HomeMy WebLinkAboutResolution No. 100-20 - D1 - Mayowood Road Supportive Housing Development Agreement Resolution
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.
1.1. The EDA has reviewed a proposal by Mayowood Developer, LLC, a
Minnesota limited liability company (the “Developer”) for the construction of an
approximately 30-unit housing development (the “Development”) to be located at 1025
Mayowood Road in the City of Rochester (the “City”),
1.2. The EDA has established Economic Development District No. 59 (the
“Development District”) and adopted an Economic Development Plan therefor (the
“Development Plan”) and, pursuant to the provisions of Minnesota Statutes, Section
469.174 through 469.1794, as amended, (the “TIF Act”), the EDA has created, within
the Development District, Redevelopment Tax Increment Financing District No. 59-1
(Riverwalk Apartments Project) as a redevelopment district (the “Pooling TIF District”),
and has adopted a tax increment financing plan therefor (the “TIF Plan”) which provides
for the use of tax increment financing in connection with development to be constructed
within the Pooling TIF District and Development District and for affordable housing
anywhere in the City of Rochester, Minnesota (the “City”) as permitted by Minnesota
Statutes, Section 469.1763, Subd. 2(d); and
1.3. 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 Assistance Agreement, between
the EDA and the Developer, stating the Developer’s responsibilities and the terms and
conditions the EDA’s assistance with financing certain costs of the Development (the
“Agreement”).
Section 2. Approval of Development Agreement.
2.1. The Board hereby approves the Agreement in substantially the form
presented to the Board, together with any related documents necessary in connection
therewith, including but not limited to any documents, exhibits, certifications or consents
referenced in or attached to the Agreement including without limitation the TIF Note as
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defined therein, (collectively, the “Development Documents”) and hereby authorizes the
President and Secretary to negotiate the final terms thereof and, in their discretion and
at such time, if any, as they may deem appropriate, 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 Developer has not completed the
following actions on or before December 15, 2020: (i) executed the 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 adequate financial resources available for and committed to the completion of the
Development. Prior to the expiration of such 180 period, the Developer may request an
extension from the Board of Commissioners of the EDA.
2.2. 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.
2.3. 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.
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, when all
conditions precedent thereto have been satisfied.
2.4. 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 ____ DAY OF
MARCH, 2020.
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 _______________, 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)
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