HomeMy WebLinkAboutResolution No. 180-19 - Approving Development Agreement for TIF_72-1_Eleven_02_Hotel
EDA RESOLUTION NO. ______
COUNCIL RESOLUTION NO. ______
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A 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 reviewed a proposal by Rochester Hotel Partners, LLC, a
Delaware limited liability company (the “Developer”) for the acquisition of property and the
demolition the existing one-story structure thereon, and the construction of a five-story,
approximately 237-room hotel and related parking ramp (the “Development”) to be located at
1101 2nd St. Southwest in the City of Rochester (the “City”),
1.02. The EDA has undertaken a program to promote economic development and job
opportunities, promote the development and redevelopment of land which is underutilized within
the City, and in connection therewith has created an economic development district known as
Economic Development District No. 72 (the “Economic Development District”) in the City,
pursuant to Minnesota Statutes, Sections 469.090 through 469.1082 (the “Act”) and established
Tax Increment Financing District No. 72-1 therein (the “TIF District”); and
1.03. The Developer has presented the EDA with a proposal for the construction by the
Developer of the Development, and there has been prepared and presented to the Board for its
consideration a certain Development Agreement, stating the Developer’s responsibilities and
the terms and conditions the EDA’s assistance with the financing of certain costs of the
Development (the “Development Agreement”).
Section 2. Approval of Development Agreement.
2.01. The Board hereby approves the Development Agreement substantially in
accordance with the terms set forth in the form presented to the Board, together with any related
documents necessary in connection therewith, including without limitation all documents or
certifications referenced in or attached to the Development Agreement (collectively, the
“Development Documents”) and hereby authorizes the President and Secretary, in their
discretion and at such time, if any, as they may deem appropriate, to execute the same on
behalf of the EDA; provided however that this authorization by the EDA shall expire if the
Developer has not within 180 days after the date hereof (i) executed the Development
Agreement Agreement, (ii) obtained a footing and foundation permit and commenced
construction of the foundation of the Development, and (iii) delivered to the EDA evidence
satisfactory to the EDA that the Developer has sufficient financing to complete the
Development. Prior to the expiration of such 180 period, the Developer may request an
extension from the Board of Commissioners of the EDA.
605149v1RC110-110
2.02. 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. This Resolution shall not constitute an offer and the
Development Documents shall not be effective until the date of execution thereof as provided
herein. 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.
2.03. 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
and to carry out, on behalf of the EDA, the EDA’s obligations thereunder when all conditions
precedent thereto have been satisfied, including without limitation the issuance of the pay-as-
you-go tax increment revenue note thereunder.
2.04. The Board hereby determines that the execution and performance of the
Development Documents will help realize the public purposes of the Act.
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PASSED AND ADOPTED BY THE ROCHESTER ECONOMIC DEVELOPMENT
AUTHORITY OF ROCHESTER, MINNESOTA, THIS ______ DAY OF __________, 2019.
___________________________________
PRESIDENT OF SAID AUTHORITY
________________________________
SECRETARY OF SAID AUTHORITY
APPROVED BY THE COMMON COUNCIL OF THE CITY 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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605149v1RC110-110