HomeMy WebLinkAboutCity Council Resolution 2018-194
EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA
Held on May 22, 2018
Pursuant to due call and notice thereof, a meeting of the City Council of the City of Plymouth,
nd
Hennepin County, Minnesota, was duly called and held at the City Hall in said City on Tuesday, the 22
day of May, 2018, at 7:00 o'clock p.m.
The following members were present: Mayor Slavik, Councilmembers Prom, Willis, Carroll,
Wosje, and Carroll.
and the following were absent: Councilmember Johnson.
Councilmember Wosje introduced the following resolution and moved its adoption:
CITY OF PLYMOUTH
RESOLUTION NO. 2018-194
RESOLUTION APPROVING COLLATERAL ASSIGNMENT OF DEVELOPMENT
AGREEMENT AND TAX INCREMENT FINANCING NOTE, SUBORDINATION
AGREEMENT AND FIRST AMENDMENT TO PROMISSORY NOTE RELATED
TO 169/55, LLC HOUSING PROJECT (AXIS APARTMENTS)
A. WHEREAS, 169/55, LLC, a Minnesota limited liability company (the "Developer") and the
City of Plymouth, Minnesota (the "City") entered into a Development Agreement dated as of May 1, 2015
(the "Original Agreement"), as approved by the City Council on April 14, 2015, wherein the City agreed to
assist with the financing of certain costs in connection with the construction of a certain project, as set
forth and as defined in the Original Agreement (the "Project") and authorized the execution of certain
related documents thereto; and
B. WHEREAS, the Developer and the City entered into a Loan Agreement dated as of May 1,
2015 evidencing a loan by the City to the Developer in the original principal amount of $750,000.00 (the
“Loan”), which Loan is further evidenced by a Promissory Note and Mortgage, Security Agreement,
Assignment of Leases and Rents and Fixture Financing Statement executed by the Developer in favor of
the City; and
C. WHEREAS, in connection with the obtaining of permanent financing by the Developer for
the Project, the Developer has requested that the City enter into the following:
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(i) Collateral Assignment of Development Agreement and TIF Note by and between
the Developer, as assignor, Dougherty Mortgage, LLC, a Delaware limited liability company (the
"Lender") and consented to by the City (the "Collateral Assignment"); and
(ii) Subordination Agreement with respect to the Loan among the Lender, the City
and the Developer (the "Subordination Agreement"); and
(iii) First Amendment to Promissory Note with respect to the Loan between the City
and the Developer (the "Amendment to Note", and together with the Collateral Assignment and
the Subordination Agreement, the "City Documents").
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth, Minnesota, as
follows:
2. The City Council hereby approves the City Documents in substantially the forms
submitted, and the City is hereby authorized to execute the City Documents.
3. The approval hereby 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.
The motion for adoption of the foregoing resolution was duly seconded by Councilmember Davis
and, after full discussion thereof, and upon a vote being taken thereof, the following voted in favor
thereof:
and the following voted against same:
APPROVED by the City Council on this 22nd day of May, 2018.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
I, the undersigned, being the duly qualified and acting Clerk of the City of Plymouth, Minnesota,
do hereby certify that I have carefully compared the attached and foregoing extract of minutes with the
original minutes of a meeting of the City Council of the City held on the date therein indicated, which are
on file and of record in my office, and the same is a full, true and complete transcript therefrom insofar
as the same relates to a Resolution Approving Collateral Assignment, Subordination Agreement and
Amendment to Note as related to the 169/55, LLC (Axis Apartments) Project.
WITNESS my hand as such Clerk of the City Council of the City of Plymouth, Minnesota this _____
day of _______________, _____.
City Clerk