HomeMy WebLinkAboutCity Council Resolution 2022-202
C ITY OF P LYMOUTH
R ESOLUTION N O. 2022-202
R ESOLUTION A PPROVING THE C OLLATERAL A SSIGNMENT AND S UBORDINATION OF
D EVELOPMENT A GREEMENT AND TIF N OTE
WHEREAS, the City of Plymouth (the "City") entered into a Development Agreement, dated
August 1, 2022 (the "Development Agreement") with DC-OV Bassett Creek, LLC, a Minnesota limited
liability company ("Developer") for which the Development Agreement provides for the construction of
176 units of multifamily rental housing (the "Project"); and
WHEREAS, the City will issue a Tax Increment Revenue Note (DC-OV Bassett Creek, LLC Project)
pursuant to the Development Agreement (the "TIF Note"); and
WHEREAS, the Developer is seeking to finance the Project with West Bank, an Iowa state
banking corporation (the "Lender"), and the Lender is requiring the execution of a Collateral Assignment
and Subordination of Development Agreement and TIF Note (the "Collateral Assignment"); and
WHEREAS, a draft of the Collateral Assignment has been submitted to the City Council for
approval and consent.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, as follows:
(1) The City Council hereby approves the Collateral Assignment in substantially the form
submitted, and the Mayor and the City Manager are hereby authorized and directed to
execute the Assignment the on behalf of the City. In the absence of the Mayor or the
City Manager, any document authorized by this resolution to be executed may be
executed by an acting or duly designated official.
(2) The approval hereby given to the Collateral Assignment 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 this resolution to execute
the Assignment. The execution of the Assignment by the appropriate officer or officers
of the City shall be conclusive evidence of the approval of the Collateral Assignment in
accordance with the terms hereof.
APPROVED by the City Council on this 16th day of August, 2022.
Resolution 2022-202
Page 2
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 August 16, 2022
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
__________________, __________.
____________________________________
Jodi M. Gallup, City Clerk