HomeMy WebLinkAboutCity Council Resolution 2021-088
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-088
R ESOLUTION A PPROVING AND A UTHORIZING E XECUTION OF
D EVELOPMENT A GREEMENT, THE ASSIGNMENT OF T AX I NCREMENT
F INANCING D OCUMENTS AND R ELATED D OCUMENTS
WHEREAS, Plymouth Element, LLC, a Minnesota limited liability company (the "Developer") has
requested that the City of Plymouth, Minnesota (the "City") assist with the financing of certain costs in
connection with the construction of an approximately 61 units of low and moderate income housing (the
"Project").
WHEREAS, the Developer and the City have determined to enter into a Development Agreement
providing for the City's assistance in connection with the Project (the "Agreement").
WHEREAS, the Developer is obtaining financing from Minnesota Housing Finance Agency ("MHFA")
for the construction of the Project; and
WHEREAS, MHFA is requiring that the Developer assign its interest in the Development Agreement
pursuant to an Assignment of Development Agreement (the "Development Agreement Assignment") by and
between the Developer and MHFA; and
WHEREAS, MHFA is requiring that the Developer assign its interest in the TIF Note (as defined in the
Development Agreement) to MHFA pursuant to an Assignment of Tax Increment Financing (the "TIF
Assignment") by and between the Developer and MHFA; and
WHEREAS, MHFA is requiring that the Developer endorse, assign and transfer the TIF Note when
issued to the Lender pursuant to an Allonge Endorsement to Tax Increment Revenue Note (the "Allonge");
and
WHEREAS, MHFA is requiring that the City be a party to the Master Subordination Agreement and
Estoppel Certificate (the "Subordination Agreement and Certificate") among the Developer, MHFA, Hennepin
County, Interfaith Outreach & Community Partners and the City; and
WHEREAS, MHFA is requiring that the City be a party to the Master Disbursement Agreement (the
"Disbursement Agreement") among the Developer, MHFA, Hennepin County, Interfaith Outreach &
Community Partners and the City.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA as follows:
(1) The City Council approves the Development Agreement Assignment, TIF Assignment, Allonge,
Subordination Agreement and Certificate and Disbursement Agreement in substantially the forms submitted,
and the Mayor and City Manager are hereby authorized and directed to execute the Development
Agreement Assignment, TIF Assignment, Allonge, Subordination Agreement and Certificate and Disbursement
Agreement (collectively, the "City Documents") on behalf of the City.
(2) The approval given to the City Documents includes approval of such additional details therein
as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions
thereto as may be necessary and appropriate and approved by the City officials authorized by a resolution of
the City to execute the City Documents. The execution of the City Documents shall be conclusive evidence of
the approval of the City Documents in accordance with the terms hereof.
Resolution No. 2021-088
Page 2 of 2
The motion for the adoption of the foregoing resolution was made by councilmember Carroll, and
duly seconded by councilmember McGregor, and upon vote being taken thereon, the following voted in favor
thereof: Mayor Wosje, Councilmembers McGregor, Davis, Roehl, Willis, Prom, and Caroll.
APPROVED by the City Council on this 9th day of March, 2021.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth,
Minnesota, certifies that I compared the foregoing resolution adopted at a meeting of the Plymouth City
Council on March 9, 2021 with the original thereof on file in my office, and the same is a correct transcription
thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this ___________
day of _______________, ______.
____________________________________
City Clerk