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REQUEST FOR COUNCIL CONSIDERATION Meeting Date: November 24, 2020 Resolution-Approving amended and restated assignments and subordinations of contract for private redevelopment between the City Of St. Anthony Village, The Housing and Redevelopment Authority of St. Anthony Village, Minnesota, Doran SLV, LLC, Doran St. Anthony, LLC, Doran SLV II, LLC, Bremer Bank, National Association, And Bridgewater Bank Overview: In front of you this evening is a resolution to amend and restate assignments and subordinations of contract for private redevelopment between the City Of St. Anthony Village, The Housing and Redevelopment Authority of St. Anthony Village, Minnesota, Doran SLV, LLC, Doran St. Anthony, LLC, Doran SLV II, LLC, Bremer Bank, National Association, And Bridgewater Bank. In order to construct the proposed Silver Lake Village housing under the Contract for Private Redevelopment (“Contract”) between the HRA, the City, and Doran SLV (“Redeveloper”), the Redeveloper requested mortgage financing from two different lenders, Bremer and Bridgewater Bank. Both of these lenders agreed to provide financing, but required an assignment of the Redeveloper’s rights under the Contract, as well as a subordination of the City’s and HRA’s rights under the Contract. Per Section 7.3 of the Contract, the City and HRA will agree to subordinate their rights to a mortgage lender as long as the proposed Subordination is reasonably acceptable. The first version of the Assignment and Subordination documents presented by the lenders were reviewed and approved administratively, but upon further review by the City’s and HRA’s economic development attorney, it was discovered that these documents did not provide enough protection under current TIF law to fully protect the City’s and HRA’s interests. Upon request, the Lenders and Redeveloper agreed to revise the original documents. As a result, Amended and Restated Assignment and Subordination documents are presented this evening. These documents contain additional language that better protects the rights of the City and HRA under the Contract. Section 7.3 of the Contract requires formal approval of any proposed subordination.