RES 23-076 APPROVING 3RD AMMENDMENT TO CONTRACT WITH DORAN

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CITY OF ST. ANTHONY VILLAGE STATE OF MINNESOTA RESOLUTION 23-076 RESOLUTION APPROVING THIRD AMENDMENT TO CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY, MINNESOTA, THE CITY OF ST. ANTHONY VILLAGE, DORAN SLV, LLC, DORAN ST. ANTHONY, LLC, AND DORAN SLV II, LLC BE IT RESOLVED BY the City Council ("Council") of the City of St. Anthony Village, Minnesota (the "City") as follows: Section 1. Recitals. 1.01. Pursuant to its authority under Minnesota Statutes, Sections 469.001 to 469.047 and 469.174 to 469.1794, as amended, the Housing and Redevelopment Authority of St. Anthony, Minnesota (the "Authority") has undertaken a program to promote the development and redevelopment of land identified as the Northwest Quadrant which is underutilized within the City, and in this connection created its Redevelopment Project Area No. 3 (hereinafter referred to as the "Project") in an area (the "Project Area") located in the City pursuant to the Act, and previously established Tax Increment Financing District No. 3-5, a redevelopment TIF district (the "TIF District"), made up of property in the Project Area. 1.02. The Authority, the City, and Doran SLV, LLC executed a Contract for Private Redevelopment, dated as of December 10, 2019, as amended by a First Amendment thereto dated as of June 23, 2020, and further amended by a Second Amendment thereto dated November 24, 2020, (as so amended, the "Contract"), providing, among other things, for the construction of certain improvements (the "Minimum Improvements") on the property legally described in the Contract and located within the TIF District (the "Redevelopment Property"). 1.03. Due to ongoing challenging economic and financial market conditions which create hardship to secure project financing and other factors, the parties have negotiated and propose to execute a Third Amendment to the Contract (the "Third Amendment") to extend the deadlines for the commencement and completion of construction of the Minimum Improvements, and to acknowledge certain partial assignments of Doran SLV, LLC's rights and obligations under the Contract to Doran St. Anthony, LLC and to Doran SLV II, LLC. Section 2. Third Amendment Approved. 2.01. The Third Amendment as presented to the Council is hereby in all respects approved, subject to modifications that do not alter the substance of the transaction and that are approved by the Mayor and City Clerk, provided that execution of the Third Amendment by such officials shall be conclusive evidence of approval.