HomeMy WebLinkAbout25-148 Authorizing the Executition of a Development Agreement by and Between the City of Prior LAke
4646 Dakota Street SE Prior Lake, MN 55372
RESOLUTION 25-148 RESOLUTION AUTHORIZING THE EXECUTION OF A DEVELOPMENT AGREEMENT BY AND BETWEEN THE CITY OF PRIOR LAKE AND PRIOR LAKE B SQUARED VENTURES, LLC RELATED TO TAX INCREMENT FINANCING DISTRICT NO. 1-6 Motion By: Hellier Second By: Braid WHEREAS, Prior Lake B Squared Ventures, LLC, a Minnesota limited liability company (the "Developer") has requested the City of Prior Lake, Minnesota (the "City") to assist with the financing of certain costs incurred in connection with the construction and equipping of a five-story mixed-use building including 105 market rate residential rental units, a street front restaurant of approximately 2,600 square feet, a rooftop bar of approximately 1,435 square feet for restaurant customers, a rooftop deck for tenants, as well as approximately 28 surface parking stalls and two levels of underground parking with approximately 135 parking stalls (the “Project”); and
WHEREAS, the Developer and the City have determined to enter into a Development Agreement providing for the City’s tax increment financing assistance for the
Project (the "Development Agreement").
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE, MINNESOTA as follows:
1. The City hereby approves the Development Agreement in substantially the form submitted and the Mayor and City Manager are hereby authorized and directed to execute the Development Agreement on behalf of the City. 2. The approval hereby given to the Development Agreement includes approval of such additional details therein as may be necessary and appropriate and such modifications thereof, deletions therefrom and additions thereto as may be necessary and appropriate and approved by the Authority officials authorized by this resolution to execute the Development Agreement. The execution of the Development Agreement by the appropriate officer or officers of the City shall be conclusive evidence of the approval of the Development Agreement in accordance with the terms hereof. Passed and Adopted this 12th day of November 2025.
VOTE Briggs Lake Braid Hellier Churchill
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐ Absent ☐ ☐ ☐ ☐ ☐
______________________________ Jason Wedel, City Manager