RES 21-027 AUTHORIZING THE EXECUTION OF A REDEVELOPMENT AGREEMENT

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REDEVELOPMENT AGREEMENT THIS Redevelopment Agreement (this “Agreement”), made and entered into as of this 1st day of \[Month\], 2021, by and among the HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, a public body corporate and politic organized and existing under the laws of the State of Minnesota (the “HRA”), the CITY OF ST. ANTHONY, a Minnesota statutory city (the “City”), and SA SENIOR LIVING LLC, a Minnesota limited liability company (the “Developer”). WITNESSETH: WHEREAS, the City and the HRA have established Redevelopment Project Area No. 3 (the “Redevelopment District”) pursuant to the Redevelopment Plan for the Redevelopment District, as modified (as so modified the “Redevelopment Plan”); WHEREAS, the Developer is proposing to construct a 135-unit senior care facility with independent living, assisted living and memory care (the “Project”) in the Redevelopment District; WHEREAS, under M.S., Sections 469.174 through 469.1794 (the “TIF Act”), the HRA is authorized to finance certain public redevelopment costs of a redevelopment project with tax increment revenues derived from a tax increment financing district established within a redevelopment project area; WHEREAS, the City and the HRA have held public hearings to consider the adoption of a tax increment financing plan and the creation and establishment of a tax increment financing district pursuant to the TIF Act and established Lowry Grove Tax Increment Financing District, a “redevelopment district” (the “TIF District”) pursuant to M.S., Section 469.174, Subdivision 10, and approved a Tax Increment Financing Plan therefor (the “TIF Plan”); WHEREAS, in order to achieve the objectives of the Redevelopment Plan and the TIF Plan, the HRA intends to provide assistance to the Developer through tax increment financing, as described in the TIF Act to finance the Project; WHEREAS, the HRA has determined that, in order to accomplish the purposes specified in and to carry out the Redevelopment Plan and the TIF Plan, it is necessary and desirable for the HRA to reimburse the Developer for certain costs to be incurred and paid by the Developer in connection with the Project; and WHEREAS, the City will apply tax increment revenues generated from the TIF District to (i) pay or reimburse the City for administrative expenses relating to the TIF District to the extent permitted by the TIF Act and (ii) reimburse the Developer, with interest, for certain costs incurred in connection with the construction of the Project; and WHEREAS, the HRA and the City believe that the development activities associated with the Project pursuant to this Agreement are in the best interests of the City and benefit the health, safety, morals and welfare of its residents, and comply with the applicable state and local laws and requirements under which the Project has been undertaken and is being assisted.