HomeMy WebLinkAboutResolution No. 066-23 - EDA Resolution - Bryk - Amendment to Development Agreement and Declaration of Restrictive Covenants
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 and a First Amendment to Declaration of Restrictive Covenants
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 August 31, 2021 (the “Original Agreement”), between the EDA and Bryk
Apartments Rochester LLC, a Minnesota limited liability company (the “Developer”),
stating the Developer’s responsibilities related to the construction of an approximately 6-
story, 180-unit affordable workforce residential apartment building to be known as “Bryk
on Broadway Apartments,” with approximately 100 underground parking stalls and 40
surface level parking stalls, an exercise facility, board room, indoor and outdoor
community spaces, and approximately 7,261 square feet of commercial/retail space (the
“Project”);
1.02. In connection with the Project, the EDA and Developer entered into a
Declaration of Restrictive Covenants, dated August 31, 2021 and recorded on September
1, 2021 as Document No. T155381 in the Office of the Registrar of Titles of Olmsted
County, Minnesota (the “County”) and as Document No. A1545345 in the Office of the
County Recorder of the County (the “Original Declaration”), which set forth certain
occupancy restrictions for the Project;
1.03. The Original Agreement and the Original Declaration required that 108 of
the residential units in the Project be occupied by persons or families whose income is
80% or less of area median income (the “80% Units”), and the Developer has had difficulty
finding renters who meet that income level; and
1.04. The Developer has requested that the EDA amend the Original Agreement
pursuant to a First Amendment to Development Assistance Agreement (the “Amendment
to Agreement”) and amend the Original Declaration pursuant to a First Amendment to
Declaration of Restrictive Covenants (the “Amendment to Declaration” and together with
the Amendment to Agreement, the “Amendments”) to revise the affordability covenants
related to the 80% Units.
Section 2. Approval of the Amendments.
2.01. Subject to approval by the Destination Medical Center Corporation
(“DMCC”), the Board hereby approves the Amendments in substantially the forms
presented to the Board, together with any related documents necessary in connection
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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 Amendments are not executed by the
Developer within 90 days after the date hereof.
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, including without limitation
changes recommended by the DMCC; 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.
2.03. 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.
2.04. 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 20 DAY OF MARCH,
2023.
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 _______________, 2023.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2023.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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