RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT

Home Browse Search

EXHIBIT E FORM OF ASSESSMENT AGREEMENT THIS AGREEMENT is dated as of \[Month\] 1, 2021, and is between the HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, a public body corporate and politic organized and existing under the laws of the State of Minnesota (the “HRA”), a municipal corporation and political subdivision of the State of Minnesota (the “City”) and SA SENIOR LIVING LLC, a Minnesota limited liability company (the “Developer”). IN CONSIDERATION OF the mutual covenants and benefits herein described, the City and the Developer recite and agree as follows: Section 1. Recitals. 1.01. Development District; Development Program. The City of St. Anthony (the “City”) and the Housing and Redevelopment Authority of St. Anthony (the “HRA”) have heretofore undertaken certain development activities for the purpose of redeveloping blighted areas, improving the local tax base, and improving the general economy of the City and the State of Minnesota, which is a “project” as defined in Minnesota Statutes, Section 469.174, subdivision 8, known as Redevelopment Project Area No. 3 (the “Project Area”) pursuant to a Project Plan for Redevelopment Area No. 3 (the “Project Plan”). 1.02. Tax Increment Financing District; Project. Pursuant to the Minnesota Tax Increment Financing Act, Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the “TIF Act”), the City and the HRA have approved a tax increment financing plan (the “Financing Plan”), which is the proposed method for financing the development activities currently proposed to be undertaken pursuant to the Project Plan and established a portion of the Project Area as a tax increment financing district (“Tax Increment District”). The Financing Plan proposes to finance the cost of certain public improvements related to the construction of a 135-unit senior care facility with independent living, assisted living and memory care (the “Project”). 1.03. Implementation. The City and the HRA have each authorized and directed their respective officers to take all actions necessary to implement and carry out the Project Plan and the Financing Plan. The Project Plan and the Financing Plan propose that the HRA finance certain costs of or related to the Project, payable from tax increment (as defined in the TIF Act) derived from the District (“Tax Increment”). 1.04. Development Agreement. The City, the HRA, and the Developer have entered into a Redevelopment Agreement (Development 65 Project), dated as of \[Month\] 1, 2021 (the “Redevelopment Agreement”), which provides that the Developer, or its permitted assignee, will improve the real property described in Exhibit A hereto (the “Land”) by the construction of the portion of the Project located thereon. The Redevelopment Agreement provides that upon the execution and delivery of the Redevelopment Agreement, the Authority and Developer are to enter into this Assessment Agreement. E-1