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1 <br />625406v1SA730-2 <br /> HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA <br /> <br /> <br /> RESOLUTION 19-05 <br /> <br /> RESOLUTION APPROVING CONTRACT FOR PRIVATE <br />REDEVELOPMENT AND AWARDING THE SALE OF, AND <br />PROVIDING THE FORM, TERMS, COVENANTS AND <br />DIRECTIONS FOR THE ISSUANCE OF ITS TAX <br />INCREMENT REVENUE NOTES TO DORAN SLV, LLC. <br /> <br /> BE IT RESOLVED BY the Board of Commissioners ("Board") of the Housing and <br />Redevelopment Authority of St. Anthony, Minnesota (the "Authority") as follows: <br /> <br /> Section 1. Recitals; Approval and Authorization; Award of Sale. <br /> <br /> 1.01. Recitals. (a) The Authority and the City of St. Anthony Village (the “City”) have <br />heretofore approved the establishment of Tax Increment Financing District No. 3-5 (the "TIF <br />District") within Redevelopment Project No. 3 ("Project"), and have adopted a tax increment <br />financing plan for the purpose of financing certain improvements within the Project. <br /> <br /> (b) To facilitate the redevelopment of certain property within the Project and TIF District, <br />the Authority, the City, and Doran SLV, LLC (the “Owner”) have negotiated a Contract for Private <br />Redevelopment (the “Agreement”) which provides for the construction by the Owner of a two- <br />phase rental housing facility and associated parking on the Redevelopment Property, and the <br />issuance by the Authority of one or two Tax Increment Revenue Notes (Silver Lake Village Project) <br />(the “Notes”) to the Owner. <br /> <br /> 1.02. Approval of Agreement. (a) The Agreement is hereby in all respects approved, <br />subject to modifications that do not alter the substance of the transaction and that are approved by the <br />Chair and Executive Director, provided that execution of the Agreement by such officials shall be <br />conclusive evidence of approval. <br /> <br /> (b) Authority staff and officials are authorized to take all actions necessary to perform the <br />Authority’s obligations under the Agreement as a whole, including without limitation execution of <br />any documents to which the Authority is a party referenced in or attached to the Agreement, all as <br />described in the Agreement. <br /> <br /> 1.03. Issuance, Sale, and Terms of the Notes. (a) The Authority hereby authorizes the <br />Chair and Executive Director to issue the Notes in accordance with the Agreement. All capitalized <br />terms in this resolution have the meaning provided in the Agreement unless the context requires <br />otherwise. <br /> <br /> (b) The Notes shall be issued to the Owner in the maximum aggregate principal amount of <br />$3,300,000 in consideration of certain eligible costs incurred by the Owner in connection with <br />construction of the Minimum Improvements under the Agreement. The Note issued in connection