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Last modified
4/21/2014 2:19:59 PM
Creation date
1/31/2014 9:11:17 AM
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Roseville City Council
Document Type
Council Resolutions
Meeting Date
1/27/2014
Resolution #
11126
Resolution Title
RESOLUTION AUTHORIZING THE EXECUTION OF AN ASSIGNMENT OF TAX INCREMENT FINANCING NOTE
Resolution Date Passed
1/27/2014
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ASSIGNMENT OF TAX INCREMENT FINANCING NOTE <br /> This Assignment, made and entered into as of the day of January, 2014 by <br /> and among United Properties Residential, LLC, a Minnesota limited liability company (the <br /> "Developer"), PFI II, LLC, a Minnesota limited liability company (the "Assignee"), and the City <br /> of Roseville, Minnesota, a municipal corporation and political subdivision of the State of <br /> Minnesota (the "City"). <br /> WITNESSETH <br /> WHEREAS, the City and the Developer have entered into a Development Agreement, <br /> dated December 13, 2010 (the "Development Agreement") providing for the development by the <br /> Developer of a 48-unit senior cooperative apartment building to be located in the City on the real <br /> property described therein(the "Project"); and <br /> WHEREAS, in furtherance of the purposes of the Development Agreement and in order <br /> to finance the construction of the improvements to be constructed thereunder, the City has <br /> determined to assist the Developer with the financing of certain costs of the project with tax <br /> increment financing in an amount up to $659,000 in accordance with the Development <br /> Agreement and a Tax Increment Financing Plan for Tax Increment Financing District No. 19 <br /> (the "TIF Plan"); and <br /> WHEREAS, the Developer desires to assign to the Assignee the tax increment payments <br /> (the "TIF Payments") payable under the tax increment revenue note issued pursuant to the <br /> Development Agreement (the "TIF Note"); <br /> NOW, THEREFORE, in consideration of the foregoing recitals, the parties hereto agree <br /> with each other as follows: <br /> 1. Assignment. The Developer does hereby assign and pledge to the Assignee, for <br /> the term of the Development Agreement, all of the Developer's right, title and interest in and to <br /> the TIF Payments pursuant to the TIF Note when the same shall be payable by the City. The TIF <br /> Note shall be registered in the name of the Assignee. This assignment constitutes a perfected, <br /> absolute and present assignment. Notwithstanding the foregoing, all of the obligations of the <br /> Developer under the Development Agreement will remain in effect and will be enforceable <br /> against the Developer. <br /> 2. Indemnification. The Developer hereby indemnifies and holds the City harmless <br /> from and against any claims or liabilities arising or purporting to arise from the City's <br /> performance of its obligations under this Assignment. <br /> 3. Assignee Acknowledgement. The Assignee hereby acknowledges that the TIF <br /> Note is a special, limited revenue obligation and not a general obligation of the City and is <br /> payable by the City only from the sources and subject to the qualifications stated or referenced <br /> therein. Neither the full faith and credit nor the taxing powers of the City are pledged to the <br /> payment of the principal of or interest on the TIF Note and no property or other asset of the City, <br /> 5917229v1 <br />
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