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HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY <br />VILLAGE, MINNESOTA <br /> <br />RESOLUTION 20-07 <br /> <br />RESOLUTION APPROVING AMENDED AND RESTATED ASSIGNMENTS AND <br />SUBORDINATIONS OF CONTRACT FOR PRIVATE REDEVELOPMENT <br />BETWEEN THE CITY OF ST. ANTHONY VILLAGE, THE HOUSING AND <br />REDEVELOPMENT AUTHORITY OF ST. ANTHONY VILLAGE, MINNESOTA, <br />DORAN SLV, LLC, DORAN ST. ANTHONY, LLC, DORAN SLV II, LLC, BREMER <br />BANK, NATIONAL ASSOCIATION, AND BRIDGEWATER BANK <br /> <br /> BE IT RESOLVED By the Board of Commissioners ("Board") of the Housing <br />and Redevelopment Authority of St. Anthony Village, Minnesota ("Authority") as <br />follows: <br /> <br /> Section 1. Recitals. <br /> <br /> 1.01. The City of St. Anthony Village (the “City”) and the Authority have <br />previously established Tax Increment Financing District No. 3-5, a redevelopment TIF <br />district (the “TIF District”) within Redevelopment Project Area No. 3, and have <br />previously approved and executed a Contract for Private Redevelopment with Doran <br />SLV, LLC, as amended (the “Contract”). <br /> <br /> 1.02. Doran SLV, LLC has subsequently partially assigned its rights and <br />obligations under the Contract to Doran St. Anthony, LLC and Doran SLV II, LLC, <br />which are affiliates of Doran SLV, LLC (Doran SLV, LLC, Doran St. Anthony, LLC, <br />and Doran SLV II, LLC are hereafter collectively the “Redeveloper”). <br /> <br /> 1.03. In order to provide a portion of the construction financing for the <br />Minimum Improvements (as defined in the Contract), the Redeveloper’s mortgage <br />lenders, Bremer Bank National Association (“Bremer”) and Bridgewater Bank <br />(“Bridgewater,” and collectively with Bremer, the “Lenders”) required a subordination of <br />certain of the City’s and Authority’s rights under the Contract with respect to the <br />Minimum Improvements, as set forth in (i) the Assignment and Subordination of <br />Development Agreement between the City, the Authority, the Redeveloper, and Bremer, <br />and (ii) the Assignment and Subordination of Development Agreement and TIF Note <br />between the City, the Authority, the Redeveloper, and Bridgewater (together, the <br />“Subordinations”). <br /> <br /> 1.04. Section 7.3 of the Contract provides that the City and Authority shall <br />consent to subordinate their rights under the Contract, so long as such subordination <br />contains such reasonable terms and conditions as are mutually agreed by the parties in <br />writing, and the Authority duly approved the Subordinations. <br />