HomeMy WebLinkAboutResolution No. 272-22 (EDA22-011) (5C EDA) - Resolution EDA - Second Amendment to Development Assistance Agreement with Residence at Discovery Square
EDA RESOLUTION NO.
CITY COUNCIL RESOLUTION NO.
Rochester Economic Development Authority
County of Olmsted, State of Minnesota
AUTHORIZING THE EXECUTION OF A SECOND AMENDMENT TO DEVELOPMENT
ASSISTANCE AGREEMENT WITH RESIDENCE AT DISCOVERY SQUARE, LLC.
BE IT RESOLVED by the Board of Commissioners (the “Board”) of the Rochester
Economic Development Authority (the “EDA”) and the Common Council (the “Council”)
of the City of Rochester, Minnesota (the “City”), as follows:
Section 1. Recitals.
(a) The EDA has heretofore approved a Development Assistance
Agreement, as amended by a First Amendment to Development Assistance
Agreement (collectively, 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”); and
(b) The Original Agreement required that the Developer meet certain
affordability requirements for residential units in the Project and the Developer has
requested authorization to satisfy such requirements by leasing units to certain
low-income college students.
Section 2. Approval of the Second Amendment to Development Assistance
Agreement.
(a) The Developer proposes to amend the affordability requirements for
residential units in the Project pursuant to, and has presented to the Board for its
consideration, a certain Second Amendment to Development Assistance
Agreement between the EDA and the Developer (the “Amendment”).
(b) The Council and the Board hereby approve the Amendment in
substantially the form presented to the Board, together with any related documents
necessary in connection therewith (collectively, the “Development Documents”)
and the Board 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.
(c) 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;
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EDA RESOLUTION NO.
CITY COUNCIL RESOLUTION NO.
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
(d) 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.
(e) The Council and 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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