HomeMy WebLinkAboutResolution No. 271-22 (EDA22-010) (5C EDA) - Resolution EDA - Amendment to the Development Assistance Agreement with Rochester 2 Associates
EDA RESOLUTION NO.
CITY COUNCIL RESOLUTION NO.
Rochester Economic Development Authority
County of Olmsted, State of Minnesota
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,
dated as of October 5, 2020 (the “Original Agreement”) between the EDA and Rochester
2 Associates, LLC, a Delaware limited liability company (the “Developer”), stating the
Developer’s responsibilities to construct an approximately 5-story, 121,000 square foot
bioscience building, including rentable lab, office, multi-purpose, and collaborative,
spaces (the “Improvements”);
1.02. The Original Agreement required that the Developer complete the
Improvements by December 31, 2022; however, the Developer has indicated that the
interior amenity space components of the Improvements will not be completed until June
1, 2023; 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 June 1, 2023.
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.
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
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EDA RESOLUTION NO.
CITY COUNCIL RESOLUTION NO.
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 14 DAY OF
NOVEMBER, 2022.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
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EDA RESOLUTION NO.
CITY COUNCIL RESOLUTION NO.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2022.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2022.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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