebLinkAboutResolution No. 125-26 - Resolution - Amendments to Purchase and Development Assistance TIF 82-1
RESOLUTION
EDA RESOLUTION NO.
COUNCIL RESOLUTION NO. ______
AUTHORIZING THE EXECUTION OF AMENDMENTS TO PURCHASE AND
DEVELOPMENT ASSISTANCE AGREEMENTS FOR REDEVELOPMENT TAX
INCREMENT FINANCING DISTRICT NO. 82-1
WHEREAS, the Rochester Economic Development Authority (the “EDA”) has
established Economic Development District No. 82 (the “Development District”), adopted
the Economic Development Plan for the Development District (the “Development Plan”),
established DMC Redevelopment Tax Increment Financing District No. 82-1 (Civic Center
North Apartments Project) within the Development District (the “TIF District”) and adopted
a Tax Increment Financing Plan therefor (the “TIF Plan” and, together with the
Development Plan, the “Plans”), all pursuant to and in conformity with applicable law,
including Minnesota Statutes, Sections 469.001 through 469.047, Sections 469.090
through 469.1082, Sections 469.174 through 469.1794 (the “TIF Act”), and Minnesota
Statutes, Sections 469.40 to 469.47 (the “DMC Act”), all as amended (collectively, the
“Act”); all as reflected in that certain document entitled in part “Economic Development
Plan for Economic Development District No. 82 of the Rochester Economic Development
Authority and Tax Increment Financing Plan for DMC Redevelopment Tax Increment
Financing District No. 82-1 (Civic Center North Apartments Project),” dated December 9,
2024, and presented for consideration by the Board of Commissioners (the “Board”) of
the Rochester Economic Development Authority and the Common Council (the “Council”)
of the City of Rochester, Minnesota (the “City”);
WHEREAS, the EDA has heretofore approved a Purchase and Development
Assistance Agreement, dated as of July 11, 2025 (as amended, the “Affordable PDAA”),
between the EDA and Rochester Civic Lot Limited Partnership, a Minnesota limited
partnership (the “Affordable Developer”), stating the Affordable Developer’s
responsibilities related to the construction of an approximately 5-story, 76-unit affordable
residential rental apartment building with approximately 80 structured parking stalls within
an adjacent 350-stall parking structure and related amenities to be located at
approximately 217 E Center Street in the City (the “Affordable Development”), and a
Purchase and Development Assistance Agreement, dated as of July 11, 2025 (as
amended, the “Market Rate PDAA”), between the EDA and Rochester Tower LLC, a
Minnesota limited liability company (the “Market Rate Developer” and, together with the
Affordable Developer, the “Developers”), stating the Market Rate Developer’s
responsibilities related to the construction of an approximately 15-story, 265-unit
residential rental apartment building with approximately 270 structured parking stalls
within an adjacent 350-stall parking structure and related amenities to be located at
approximately 217 E Center Street in the City (the “Market Rate Development” and,
together with the Affordable Development, the “Developments”); and
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WHEREAS, the Developers have been diligently proceeding towards
commencement of construction of the Developments and obtaining necessary financing
and equity commitments in connection with financing the cost of the Developments but
have experienced unavoidable delays and have requested that the EDA amend the
Affordable PDAA pursuant to a First Amendment to Affordable Purchase and
Development Assistance Agreement (the “Amendment to Affordable PDAA”) and amend
the Market Rate PDAA pursuant to a First Amendment to Market Rate Purchase and
Development Assistance Agreement (the “Amendment to Market Rate PDAA” and,
together with the Amendment to Affordable PDAA, the “Amendments”) to extend the
deadline for closing on the acquisition of property from the EDA and the commencement
of construction of the Developments, among other things.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Rochester, Olmsted County, Minnesota, and the Board of Commissioners of the
Rochester Economic Development Authority as follows:
Section 1. Approval of the Amendments.
1.01. The Board hereby approves the Amendments in substantially the forms
presented to the Board, together with any related documents necessary in connection
therewith or in connection with the Affordable PDAA or the Market Rate PDAA, including
but not limited to any documents, exhibits, certifications or consents referenced in or
attached to the Affordable PDAA or the Market Rate PDAA including without limitation a
deed and a TIF Note as defined in each such agreement (collectively, the “Development
Documents”) and hereby authorizes the President and Secretary, to execute the same on
behalf of the EDA, and to carry out, on behalf of the EDA, the EDA’s rights and obligations
thereunder.
1.02. The approval hereby given to the Development Documents includes approval
of such additional details therein as may be necessary and appropriate and such
modifications thereof, deletions therefrom and additions thereto as may be necessary and
appropriate and approved by legal counsel to the EDA and by the officers authorized herein
to execute said documents prior to their execution, and said officers are hereby authorized
to approve said changes on behalf of the EDA. The execution of any instrument by the
appropriate officers of the EDA herein authorized shall be conclusive evidence of the
approval of such document in accordance with the terms hereof. In the event of absence
or disability of the officers, any of the documents authorized by this Resolution to be
executed may be executed without further act or authorization of the Board by any duly
designated acting official, or by such other officer or officers of the Board as, in the opinion
of the City Attorney, may act in their behalf.
1.03. Upon execution and delivery of the Development Documents, the officers and
employees of the EDA are hereby authorized and directed to take or cause to be taken
such actions as may be necessary on behalf of the EDA to implement the Development
Documents.
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1.04. The Board hereby determines that the execution and performance of the
Development Documents will help realize the public purposes of the Act.
PASSED AND ADOPTED BY THE BOARD OF COMMISSIONERS OF THE
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS 6TH DAY OF JULY,
2026.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
The motion for the adoption of the foregoing resolution was duly seconded by
member ____________ and, after full discussion thereof and upon a vote being taken
thereon, the following voted in favor thereof:
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS _____ DAY OF _____________, 2026
___________________________________
PRESIDENT OF SAID COMMONCOUNCIL
ATTEST:
_________________________
CITY CLERK
APPROVED THIS ____ DAY OF ___________, 2026.
__________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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