10-11-2021 EDA Packet - Laserfiche WebLink

Home Search

Error! Unknown document property name. ASSIGNMENT OF CONTRACT FOR PRIVATE DEVELOPMENT AND TIF NOTE THIS ASSIGNMENT OF CONTRACT FOR PRIVATE DEVELOPMENT AND TIF NOTE (this “Agreement”), is made and entered into as of the ____ day of October, 2021, by and among the LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY, a public body corporate and politic under the laws of the State of Minnesota (the “Authority”), LYNGBLOMSTEN AT LINO LAKES, LLC, a Minnesota limited liability company (the “Developer”), and CHOICE FINANCIAL GROUP, a North Dakota banking corporation (the “Lender”). WITNESSETH: WHEREAS, Authority and the Developer have entered into that certain Contract for Private Development dated September 7, 2021 (the “Development Agreement”), pertaining to the development of certain Minimum Improvements (as defined in the Development Agreement) (collectively, the “Improvements”) on the property legally described on Exhibit A attached hereto and hereby made a part hereof (the “Land”, and, together with the Improvements, the “Project”); and WHEREAS, pursuant to the Development Agreement, the Authority is to execute that certain Tax Increment Revenue Note in the principal amount of up to $3,656,000 (the “TIF Note”) upon compliance with the terms and conditions of the Development Agreement; and WHEREAS, the Developer and the Lender have entered into that certain Construction Loan Agreement dated as of October __, 2021 (the “Loan Agreement”), concerning the extension by the Lender to the Developer of (a) a real estate construction loan in the original principal amount of $42,700,000 (the “Real Estate Loan”), and (b) a TIF loan in the original principal amount of $2,600,000 (the “TIF Loan” and together with the Real Estate Loan, collectively, the “Loans”); and WHEREAS, pursuant to the Loan Agreement and in connection with the Real Estate Loan, the Lender has agreed to, among other things, purchase that certain City of Bethel, Minnesota, Senior Housing Revenue Note (Lyngblomsten at Lino Lakes Project), Series 2021 dated as of the date hereof (the “Real Estate Note”) in the original principal amount of $42,700,000.00 issued by the City of Bethel, Minnesota, and payable to the order of the Lender and to disburse the proceeds thereof to or on behalf of the Borrower pursuant to the Loan Agreement; and