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CITY OF NEW BRIGHTON <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />RESOLUTION NO. 11-012 <br />A RESOLUTION AUTHORIZING EXECUTION AND DELIVERY OF A <br />LETTER OF CREDIT AGREEMENT WITH THE VIEW AT LONG LAKE, <br />LLC. <br />BE IT RESOLVED by the City Council (the "Council") of the City of New Brighton, <br />>ota (the "City") as follows: <br />Section 1. Recitals. <br />1.01 On January 25, 2011 the Council approved a revised Development <br />nent ('Development Agreement) with The View at Long Lake, LLC (the <br />reloper") setting out the terms and conditions under which the City would sell to <br />doper approximately 4 acres of land in the Northwest Quadrant of the 1-694 and I- <br />terchange west of Old Highway 8 (the "Property') for the purpose of constructing a <br />it apartment building ('Project'). <br />a nj"1.02 Under Sec. 4.4 of the Development Agreement, the Redeveloper is to deliver <br />("Note") at closing to the City in the amount of $550,000. <br />11 1.03 Under Sec. 4.3(b)(v) of the Development Agreement, the Redeveloper is also <br />req ed to execute a personal guarantee ("Personal Guarantee") to ensure repayment of <br />the ote. as described therein. <br />1.04 The City has been advised by the Redeveloper and their lender that the <br />ial Guarantee will be subordinate to the rights and interests of the lender in <br />ction with the first mortgage. <br />1.05 The City has requested additional security for the Note and the Redeveloper <br />has greed to provide a letter of credit ("Letter of Credit) against the Personal Guarantee. <br />The etails of the Letter of Credit are described in a separate agreement ("Letter of Credit <br />2. Findings. <br />2.01 The Council hereby finds that it is in the City's best interests to enter into the <br />of Credit Agreement with the Redeveloper. <br />