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