HomeMy WebLinkAboutResolution No. 190-17 1 - VillageCapitalCorporation.HousingDevelopementAgreement
RESOLUTION NO. ______
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A
DEVELOPMENT AGREEMENT
Rochester
Economic Development Authority (the EDA), as follows:
Section 1. Recitals.
1.01. The EDA has reviewed a proposal by Village Capital Corporation, an Indiana
corporation (i) an approximately 128-unit multifamily rental
housing development consisting of 8 two-story garden style apartments buildings (with access to
functionally related facilities, including without limitation a clubhouse with a fitness center,
community room, full kitchen, leasing offices, a playground, a pool, and a bike trail
and (ii) an approximately 80-unit multifamily rental housing development consisting of 5 two-
story garden style apartment buildings and functionally related facilities (including without
limitation a clubhouse with a fitness center, community room, full kitchen, leasing offices, a
playground, a pool, and a bike trail) (, together with Phase I, 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 connection therewith has created a development
district known as Economic Development District No. 56
City, pursuant to Minnesota Statutes, Sections 469.090 through 469.1082 (the
and established Tax Increment Financing District No. 56-1 there;
and
1.03. The parties have negotiated a Development Assistance Agreement between the
Developer and the EDA 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 by the
Developer of the Development, and there has been prepared and presented to the Board for its
consideration a certain Development Agreement, stating the Developerand the
terms and conditions with the financing of certain costs of the
Development.
2.02. The Board hereby approves the Development 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, including without limitation all documents or
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certifications referenced in or attached to the Development Agreement (collectively, the
Development Doc 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, .
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
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 pay-as-you-go tax increment revenue 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 BOARD OF COMMISSIONERS OF THE
TH
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS 17 DAY OF APRIL,
2017.
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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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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 April 17, 2017, 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 Assistance
Agreement with Village Capital Corporation.
WITNESS My hand this ____ day of April, 2017.
_______________________________________
Secretary
Rochester Economic Development Authority
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