HomeMy WebLinkAboutResolution No. EDA24-005/050-24 - Resolution (EDA) - Second Amendment to Declaration of Restrictive Covenants - Bryk Apartments
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 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, as amended (the “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 known as “Bryk on
Broadway Apartments,” (the “Project”);
1.02. In connection with the Project, the EDA and Developer entered into a
Declaration of Restrictive Covenants, dated August 31, 2021 (the “2021 Declaration”), as
amended by that First Amendment to Declaration of Restrictive Covenants, dated March
20, 2023 (the “First Amendment” and, together with the 2021 Declaration, the “Original
Declaration”) which set forth certain occupancy restrictions for the Project;
1.03. The Agreement and the Original Declaration required certain income
restrictions, and the Developer has requested that the EDA amend the Original
Declaration pursuant to a Second Amendment to Declaration of Restrictive Covenants
(the “Amendment to Declaration”) to add certain rent restrictions in order to qualify the
Project as class 4d property under Minnesota Statutes section 273.13, subdivision
25(e)(1).
Section 2. Approval of the Amendment to Declaration.
2.01. The Board hereby approves the Amendment to Declaration in substantially
the form presented to the Board, together with any related documents necessary in
connection therewith (collectively, the “Amendment Documents”) and hereby authorizes
the President and Secretary, to execute the same on behalf of the EDA; provided however
that this authorization by the EDA shall expire if the Amendment to Declaration is not
executed by the Developer within 90 days after the date hereof.
2.02. The approval hereby given to the Amendment 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
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EDA RESOLUTION NO. ________
CITY COUNCIL RESOLUTION NO.________
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 Amendment 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
Amendment Documents.
2.04. The Board hereby determines that the execution and performance of the
Amendment Documents will help realize the public purposes of the Act (as defined in the
Agreement).
PASSED AND ADOPTED BY THE BOARD OF COMMISSIONERS OF THE
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, ON THIS ____ DAY OF
____________, 2024.
__
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 _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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