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<br />CITY OF ELK RIVER <br /> <br />RESOLUTION NO. _____ <br /> <br />RESOLUTION APPROVING ASSIGNMENT AND <br />ASSUMPTION OF TIF DEVELOPMENT ASSISTANCE <br />AGREEMENT IN CONNECTION WITH JACKSON HILLS <br />RESIDENTIAL SUITES; AUTHORIZING EXECUTION OF <br />CONSENT TO SUCH ASSIGNMENT <br /> <br /> WHEREAS, the City of Elk River, Minnesota (the "City") executed and entered into that <br />certain TIF Development Assistance Agreement, dated June 4, 2018 (the “Contract”), with Jackson <br />Hills Residential Suites, LLC, a Minnesota limited liability company (the “Developer”), for the <br />construction of an approximately 40-unit multifamily affordable rental housing development and all <br />related amenities and improvements within the City (the “Facility”); and <br /> <br /> WHEREAS, pursuant to the Contract, the City will issue its Taxable Tax Increment <br />Revenue Note (Jackson Hills Residential Suites, LLC Project) in the original principal amount of <br />$463,297 (the “TIF Note”); and <br /> <br /> WHEREAS, pursuant to a Declaration of Restrictive Covenants, dated June 4, 2018 (the <br />“Declaration”), between the City and the Developer, the Developer agreed to comply with certain <br />occupancy restrictions for the Facility; and <br /> <br /> WHEREAS, the Developer desires to convey the Facility and assign its rights and <br />obligations under the Contract, the Declaration, and the TIF Note to GCRE – Jackson Hills, LLC, a <br />Delaware limited liability company (“New Owner”), pursuant to an Assignment and Assumption of <br />TIF Assistance Development Agreement between the Developer and New Owner (the “TIF <br />Assignment”) and has requested that the City approve the form of the TIF Assignment and execute <br />a consent to the TIF Assignment (the “Consent”); and <br /> <br /> WHEREAS, the forms of the TIF Assignment and Consent are on file with the City <br />Administrator. <br /> <br /> NOW, THEREFORE, be it resolved by the City Council (the “Council”) of the City of Elk <br />River as follows: <br /> <br />1. The Council hereby approves transfer of the Facility to the New Owner and <br />approves the TIF Assignment in substantially the form delivered to the City and on file with the <br />City Administrator and all other documents referenced in or attached to such agreements <br />(collectively, the “Assignment Documents”) and the Mayor and the City Clerk are hereby <br />authorized and directed to execute the Assignment Documents on behalf of the City and to carry <br />out, on behalf of the City, the City’s obligations thereunder. <br />2. City staff and officials are authorized to take all actions necessary to perform the <br />City obligations under the Assignment Documents as a whole, including without limitation <br />execution of any documents or certifications to which the City is a party referenced in or <br />attached to the Assignment Documents. <br />1 <br /> <br /> <br />