09-07-2021 EDA Packet - Laserfiche WebLink

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Error! Unknown document property name. 2 “Assignment and Assumption Agreement”) between the Authority, the Assignor, and the Assignee, pursuant to which the Authority will consent to the Assignor’s assignment of, and the Assignee’s assumption of, its rights and interests as the “Developer” in and its obligations as “Developer” under the Original Agreement to the Assignee; and (ii) an Amended and Restated Contract for Private Development (the “Amended and Restated Agreement,” and together with the Assignment and Assumption Agreement, the “Agreements”) between the Authority and the Assignee as the “Developer” thereunder (the “Developer”), pursuant to which the Developer will agree to construct the Minimum Improvements and the Authority will issue its tax increment note to the Senior Housing Developer in the maximum principal amount of $3,656,000 to reimburse the Senior Housing Developer for a portion of qualified redevelopment costs related to the acquisition of land and construction of the portion of the Minimum Improvements related to the Senior Housing Units (as defined in the Amended and Restated Agreement) and BE IT RESOLVED by the Board of Commissioners of the Lino Lakes Economic Development Authority as follows: Section 1. Authorizations. 1.01. Approval of Agreements. The Authority hereby authorizes and directs the President and Executive Director to execute and deliver the Agreements. All of the provisions of the Agreements, when executed and delivered as authorized herein, shall be deemed to be a part of this resolution as fully and to the same extent as if incorporated verbatim herein and shall be in full force and effect from the date of execution and delivery thereof. The Agreements shall be substantially in the forms on file with the Authority, which are hereby approved, with such omissions and insertions as do not materially change the substance thereof, or as the President and the Executive Director, in their discretion, shall determine, and the execution thereof by the President and the Executive Director shall be conclusive evidence of such determination. 1.02. Issuance of TIF Note. The Authority hereby finds and determines that it is in the best interests of the Authority that it issue the TIF Note to the Senior Housing Developer in the maximum aggregate principal amount of $3,218,000, for the purpose of financing costs related to the Senior Housing Units. The Authority hereby delegates to the Executive Director the determination of the date on which the TIF Note is to be delivered, in accordance with Section 3.6 of the Amended and Restated Agreement. Pursuant to the Amended and Restated Agreement, the TIF Note shall be issued to the Senior Housing Developer. The TIF Note shall be dated as of the date of delivery and shall not bear any interest. The Authority shall receive in exchange for the delivery of the TIF Note the payment by the Senior Housing Developer of the Senior Housing Units Costs (as defined in the Amended and Restated Agreement). The TIF Note will be delivered in accordance with the terms of Section 3.6 of the Amended and Restated Agreement. Section 2. Form of TIF Note. The TIF Note shall be in substantially the form attached as an exhibit to the Amended and Restated Agreement, with the blanks to be properly filled in and the principal amount adjusted as of the date of issue. Section 3. Terms, Execution and Delivery. 3.01. Denomination, Payment. The TIF Note shall be issued as a single typewritten note numbered R-1. The TIF Note shall be issuable only in fully registered form. Principal of the TIF Note shall be payable by check or draft issued by the Registrar described herein.