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ATTACHMENT 2 1 EXTRACT OF MINUTES OF MEETING 2 OF THE 3 CITY COUNCIL OF THE CITY OF ROSEVILLE 4 5* * * * * * * * * * * * * * * * * 6 7 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of 8 Roseville (the “City”), County of Ramsey, Minnesota was duly held on the ____day of ______ 9 2024, at 6:00 p.m. 10 11 The following members were present: , , , , and Mayor . 12 and the following were absent: . 13 14 Member introduced the following resolution and moved its adoption: 15 16 17 RESOLUTION No. 18 19 RESOLUTION APPROVING AN AMENDED ASSESSMENT AGREEMENT WITH 20 ROSEVILLE LEASED HOUSING ASSOCIATES II, LLLP 21 22 23 WHEREAS, the Roseville Economic Development Authority (“REDA”) entered into a Contract 24 for Private Redevelopment, dated June 7, 2021 (the “Original Agreement”), with Roseville Leased 25 Housing Associates II, LLLP, a Minnesota limited liability limited partnership (the “Redeveloper”), 26 pursuant to which the Redeveloper agreed to construct an approximately 277-unit multifamily rental 27 housing facility on certain property in the City (the “Redevelopment Property”) intended for 28 occupancy by seniors with community rooms, a theater, and fitness center amenities (collectively, 29 “Minimum Improvements”); and 30 31 WHEREAS, pursuant to Minnesota Statutes, Sections 469.174 to 469.1794, as amended (the “TIF 32 Act”), and the Original Agreement, REDA agreed to issue a Tax Increment Revenue Note (Harbor 33 at Twin Lakes Project) (the “Original TIF Note”) to the Redeveloper to assist with the financing 34 of the Minimum Improvements, in exchange for, among other things, the Redeveloper executing 35 and recording an Assessment Agreement and Assessor’s Certification by and between REDA and 36 the Redeveloper (the “Original Assessment Agreement”) on the Redevelopment Property; and 37 WHEREAS, all or a part of the Minimum Improvements is classified as “class 4d(1)” low-income 38 rental property under Minnesota Statutes, Section 273.13, subdivision 25 (e) (“4d(1) Property”), 39 and the 2023 Minnesota Legislature revised how 4d(1) Property is valued pursuant to Minnesota 40 Statutes, Section 273.128 (the “2023 4d Change”); and 41 WHEREAS, because of the 2023 4d Change, the Redeveloper has requested and on May 13, 2024, 42 REDA approved amending the Original Agreement pursuant a First Amendment to Contract for 43 Private Redevelopment (the “First Amendment”) which revises the amount of the Original TIF RS275\\28\\951105.v1 Qbhf!244!pg!257