HRA PACKET 11242020 - Laserfiche WebLink

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1.05. In order to clarify certain terms of the Subordinations to preserve the first position of certain City and Authority rights under the Contract, the parties have negotiated and propose to execute (i) an Amended and Restated Assignment and Subordination of Development Agreement, and (ii) an Amended and Restated Assignment and Subordination of Development Agreement and TIF Note (together, the “Amended Subordinations”), in the form presented to the Authority. 1.06. The Board has reviewed the Amended Subordinations and finds that the approval and execution of the Amended Subordinations are consistent with the provisions of the Contract and are in the best interest of the City and its residents. Section 2. Authority Approval; Other Proceedings. 2.01. The Amended Subordinations as presented to the Authority are hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the Chair and Executive Director, provided that execution of the Amended Subordinations by such officials shall be conclusive evidence of approval. 2.02. The Chair and Executive Director are hereby authorized to execute on behalf of the Authority the Amended Subordinations and any other documents requiring execution by the Authority in order to carry out the transaction described in the Amended Subordinations. 2.03. Authority staff and consultants are authorized to take any actions necessary to carry out the intent of this resolution. Approved by the Board of Commissioners of the Housing and Redevelopment Authority of St. Anthony Village, Minnesota this 24th day of November, 2020. ___________________________________ Chair ATTEST: _______________________________ Secretary 686762v1 MNI SA730-2