2016-015 Authorizing the Execution of a Development Agreement with Doran 810 Apartments, LLC and Doran 810, LLC CITY OF HOPKINS
HENNEPIN COUNTY, MINNESOTA
RESOLUTION 2016-015
RESOLUTION AUTHORIZING THE EXECUTION OF A DEVELOPMENT
AGREEMENT BY AND AMONG THE CITY OF HOPKINS, THE HOUSING AND
REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF HOPKINS, DORAN
810 APARTMENTS, LLC,AND DORAN 810, LLC,AND THE ISSUANCE OF LIMITED
REVENUE TAX INCREMENT NOTES AS PROVIDED THEREIN.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HOPKINS (the
"City") AS FOLLOWS:
Section 1. Execution of Contract.
1.01. Authorization. The Housing and Redevelopment Authority In and For the City of
Hopkins (the "Authority") and the City have heretofore approved the establishment of Tax
Increment Financing District No. 1-5 (The Moline) (the "District") within the Authority's
Redevelopment Project No. 1 (the "Project"), and has adopted a tax increment financing plan for
the purpose of financing certain public costs of the Project.
There has been presented to the City a Development Agreement (the "Contract") between
the Authority, the City, Doran 810 Apartments, LLC (the "Redeveloper") and Doran 810, LLC,
pursuant to which the Redeveloper would construct a residential rental development, including a
public parking component, on certain real property located within the Project. The proposed
Contract also provides that the City and the Authority would provide certain financial and other
assistance in connection with the Redeveloper's development.
The City Council of the City has reviewed the proposed Contract and intends by this
Resolution to authorize its execution and the performance of the City's obligations contained
therein.
1.02. Execution of Contract. The appropriate officers of the City are hereby authorized to
execute the Contract in substantially the form presented to the City Council, subject to such non-
material changes as may be approved by the City's Manager and legal counsel.
Adopted this 16th day of February, 2016.
I
Molly Ctmings, Mayor
ATTEST:,�y
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Amy Domeier, Clerk