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CC PACKET 11242020
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CC PACKET 11242020
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<br /> <br /> <br />REQUEST FOR COUNCIL CONSIDERATION <br /> <br /> <br />Meeting Date: November 24, 2020 <br /> <br /> <br />Resolution-Approving amended and restated assignments and subordinations of contract for <br />private redevelopment between the City Of St. Anthony Village, The Housing and <br />Redevelopment Authority of St. Anthony Village, Minnesota, Doran SLV, LLC, Doran St. <br />Anthony, LLC, Doran SLV II, LLC, Bremer Bank, National Association, And Bridgewater Bank <br /> <br /> <br /> <br />Overview: <br /> <br />In front of you this evening is a resolution to amend and restate assignments and subordinations of <br />contract for private redevelopment between the City Of St. Anthony Village, The Housing and <br />Redevelopment Authority of St. Anthony Village, Minnesota, Doran SLV, LLC, Doran St. Anthony, <br />LLC, Doran SLV II, LLC, Bremer Bank, National Association, And Bridgewater Bank. <br /> <br />In order to construct the proposed Silver Lake Village housing under the Contract for Private <br />Redevelopment (“Contract”) between the HRA, the City, and Doran SLV (“Redeveloper”), the <br />Redeveloper requested mortgage financing from two different lenders, Bremer and Bridgewater Bank. <br />Both of these lenders agreed to provide financing, but required an assignment of the Redeveloper’s <br />rights under the Contract, as well as a subordination of the City’s and HRA’s rights under the Contract. <br />Per Section 7.3 of the Contract, the City and HRA will agree to subordinate their rights to a mortgage <br />lender as long as the proposed Subordination is reasonably acceptable. The first version of the <br />Assignment and Subordination documents presented by the lenders were reviewed and approved <br />administratively, but upon further review by the City’s and HRA’s economic development attorney, it <br />was discovered that these documents did not provide enough protection under current TIF law to fully <br />protect the City’s and HRA’s interests. Upon request, the Lenders and Redeveloper agreed to revise <br />the original documents. <br /> <br />As a result, Amended and Restated Assignment and Subordination documents are presented this <br />evening. These documents contain additional language that better protects the rights of the City and <br />HRA under the Contract. Section 7.3 of the Contract requires formal approval of any proposed <br />subordination. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />15
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