HomeMy WebLinkAboutResolution No. 189-25 (EDA006-25) - EDA - Resolution - Approving Development Assistance Agreement Restoration Glen
EDA RESOLUTION NO. ______
COUNCIL RESOLUTION NO. ______
Rochester Economic Development Authority
Rochester City Council
County of Olmsted, State of Minnesota
Approving and Authorizing the Execution of Development Assistance Agreement
(Restoration Glen Project).
WHEREAS, the Rochester Economic Development Authority (the “EDA”) has
reviewed a proposal by Restoration Glen LLLP, a Minnesota limited lability limited
partnership (the “Developer”) for the construction of an approximately 4-story, 48-unit
affordable workforce residential apartment building to be known as “Restoration Glen,”
with approximately 45 underground parking stalls and 36 surface level parking stalls, a
community room, and all related amenities and improvements (the “Development”),
located on property legally described as Lot 1, Block 1, Restoration Glen in the City of
Rochester (the “City”);
WHEREAS, the EDA has established Economic Development District No. 72 (the
“Development District”) and adopted an Economic Development Plan therefor (the
“Development Plan”) and, pursuant to the provisions of Minnesota Statutes, Section
469.174 through 469.1794, as amended, (the “TIF Act”), the EDA has created, within the
Development District, Tax Increment Financing District No. 72-1 as a redevelopment
district (the “TIF District”), and has adopted a tax increment financing plan therefor (the
“TIF Plan”) which provides for the use of tax increment financing in connection with
development, including affordable housing, to be constructed within the TIF District and
the City; and
WHEREAS, there has been prepared and presented to the Board for its
consideration a certain a Development Assistance Agreement, between the EDA and the
Developer, stating the Developer’s responsibilities and the terms and conditions of the
EDA’s assistance with financing certain costs of the Development (the “Agreement”).
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Rochester Economic Development Authority (the “Board”) and the Common Council of
the City of Rochester, Minnesota (the “Council”), as follows:
Section 1. Approval of Development Agreement.
1.01. The Board hereby approves the Agreement 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, assignments
or consents referenced in or attached to the Agreement or necessary in connection with
the Developer’s financing from the Minnesota Housing Finance Agency (collectively, the
“Development Documents”) and hereby authorizes the President and Secretary to
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execute the same on behalf of the EDA, and to carry out, on behalf of the EDA, the EDA’s
obligations thereunder.
1.02. 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; 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, as applicable, herein authorized shall
be conclusive evidence of the approval of such document in accordance with the terms
hereof. This Resolution shall not constitute an offer and the Development Documents
shall not be effective until the date of execution thereof as provided herein.
1.03. 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.
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 City to implement the Development Document,
when all conditions precedent thereto have been satisfied.
1.04. The Board hereby determines that the execution and performance of the
Development Document 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 11 DAY OF AUGUST,
2025.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
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APPROVED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER,
TH
MINNESOTA, THIS 11 DAY OF AUGUST, 2025.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: _________________
CITY CLERK
APPROVED THIS11th DAY OF AUGUST, 2025.
MAYOR OF SAID CITY
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