Laserfiche WebLink
AMENDED AND RESTATED ASSIGNMENT AND SUBORDINATION OF <br />DEVELOPMENT AGREEMENT AND TIF NOTE <br />THIS AMENDED AND RESTATED ASSIGNMENT AND SUBORDINATION OF <br />DEVELOPMENT AGREEMENT AND TIF NOTE (this “Agreement”), is made and entered <br />into as of the ___ day of November, 2020, by and among the HOUSING AND <br />REDEVELOPMENT AUTHORITY OF ST. ANTHONY VILLAGE, MINNESOTA, a <br />public body corporate and politic and political subdivision of the State of Minnesota (the <br />“Authority”), the CITY OF ST. ANTHONY VILLAGE, a Minnesota municipal corporation (the <br />“City”), DORAN SLV, LLC, a Minnesota limited liability company (the “Redeveloper”), <br />DORAN SLV II, LLC, a Minnesota limited liability company (the “Phase II Land Owner”), and <br />BRIDGEWATER BANK, a Minnesota state banking corporation (the “Lender”). <br />W I T N E S S E T H: <br />WHEREAS, the Authority, the City, and the Redeveloper have entered into that certain Contract <br />for Private Development dated as of February 19, 2019, and filed of record in the office of the <br />Ramsey County Recorder on March 17, 2020, as Document No. A04802554 (as amended, <br />modified and supplemented from time to time, the “Development Agreement”), pertaining to the <br />development of certain real property located in the City of St. Anthony Village, Minnesota, and <br />referred to therein as the “Redevelopment Property”; and <br />WHEREAS, pursuant to the Development Agreement, the Authority will execute and deliver to <br />the Redeveloper a note in the maximum aggregate principal amount of $3,300,000.00 (the “TIF <br />Note”); and <br />WHEREAS, the Redeveloper has caused the Redevelopment Property to be replatted, and has <br />transferred a portion of the Redevelopment Property legally described on Exhibit A (the “Phase II <br />Project”) to the Phase II Land Owner; and <br /> WHEREAS, the Lender is providing financing to the Phase II Land Owner in the principal amount <br />of $5,200,000.00 (the “Loan”), pursuant to the terms of that certain Loan Agreement of even date <br />herewith (as the same may be amended or restated from time to time, the “Loan Agreement”), <br />executed by and among the Lender and the Phase II Land Owner; and <br />WHEREAS, the Loan is evidenced by that certain Real Estate Note of even date herewith in the <br />original principal amount of $5,200,000.00, executed by the Phase II Land Owner and payable to