Item Description:
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Neg 2 TOC award modifications; Amd 1 to Agmt PR00005396 MSMB II LLC, extend the end dates to 12/31/27, no change in NTE amounts
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Resolution:
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BE IT RESOLVED, that the Executive Director be authorized to negotiate award modifications to the 2024 TOC awards (Resolution 24-HCHRA-0022) with Riverfront Development Partners, or affiliated entity, for the Resolute project (Agreement PR00004640), 1200 KMA Development LLC, or affiliated entity, for the ZaRah project (Agreement PR00004664) extending the contract periods from December 31, 2026, to December 31, 2027, with no change in the not to exceed amounts; that following review and approval by the County Attorney’s Office, the Chair be authorized to sign the amendments and related documents on behalf of the authority; and that the Controller be authorized to disburse funds as directed; and
BE IT FURTHER RESOLVED, that the Executive Director be authorized to negotiate Amendment 1 to Agreement PR00005396 with MSMB II LLC, or affiliated entity, for the LOMA project (Resolution 23-HCHRA-0023), extending the contract period from December 31, 2026, to December 31, 2027, with no change in the not to exceed amount of $500,000; that following review and approval by the County Attorney’s Office, the Chair be authorized to sign the amendments and related documents on behalf of the authority; and that the Controller be authorized to disburse funds as directed.
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Background:
The Transit Oriented Communities (TOC) program, previously known as Transit Oriented Development (TOD), has been a mainstay of Hennepin County’s community development efforts since 2003 because of the wide-ranging benefits that compact, efficient use of land and walkable development patterns generate.
Like other industry sectors, construction and real estate development have been negatively affected by the federal immigration enforcement surge, tariffs, and inflation over the past year. Notably, the Federal Reserve’s Oc...
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