HomeMy WebLinkAboutResolution No. 275-20 - D2 - Eastgate_Apartments_RESO_APPROV_AMENDMENT_TO_DEV_ASSITANCE_AGREEMENT
EDA RESOLUTION NO. ______
COUNCIL RESOLUTION NO. ______
Resolution Authorizing the Execution of a First Amendment to Development
Assistance Agreement with BDKN LLLP.
WHEREAS, the EDA has heretofore approved a Development Assistance Agreement
(the “Original Agreement”) between the EDA and BDKN LLLP, a Minnesota limited liability
limited partnership (the “Developer”), stating the Developer’s responsibilities to construct
an approximately 4-story building containing approximately 135-units of affordable
housing, with surface and underground parking and related improvements (the “Project”);
WHEREAS, the Original Agreement required that the Developer meet certain income
occupancy requirements for 100% of the residential units in the Project at 60% of area
median income; and
WHEREAS, the Developer has requested that the EDA amend the Original Agreement
to amend the income occupancy requirements for the residential units in the Project.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the “Board”) of
the Rochester Economic Development Authority (the “EDA”), as follows:
1. The Developer proposes to satisfy the income occupancy requirements for
the residential units in the Project at an average of 60% of area median income and has
presented to the Board for its consideration a certain First Amendment to Development
Assistance Agreement (the “Amendment”) amending the income occupancy
requirements.
2. 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.
3. 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
1
RC110-87-677893.v2
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.
4. 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.
5. 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 5 DAY OF
OCTOBER, 2020.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
2
RC110-87-677893.v2
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2020.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2020.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
3
RC110-87-677893.v2