09-25-2017 Council Packet - Laserfiche WebLink

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AMENDMENT TO DEVELOPMENT AGREEMENT This Amendment to Development Agreement is made and entered into effective as of September , 2017, between and among the City of Orono, a municipal corporation (the "City"), the Orono Housing and Redevelopment Authority, a political subdivision (the "HRA"), Orono Woods Apartments, LLC, a Minnesota limited liability company (the "Developer"), and Orono Senior Housing, LLC, a Minnesota limited liability company (the "Original Developer"). BACKGROUND The City, the HRA and Original Developer are parties to that certain Development Agreement relating to Orono Woods Apartments (including Tax Increment Financing District No. 1-1) dated November 30, 2001 (collectively, the "Development Agreement"). All capitalized terms which are defined in the Development Agreement will have the same meaning(s) when used in this Amendment. Prior to or contemporaneous with this Amendment, the Ground Lease referenced in the Development Agreement has been terminated, and the City/HRA has conveyed fee title to the Project and the Development Property to the Developer, subject to the terms of the Development Agreement, as amended hereby. The Housing Bonds referenced in the Development Agreement have been paid and satisfied of record and in full. Among other covenants and obligations between the Developer, City, and HRA continuing pursuant to the terms of the Development Agreement, the parties desire to maintain the TIF Note and deferment of park dedication and utility connection fees. However, the parties wish to amend and modify certain provisions of the Development Agreement, and have entered into this instrument to memorialize such changes. Developer has succeeded to the interests of the Original Developer under the Development Agreement, and with respect to the Development Property and the Project. Developer will for all purposes be deemed to be the "Developer" under the Development Agreement. 100363260 1