RES 20-084 APPROVING AMENDED AND RESTATED ASSIGNMENTS AND SUBORDINATIONS OF CONTRACT FOR PRIVATE REDEVELOPMENT WITH DORAN, BREMER BANK, AND BRIDGEWATER BANK

Home Browse Search

CITY OF ST. ANTHONY VILLAGE RESOLUTION 20-084 RESOLUTION APPROVING AMENDED AND RESTATED ASSIGNMENTS AND SUBORDINATIONS OF CONTRACT FOR PRIVATE REDEVELOPMENT BETWEEN THE CITY OF ST. ANTHONY VILLAGE, THE HOUSING AND REDEVELOPMENT AUTHORITY OF ST. ANTHONY VILLAGE, MINNESOTA, DORAN SLV, LLC, DORAN ST. ANTHONY, LLC, DORAN SLV II, LLC, BREMER BANK, NATIONAL ASSOCIATION, AND BRIDGEWATER BANK BE IT RESOLVED By the City Council ("Council") of the City of St. Anthony Village, Minnesota ("City") as follows: Section 1. Recitals. 1.01. The City and the Housing and Redevelopment Authority of St. Anthony Village, Minnesota (the "Authority") have previously established Tax Increment Financing District No. 3-5, a redevelopment TIF district (the "TIF District") within Redevelopment Project Area No. 3, and have previously approved and executed a Contract for Private Redevelopment with Doran SLV, LLC, as amended (the "Contract"). 1.02. Doran SLV, LLC has subsequently partially assigned its rights and obligations under the Contract to Doran St. Anthony, LLC and Doran SLV II, LLC, which are affiliates of Doran SLV, LLC (Doran SLV, LLC, Doran St. Anthony, LLC, and Doran SLV II, LLC are hereafter collectively the "Redeveloper"). 1.03. In order to provide a portion of the construction financing for the Minimum Improvements (as defined in the Contract), the Redeveloper's mortgage lenders, Bremer Bank National Association ("Bremer") and Bridgewater Bank ("Bridgewater," and collectively with Bremer, the "Lenders") required a subordination of certain of the City's and Authority's rights under the Contract with respect to the Minimum Improvements, as set forth in (i) the Assignment and Subordination of Development Agreement between the City, the Authority, the Redeveloper, and Bremer, and (ii) the Assignment and Subordination of Development Agreement and TIF Note between the City, the Authority, the Redeveloper, and Bridgewater (together, the "Subordinations"). 1.04. Section 7.3 of the Contract provides that the City and Authority shall consent to subordinate their rights under the Contract, so long as such subordination contains such reasonable terms and conditions as are mutually agreed by the parties in writing, and the City duly approved the Subordinations. 1.05. In order to clarify certain terms of the Subordinations to preserve the first position of certain City and Authority rights under the Contract, the parties have negotiated and propose to execute (i) an Amended and Restated Assignment and