24-03 EDADOCSOPEN\CH135\62\984068.v1-10/22/24
CHANHASSEN ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 2024-03
DATE: October 28, 2024 RESOLUTION NO: 2024-03
MOTION BY: Kimber SECONDED BY: Schubert
RESOLUTION APPROVING CERTAIN AGREEMENTS REGARDING
REFINANCING OF THE LAKES AT CHANHASSEN TIF PROJECT
BE IT RESOLVED by the Chanhassen Economic Development Authority as follows:
WHEREAS, the Chanhassen Economic Development Authority (the “EDA”) entered into
a Contract for Private Development (the “CPD”) with Lakes at Chanhassen, LLC (the
“Developer”) dated April 6, 2021; and
WHEREAS, pursuant to the CPD, the Developer agreed to construct a mixed income,
senior multi-family residential project containing 110 units in return for financial assistance from
the EDA in the form of a pay-as-you-go Tax Increment Revenue Note in the principal amount of
$3,065,000 (the “Note”); and
WHEREAS, following construction of the project and the Developer’s satisfaction of all
conditions precedent specified in the CPD, the EDA issued the Note on March 15, 2023; and
WHEREAS, in connection with the initial financing of the project, the Developer
collaterally assigned the CPD and the Note to its lender, Bridgewater Bank; and
WHEREAS, the Developer now proposes to refinance the project and, in connection
therewith and in compliance with the terms and conditions of the CPD, has submitted certain
documents to the EDA for approval, including the following:
1. Collateral Assignment of the TIF Documents;
2. Consent to Assignment and Certification as to Status of TIF Development
Agreement;
3. Subordination Agreement – Regulatory Agreement Only; and
4. Estoppel Certificate – Tax Increment Financing
(collectively, the “Refinancing Assignment Agreements”); and
WHEREAS, the Refinancing Assignment Agreements have been reviewed by the EDA’s
legal counsel and found to be in proper form and consistent with the CPD; and
WHEREAS, the prior collateral assignment to Bridgewater Bank will be terminated at the
time of execution of the Refinancing Assignment Agreements.
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DOCSOPEN\CH135\62\984068.v1-10/22/24
NOW, THEREFORE, be it resolved by the Chanhassen Economic Development
Authority as follows:
1. The Refinancing Assignment Agreements are hereby approved and the EDA
President and Executive Director are authorized and directed to sign or consent to
such documents.
2. The Executive Director and EDA staff and consultants are also authorized to take
any and all additional actions which may be reasonably required to carry out the
intent of this Resolution.
PASSED AND ADOPTED by the Chanhassen Economic Development Authority on
this 28th Day of October 28, 2024.
By: ___________________________ By: ___________________________
Elise Ryan, President Laurie Hokkanen, Executive Director
Yes No Absent
Ryan
von Oven
Kimber
Schubert
McDonald
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