Agenda - Council - 04/22/2025 - Laserfiche WebLink

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BRIGGS AND MORGAN the context of the pending sale transaction between F&C Apartments, LLC and Residence at the COR Apartments LLC: 1. Resolution Number 1. As an initial matter, the Resolution rescinds Resolution #15-02.044, which the City Council approved on February 10, 2012. Although several of the actions that the City Council is taking pursuant to the current Resolution are substantively the same as the actions that the Council authorized pursuant to Resolution #15-02-044. Resolution ## 15-02-044 and the First Amendment to Development Agreement it approved were drafted in the context of a refinancing. The City Council is being asked to rescind Resolution ## 15 -02.044 simply to provide a `clean slate" for the proposed Resolution. 2. Resolution Number 2, The City Council is ratifying an Assignment and on Assum tiAgreement that the Cityand the HRA executed on February 12, 2015 and a p Memorandum of Assignment and Assumption Agreement the City and the HRA executed to provide a recordable instrument evidencing the Assignment and Assumption Agreement. Although the City's and the IRA's prior Resolutions authorizing the transfer of the IIRA's assets to the City and the dissolution of the HRA are, in my opinion, legally sufficient to authorize the execution of the Assignment and Assumption Agreement and the Memorandum of Assignment and Assumption Agreement, the Anoka County Registrar of Titles will not record the Memorandum of Assignment and Assumption Agreement without a City Council Resolution that expressly authorizes the City's execution of the Memorandum of Assignment and Assumption Agreement. I have added Resolution Number 2 to this Resolution simply to provide a very direct and concise statement of authority that we can present to the Anoka County Registrar of Titles to avoid any delays in the recording of the Memorandum of Assignment and Assumption Agreement, 3, Resolution Number 3. Resolution No. 3 authorizes the Mayor and the City Administrator to execute nine separate documents relating to (a) F&C Apartments, LLC's sale of Residence at the COR Apartments and assignment of the right to receive the TIF Note to Residence at the COR Apartments LLC and (b) Residence at the COR Apartments LLC's financing with PNC Bank. Below is an explanation of the purpose of each of the nine documents the City Council is authorizing the Mayor and City Administrator to execute: (a) First Amendment to Development Agreement. The First Amendment to Development Agreement is substantively identical to the First Amendment to Development p g Agreement that the City Council authorized the Mayor and City Administrator to execute on. February 10, 2015 pursuant to Resolution #15-02-044. The only changes to the First Amendment are modifications to reflect the fact that the First Amendment is now being executed in the context of a sale, rather than in the context of a refinancing., The purpose of the First Amendment remains to modify the Development Agreement to remove provisions that would allow the City to terminate the TIF Note based upon a default under the Development Agreement. Since the Housing Bonds that were used to finance Note No. 2 will be repaid as a result of the repayment of Note No. 2, the Amendment also removes the rental restriction included in the Development Agreement. After the First Amendment to the Development 2 6953737v 1