HomeMy WebLinkAboutResolution No. EDA24-007/052-24 - Resolution (EDA) - Declaration of Restrictive Covenants on the Multifamily Rental Housing Development known as Forte of Rochester II
EDA RESOLUTION NO. ________
CITY COUNCIL RESOLUTION NO.________
Rochester Economic Development Authority
County of Olmsted, State of Minnesota
Authorizing the Execution of Declaration of Restrictive Covenants on the
Multifamily Rental Housing Development known as Forte of Rochester II
WHEREAS, the Rochester Economic Development Authority (the “EDA”) has
heretofore approved an Development Assistance Agreement (the “Agreement”), dated
September 20, 2021, between the EDA and Forte of Rochester II, LLC, a South Dakota
limited liability company (the “Developer”), pursuant to which the Developer constructed
an approximately 128-unit multifamily rental housing development known as Forte of
Rochester II (the “Project”) on certain property within the EDA’s Housing Tax Increment
Financing District No. 76-1 (Badger Hills Senior Housing Project) as a housing tax
increment financing district (the “Property”); and
WHEREAS, the Agreement included certain affordability covenants related to the
Project and, in order to qualify the Project as class 4d property under Minnesota Statutes
section 273.13, subdivision 25(e)(1), the Developer has requested that the EDA approve
an instrument reflecting the covenants set forth in Agreement as well as certain rent
restrictions that may be recorded by the Developer against the Property; and
WHEREAS, the EDA has caused to be prepared a certain Declaration of
Restrictive Covenants (the “Declaration”) to be executed by the Developer for the Project
and recorded against the Property; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Rochester Economic Development Authority (the “Board”) and the Common Council (the
“Council”) of the City of Rochester, Minnesota (the “City”), as follows:
1. The Board hereby approves the Declaration 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 Declaration (collectively, the “Declaration 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; provided however that this authorization by the EDA shall
expire if the Declaration is not executed by the Developer within 90 days after the date
hereof.
2. The approval hereby given to the Declaration 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
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EDA RESOLUTION NO. ________
CITY COUNCIL RESOLUTION NO.________
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.
3. Upon execution and delivery of the Declaration 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 Declaration
Documents.
4. The Board hereby determines that the execution and performance of the
Declaration 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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