RES 19-093 APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN SLV, LLC.

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CONTRACT FOR PRIVATE REDEVELOPMENT THIS AGREEMENT, made as of the _ day of , 2019, by and between the Housing and Redevelopment Authority of St. Anthony, Minnesota, a public body corporate and politic under the laws of Minnesota (the "Authority"), the City of St. Anthony Village, a Minnesota municipal corporation (the "City"), and Doran SLV, LLC, a Minnesota limited liability company (the "Redeveloper"). WITNESSETH: WHEREAS, the Authority was created pursuant to Minnesota Statutes Sections 469.001 to 469.047 (the "Act") and was authorized to transact business and exercise its powers by a resolution of the City Council of the City; and WHEREAS, the Authority has undertaken a program to promote the development and redevelopment of land identified as the Northwest Quadrant which is underutilized within the City, and in this connection created its Redevelopment Project Area No. 3 (hereinafter referred to as the "Project") in an area (hereinafter referred to as the "Project Area") located in the City pursuant to the Act; and WHEREAS, pursuant to the Act, the Authority is authorized to undertake certain activities to facilitate the redevelopment of real property by private enterprise; and WHEREAS, the Redeveloper intends to construct certain improvements described herein on certain property located in the Project Area (the "Redevelopment Property"), and has represented to the City and Authority that but for financial assistance in connection with redevelopment of the Redevelopment Property, the Redeveloper could not proceed with such activities; and WHEREAS, the Authority and City have previously established Tax Increment Financing District No. 3-5 (the "TIF District") a redevelopment TIF district, pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the "TIF Act"), made up of property in the Project Area including the Redevelopment Property, and are willing to provide assistance to the Redeveloper through tax increment from the TIF District; and WHEREAS, the Authority believes that the redevelopment of the Redevelopment Property pursuant to this Agreement, and fulfillment generally of this Agreement, are in the vital and best interests of the City and the health, safety, morals, and welfare of its residents, and in accord with the public purposes and provisions of the applicable State and local laws and requirements under which the Project has been undertaken and is being assisted. NOW, THEREFORE, in consideration of the premises and the mutual obligations of the parties hereto, each of them does hereby covenant and agree with the other as follows: 1 623340v3SA730-2