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HomeMy WebLinkAboutResolution No. EDA17-014 - DateRevisionstoUrbanOnFirstDevelopAssistAgreement EDA RESOLUTION NO. ______ COUNCIL RESOLUTION NO. ______ ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY COUNTY OF OLMSTED STATE OF MINNESOTA RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A 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 reviewed a proposal by Opus Development Company, L.L.C., a Delaware limited liability company (the “Developer”) to construct an mixed use redevelopment project consisting of an approximately 6 story building to include approximately 156 market rate rental apartments, approximately 9,000 square feet of commercial area and approximately 156 structured parking stalls and related improvements (the “Development”) to be located at south of 4th Street SW, between South Broadway and 1st Avenue SW, adjacent to certain real property owned by the U.S. Bank in the City of Rochester (the “City”). 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 an economic development district known as Economic Development District No. 54 (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. 54-1 therein (the “TIF District”) within the boundaries of the Destination Medical Center Development District as defined in Minnesota Statutes, Section 469.40, Subdivision 5, as amended (the “DMC District”) as adopted in the Destination Medical Center Development Plan as defined in Minnesota Statutes, Section 469.40, Subdivision 6, as amended (the “DMC Development Plan”). The DMCC approved the Development on February 8, 2017; and 1.03. The parties have negotiated a Development Assistance Agreement between the Developer and the EDA (the “Development Agreement”) in connection with the construction of the Development. 1.04. The EDA approved a draft of the Development Agreement by its resolution adopted on February 22, 2017 which approval was subject to expire if certain conditions were not met within 180 days of such approval. Such conditions have not yet been met and in accordance with Section 4.02 of the resolution, the Developer has requested an extension as well as changes to some of the terms and timing provisions of the Development Agreement. 508127v1 RC110-79 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 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 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 certifications referenced in or attached to the Development Agreement (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 Developer has not (i) executed this Agreement, (ii) obtained a footing and foundation permit and commenced construction of the foundation of the Improvements, and (iii) delivered to the EDA evidence satisfactory to the EDA that the Developer has sufficient financing to complete the Improvements. Prior to the expiration of such 180 period, the Developer or the Owner may request an extension from the Board of Commissioners 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 ND ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS 2 DAY OF OCTOBER, 2017. 2 508127v1 RC110-79 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 508127v1 RC110-79 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 October 2, 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 BDKN LLLP. WITNESS My hand this ____ day of October, 2017. _______________________________________ Secretary Rochester Economic Development Authority 4 507207v3 RC110-87