HomeMy WebLinkAboutRES 24-095 APPROVING 4TH AMENDMENT TO CONTRACT FOR PRIVATE REDEV BETWEEN DORAN AND SAVCITY OF ST. ANTHONY VILLAGE
STATE OF MINNESOTA
RESOLUTION 24-095
RESOLUTION APPROVING FOURTH 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,
and further amended by a Third Amendment thereto dated December 12, 2023 (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 Fourth Amendment to the Contract (the "Fourth 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. Fourth Amendment ApRroved.
2.01. The Fourth 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 Fourth Amendment by
such officials shall be conclusive evidence of approval.
2.02. The Mayor and City Clerk are hereby authorized to execute on behalf of the City
the Fourth Amendment and any documents referenced therein requiring execution by the City,
and to carry out, on behalf of the City, its obligations thereunder.
2.03. City staff and consultants are authorized to take any actions necessary to carry out
the intent of this resolution.
Approved this 1 Oth day of December, 2024, by the City Council of the City of St.
Anthony Village, Minnesota.
Wendy Webster, , ayor
ATTEST:
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