HomeMy WebLinkAboutResolution No. 281-16 - 1AF and 1AFDevelopment,LLC.AmendDevelopAssistantAgreeRESOLUTION NO.
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION AUTHORIZING THE EXECUTION OF AN AMENDED AND RESTATED
DEVELOPMENT ASSISTANCE AGREEMENT
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 between
the EDA, lAF, Limited Partnership, a Minnesota limited partnership (the "Owner"), and lAF
Development, LLC, a Minnesota limited liability company (the "Developer"), stating the
Owner's and Developer's responsibilities to construct an approximately 68 unit, four story
affordable rental housing facility with elevator access, underground parking, surface parking,
multiple community rooms, and an exercise room with all related improvements (the
"Development").
1.02. In connection with financing the Development, the Owner has requested that the
EDA to enter into an Amended and Restated Development Assistance Agreement with respect to
the Development which amends and supersedes the agreement previously executed.
Section 2. Approval of Development Assistance Agreement.
2.01. The Owner has presented the EDA with a proposal for the construction of the
Development by the Owner, and there has been prepared and presented to the Board for its
consideration a certain Amended and Restated Development Assistance Agreement (the
"Amended Agreement") between the EDA and the Owner, stating the Owner's responsibilities
and the terms and conditions the EDA's assistance with the financing of certain costs of the
Development.
2.02. The Board hereby approves the Amended Agreement in substantially the form
presented to the Board, together with any related documents necessary in connection therewith,
including without limitation consent to a collateral assignment of the Amended Agreement and
the TIF Note defined therein to the lenders providing financing for the Development
(collectively, the "Development Documents") and hereby authorizes the President and Secretary,
in their discretion and at such time, if any, as they may deem appropriate, 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 Amended Agreement is
not executed by the Owner within 90 days after the date hereof.
2.03. The approval hereby given to the Development Documents includes approval of
such additional details therein as may be necessary and appropriate and such modifications
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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 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
2.04. 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.
2.05. 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
ROCHESTER ECONOMIC DEVELOPMENT
2016.
BOARD OF COMMISSIONERS OF THE
AUTHORITY, THIS 20TH DAY OF DUNE,
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Board Member
moved the adoption of the foregoing
resolution, which motion was duly seconded by Board Member
and upon vote being taken thereon, the following Board Members voted in favor thereof:
and the following Board Members voted against the same:
whereupon said resolution was declared duly passed on adopted.
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SECRETARY'S CERTIFICATE
I, the undersigned, being the duly qualified and acting Secretary of the Rochester
Economic Development Authority, DO HEREBY CERTIFY that I have carefully compared the
attached and foregoing extract of minutes of a duly called and regularly held meeting of the
Board of Commissioners held on June 20, 2016, with the original minutes thereof on file in my
office and I further certify that the same is a full, true, and correct transcript thereof insofar as
said minutes relate to the actions referenced therein with respect to the approval of an Amended
and Restated Development Assistance Agreement.
WITNESS My hand this day of June, 2016.
Secretary
Rochester Economic Development Authority
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