HomeMy WebLinkAboutResolution - 2015-89 - Third Amendment to TIF District 15 Project Management Agreement - 09/15/2015 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2015-89
RESOLUTION APPROVING THE THIRD AMENDMENT TO PROJECT
MANAGEMENT AGREEMENT AND AUTHORIZING ITS EXECUTION
BE IT RESOLVED by the City Council (the "Council") of the City of Eden Prairie,
Minnesota(the "City"), as follows:
Section 1. Recitals
1.01. The Board of Commissioners (the "Board") of the Eden Prairie Housing and
Redevelopment Authority (the "HRA") has heretofore established Redevelopment Project No. 5
(the "Project Area") and adopted the Redevelopment Plan therefor. In 2011 HRA and the City
adopted a Modification to the Redevelopment Plan (the "Redevelopment Plan Modification") for
the Project Area and a Modification to the Tax Increment Financing Plan (the "TIF Plan
Modification") for Tax Increment Financing District No. 15 (the "TIF District") therein (the
Redevelopment Plan Modification and the TIF Plan Modification are referred to collectively
herein as the "Modifications"), all pursuant to and in conformity with applicable law, including
Minnesota Statutes, Sections 469.001 to 469.047, and Sections 469.174 to 469.1799, all
inclusive, as amended all as reflected in the Modifications, and presented for the Council's
consideration.
1.02. Tax Increment from the TIF District has been used to pay for certain development
costs. The City has required the developer of Summit Place to enter into a Project Management
Agreement whereby the developer agrees to provide affordable senior housing units at Summit
Place senior campus. The Modifications, among other matters, allowed the City and HRA to
extend the term of the affordability of 43 units from 15 to 25 years.
1.03 The property in the TIF District is currently subject to that certain Amended
Project Management Agreement dated December 18, 2001 by and between the City and SC
Properties Minnesota Properties, LLC, as amended by that certain Second Amended Project
Management Agreement dated June 1, 2004 by and between the City and EP Senior Housing,
LLC and EP Assisted Living, LLC, through which the City required certain covenants and
conditions with regard to the development and operation of Summit Place Senior Campus.
1.04 The City and the developer of Summit Place have negotiated the terms of a Third
Amendment to Project Management Agreement which sets forth covenants and conditions
regarding the operation of Summit Place Senior Campus and which increases the amount of tax
increment support available, which is anticipated to be provided over the extended additional
term.
Section 2. Approval and Adoption of Third Amendment to Project Management Agreement
and Additional Approvals
2.01 The Third Amendment to Project Management Agreement is hereby approved.
The Mayor and City Manager are authorized to execute the Third Amendment to Project
Management Agreement and such other documents and certificates as may be necessary to give
effect to the transaction herein contemplated.
ADOPTED by the Eden Prairie City Council on this 15th day of September 2015.
ancy a- en , or
ATTEST:
Kath een Porta, City Clerk