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CITY OF ST. ANTHONY VILLAGE <br />STATE OF MINNESOTA <br />RESOLUTION 24-043 <br />A RESOLUTION APPROVING AMENDMENTS TO DORAN PLANNED UNIT <br />DEVELOPMENT AGREEMENT AND ANCILLARY DOCUMENTS RELATED <br />TO DORAN'S CONTRACT FOR PRIVATE DEVELOPMENT <br />WHEREAS, Doran's apartment project in Silver Lake Village was commenced pursuant to <br />agreements with the City and HRA dated February 19, 2019, and; <br />WHEREAS, The agreements contemplated and approved a two-phase project and established Doran's <br />required escrow deposits, and; <br />WHEREAS, The first phase has been completed and Doran appropriately requests that the <br />corresponding escrow deposits be returned, and; <br />WHEREAS, Was also contemplated, the second phase will be developed by a separate legal entity, in <br />part, for financing purposes, and: <br />WHEREAS, The Amendment to Planned Unit Development Agreement transfers the on -going escrow <br />requirements to that second phase development entity and the City retains the security <br />required for the second phase, and: <br />WHEREAS, Doran has requested that the HRA execute the Amended Subordination of the <br />Development Agreement and the Memorandum of Unrecorded Agreements. <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of St. Anthony Village that the council <br />approves the amendment to the Planned Unit Development Agreement and the execution of the Amended <br />Subordination of the Development Agreement and Memorandum of Unrecorded Agreements. <br />Adopted this 25' day of June, 2024. <br />Wendy Webster, Mayor <br />Jennifer Doyle, City Clerk <br />