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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governmental approvals necessary to enable construction of the Minimum Improvements by the dates such construction is required under Section 4.3 of this Agreement, so long as the Construction Plans have been approved in accordance with Section 4.2 hereof. 2. Amendment to Section 3.3(c) et seq. of the Contract. Section 3.3(c) et seq. of the Contract is amended as follows: (c) Note; Terms. To reimburse the remainder of the Public Redevelopment Costs incurred by Redeveloper, the Authority shall issue and the Redeveloper shall purchase the Note in the maximum principal amount of $3,300,000. The maximum principal amount of the Note attributable to Phase I of the Minimum Improvements shall be $1,950,000, and the maximum amount of the Note attributable to Phase II of the Minimum Improvements shall be $1,350,000. The Authority shall issue and deliver the Note upon Redeveloper having: (i) delivered to the Authority one or more certificates signed by the Redeveloper's duly authorized representative, containing the following: (i) a statement that each cost identified in the certificate is a Public Redevelopment Cost as defined in this Agreement and that no part of such cost has been included in any previous certification; (ii) evidence that each identified Public Redevelopment Cost has been paid or incurred by or on behalf of the Redeveloper; and (iii) a statement that no uncured Event of Default by the Redeveloper has occurred and is continuing under the Agreement. The Authority may, if not satisfied that the conditions described herein have been met, return any certificate with a statement of the reasons why it is not acceptable and requesting such further documentation or clarification as the Authority may reasonably require; (ii) submitted and obtained Authority approval of financing for Phase I in accordance with Section 7.1; and (iii) delivered to the Authority an investment letter in a form reasonably satisfactory to the Authority. The terms of the Note will be substantially those set forth in the form of the Note shown in Schedule B, and the Note will be subject to all terms of the Authorizing Resolution, which are incorporated herein by reference. (d) Assignment of Note. The Authority acknowledges that the Redeveloper may assign the Note to a third party. The Authority consents to such an assignment, conditioned upon receipt of an investment letter from such third party in a form reasonably acceptable to the Authority; provided that an investment letter shall not be required in connection with a collateral assignment of either Note to a lender providing mortgage financing for acquisition of the Redevelopment Property or construction of the Minimum Improvements, an assignment to an Affiliate or an assignment to Kelly J. Doran. (e) Qualifications. The Redeveloper understands and acknowledges that the Authority makes no representations or warranties regarding the amount of Tax Increment, or that revenues pledged to the Note will be sufficient to pay the principal and interest on the Note. Any estimates of Tax Increment prepared by the Authority or its financial advisors in connection with the TIF District