Res_12069 - Laserfiche WebLink

Home

EXTRACT OF MINUTES OF MEETING OF THE CITY COUNCIL OF THE CITY OF ROSEVILLE Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Roseville(the"City"), County of Ramsey, Minnesota was duly held on the 20th day of May 2024, at 6:00 p.m. The following members were present: Etten, Schroeder, Groff, Strahan, and Mayor Roe; and the following were absent: None. Member Groff introduced the following resolution and moved its adoption: RESOLUTION No. 12069 RESOLUTION APPROVING AN AMENDED ASSESSMENT AGREEMENT WITH ROSEVILLE LEASED HOUSING ASSOCIATES II,LLLP WHEREAS, the Roseville Economic Development Authority ("REDA") entered into a Contract for Private Redevelopment, dated June 7, 2021 (the "Original Agreement"), with Roseville Leased Housing Associates II, LLLP, a Minnesota limited liability limited partnership (the"Redeveloper"), pursuant to which the Redeveloper agreed to construct an approximately 277-unit multifamily rental housing facility on certain property in the City (the "Redevelopment Property") intended for occupancy by seniors with community rooms, a theater, and fitness center amenities(collectively, the"Minimum Improvements"); and WHEREAS,pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended(the"TIF Act"), and the Original Agreement,REDA agreed to issue a Tax Increment Revenue Note(Harbor at Twin Lakes Project) (the "Original TIF Note") to the Redeveloper to assist with the financing of the Minimum Improvements, in exchange for, among other things, the Redeveloper executing and recording an Assessment Agreement and Assessor's Certification by and between REDA and the Redeveloper(the"Original Assessment Agreement") on the Redevelopment Property; and WHEREAS, all or a part of the Minimum Improvements is classified as"class 4d(1)"low-income rental property under Minnesota Statutes, Section 273.13, subdivision 25 (e) ("4d(1) Property"), and the 2023 Minnesota Legislature revised how 4d(1) Property is valued pursuant to Minnesota Statutes, Section 273.128 (the"2023 4d Change"); and WHEREAS,because of the 2023 4d Change,the Redeveloper has requested and on May 13,2024, REDA approved amending the Original Agreement pursuant a First Amendment to Contract for Private Redevelopment (the "First Amendment") which revises the amount of the Original TIF RS275\28\951105.v1