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<br />Councilmember Woestehoff introduced the following resolution and moved for its adoption: <br /> <br />RESOLUTION #22-169 <br /> <br />RESOLUTION APPROVING SUBORDINATION AGREEMENT AND ESTOPPEL FOR <br />OPPIDAN PROJECT <br /> <br /> WHEREAS, the City of Ramsey, Minnesota (the "City") entered into a Tax Increment <br />Financing (TIF) Agreement dated August 1, 2021, with Oppidan, Incorporated, a Minnesota <br />corporation (the "Developer") and Ramsey Industrial Owner LLC, a Delaware limited liability <br />company (the "Owner") and the Owner partially assigned its interest in certain real property to <br />Ramsey Industrial Owner 1 LLC, a Delaware limited liability company ("RIO 1"), Ramsey <br />Industrial Owner 2 LLC, a Delaware limited liability company ("RIO 2") and Ramsey Industrial <br />Owner 3 LLC, a Delaware limited liability company ("RIO 3") pursuant to Partial Assignment and <br />Assumption of Tax Increment Financing Agreement (Bunker Lake 1), Partial Assignment and <br />Assumption of Tax Increment Financing Agreement (Bunker Lake 2) and Partial Assignment and <br />Assumption of Tax Increment Financing Agreement (Bunker Lake 3), respectively, all dated as of <br />April 21, 2022 (collectively, the "TIF Agreement") relating to the construction of industrial <br />buildings in the City as defined in the Tax Increment Financing (TIF) Agreement dated August 1, <br />2021 (the "Project'); and <br /> <br />WHEREAS, in order to finance the Project, the Owner, RIO 1, RIO 2 and RIO 3 have requested <br />financing from Bank OZK (the "Lender"). As a condition of providing the financing, the City and <br />the Developer have agreed to enter into a Subordination Agreement (the "Subordination <br />Agreement") and execute an Estoppel Certificate (the “Estoppel); and <br /> <br />WHEREAS, a draft of the Subordination Agreement and Estoppel has been submitted to the City <br />Council for approval; and <br /> <br /> <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA <br />COUNTY, STATE OF MINNESOTA, as follows: <br /> <br />1) That the City Council approves the Subordination Agreement and Estoppel in substantially <br />the form submitted, and the Mayor, City Administrator and City Engineer are hereby <br />authorized and directed to execute the Subordination Agreement and Estoppel on behalf of <br />the City. In the absence of the Mayor, City Administrator and City Engineer, any document <br />authorized by this resolution to be executed may be executed by an acting or duly designated <br />official. <br /> <br /> <br /> <br /> <br /> <br /> <br />