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EXTRACT OF MINUTES OF A MEETING OF THE CITY OF NEW BRIGHTON, MINNESOTA HELD: December 10, 2019 Pursuant to due call and notice thereof, a meeting of the City Council of the City of New Brighton, Ramsey County, Minnesota, was duly called and held at the City Hall in said City on the 10th day of December, 2019, at 7:00 p.m. The following members were present: and the following were absent: Member'N1,(____ intro`uced the following resolution and moved its adoption: RESOLUTION NO. 2019- 11 3 State of Minnesota County of Ramsey City of New Brighton RESOLUTION APPROVING AND AUTHORIZING THE EXECUTION OF A SUBORDINATION AGREEMENT (OLD HIGHWAY 8 FAMILY HOUSING PROJECT) WHEREAS, the City of New Brighton, Minnesota (the "City") has established Tax Increment Financing District No. 34: New Brighton Elementary (the "TIF District") within Development District No. 1 (the "Development District"), and adopted the Tax Increment Financing Plan therefor for the purpose of financing certain improvements within the Development District; WHEREAS, the City has heretofore reviewed a proposal by New Brighton Leased Housing Associates III, LLLP (the "Developer") to construct an approximately 154-unit affordable workforce multifamily rental housing development and related amenities and improvements to be owned and operated by the Developer (the "Project"), on certain property within the TIF District (the "Development Property"). WHEREAS, on July 9, 2019 the City approved a TIF Assistance Agreement between the City and Developer in connection with the Project (the "TIF Assistance Agreement") and certain related documents. WHEREAS, in connection with the Developer's financing for the Project U.S. Bank National Association (the "Lender") has requested that the City subordinate the TIF Assistance Agreement to the Lender's financing documents pursuant to a Subordination Agreement among the City, the Developer and (the "Subordination Agreement"). 625827 v 1 NE 136-270