RES 20-054 APPROVING FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVLOPMENT BETWEEN THE HRA, THE CITY OF ST. ANTHONY AND DORAN SLV, LLC

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RESOLUTION 20-054 RESOLUTION APPROVING FIRST AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, THE CITY OF ST. ANTHONY VILLAGE, AND DORAN SLV, LLC BE IT RESOLVED BY the City Council ("Council") of the City of St. Anthony Village, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. Pursuant to its authority under Minnesota Statutes, Sections 469.001 to 469.047 and 469.174 to 469.1794, as amended, the Housing and Redevelopment Authority of St. Anthony, Minnesota (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 (the "Project Area") located in the City pursuant to the Act, and previously established Tax Increment Financing District No. 3-5, a redevelopment TIF district (the "TIF District"), made up of property in the Project Area. 1.02. The Authority, the City, and Doran SLV, LLC (the "Redeveloper") executed a Contract for Private Redevelopment, dated as of December 10, 2019 (the "Contract"), providing, among other things, for the construction of certain improvements (the "Minimum Improvements") on the property legally described in the Contract and located within the TIF District (the "Redevelopment Property"). 1.03. Due to changes in circumstances caused by the COVID-19 pandemic and other factors, the parties have negotiated and propose to execute a First Amendment to the Contract (the "First Amendment") to extend the deadlines for the commencement and completion of construction of Phase II of the Minimum Improvements, and to allow for the issuance of a single tax increment revenue note to the Redeveloper subject to certain terms and conditions as addressed in the First Amendment. Section 2. First Amendment Approved. 2.01. The First Amendment as presented to the Council is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the Mayor and City Clerk, provided that execution of the First Amendment by such officials shall be conclusive evidence of approval. 2.02. The Mayor and City Clerk are hereby authorized to execute on behalf of the City the First Amendment and any documents referenced therein requiring execution by the City, and to carry out, on behalf of the City, its obligations thereunder.