HomeMy WebLinkAboutResolution No. 053-19 - TIF_61-1_Residence_EDA_RES_APPROVING_DEVELOPMENT_AGREEMEENT_AMENDMENT.
EDA RESOLUTION NO. ______
COUNCIL RESOLUTION NO. ______
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION AUTHORIZING THE EXECUTION OF A FIRST AMENDMENT TO
DEVELOPMENT ASSISTANCE AGREEMENT
BE IT RESOLVED by the Board of Commissioners (the “Board”) of the
Rochester Economic Development Authority (the “EDA”), as follows:
Section 1. Recitals.
1.01. The EDA has heretofore approved a Development Assistance Agreement
(the “Original Agreement”) between the EDA and Residence at Discovery Square, LLC,
a Minnesota limited liability company (the “Developer”), stating the Developer’s
responsibilities to construct an approximately 6-story building with street level
commercial space and approximately 143 residential rental units, with underground
parking (the “Improvements”);
1.02. The Original Agreement required that the Developer complete the
Improvements by February 28, 2019; however, the Developer has indicated that the
Improvements will not be completed by February 28, 2019; and
1.03. The Developer has requested that the EDA amend the Original
Agreement to extend the date for completion of the Improvements.
Section 2. Approval of the First Amendment to Development Assistance
Agreement.
2.01. The Developer proposes to extend the date on which the Improvements
are to be completed and has presented to the Board for its consideration a certain First
Amendment to Development Assistance Agreement (the “Amendment”) extending the
completion date to September 1, 2019.
2.02. The Board hereby approves the Amendment in substantially the form
presented to the Board, together with any related documents necessary in connection
therewith (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 obligations thereunder; provided however that this
authorization by the EDA shall expire if the Amendment is not executed by the
Developer within 90 days after the date hereof.
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2.03. 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
2.04. 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, including without limitation the issuance of the TIF Note
thereunder.
2.05. 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
TH
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS 18 DAY OF
MARCH, 2019.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
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PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2019.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2019.
__________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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