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HomeMy WebLinkAboutResolution No. 307-15 - Rochester TIF 46-1 501 on 1st EDA RES APPROV DEVELOPMENT AGREEMENT - 463322v1ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF OLMSTED STATE OF MINNESOTA RESOLUTION NO. RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A DEVELOPMENT 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 Rochester Economic Development Authority (the "EDA") has reviewed a proposal by 501 on Is', LLC, a Minnesota limited liability company (the "Developer") to construct an approximately 5-story, mixed -use development consisting of approximately 21,000 square feet of commercial and retail space, an approximately 84-unit market -rate rental housing facility and related parking, together with all related improvements (the "Development"). 1.02. The EDA has undertaken a program to promote economic development and job opportunities, promote the development and redevelopment of land which is underutilized within the City, and in this connection created a development district known as Economic Development District No. 46 (the "Economic Development District") in the City, pursuant to Minnesota Statutes, Sections 469.090 through 469.1082 (the "Act") and established Tax Increment Financing District No. 46-1 therein (the "TIF District"). 1.03. The parties have negotiated a Development Assistance Agreement (the "Development Agreement") in connection with the construction of the Development. Section 2. Approval of Development Agreement. 2.01. The Developer has presented the EDA with a proposal for the construction of the Development by the Developer, and there has been prepared and presented to the Board for its consideration a certain Development Agreement between the EDA and the Developer, stating the Developer'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 Agreement substantially in accordance with the terms set forth in the form presented to the Board, together with any related documents necessary in connection therewith (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. 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 thereof, deletions therefrom and additions thereto as may be necessary and appropriate and 463322v1 RC110-48 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 Tax Increment Revenue Bond 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 2015. BOARD OF COMMISSIONERS OF THE AUTHORITY, THIS 15TH DAY OF JUNE 2 463322v1 RC110-48 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. 3 463322v1 RC110-48 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 15, 2015, 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 actions referenced therein with respect to a Development Agreement in connection with EDA's Economic Development District No. 46 and Tax Increment Financing District No. 46-1 therein. WITNESS My hand this day of June, 2015. Secretary Rochester Economic Development Authority 4 463322v1 RC110-48