Recorded 1st amendment DC Roers Bennett001Document Number: A781278
Filed and/or Recorded on
)an 2, 2025 4:07 PM
Office of the County Recorder/Registrar of ltles
Carver County, Minnesota
Kaaren Lewis, County Recorder
Deputy TH
Document Recording Fees $ 46.00
DocumentTotal $ 46.00
Requesting Party: Guaranty Commercial Tltle Inc
Pages: 8
This cover page has been added to this document by Carver County Land Records
and is now an official part of this recorded document
FIRS'I' A]\I ENDNI ENI' TO
(.ON'IRAC'I' FOR PRIVATE DEVELOPNIENT
BY AND BET\\'EEN
I'HE C tlANll,\SSEN E( ONOI\II( Dt1\'El.OP1\lENI' AtITI{ORII'\'
AND
ROERS ('HANHASSEN BENNE'TT APARTNIENTS O\\'NER LI-C'
This Document Was Drafted By:
KENNEDY & GRAVEN, CHARTERED (RHB)
I 50 South Fifth Street
Suire 700
Minneapolis, MN 55402
(612) 337-9300
Return to:
Guaranty CommBrcial nflc. lnc.
4eS Nicolet Ma , Sutte 230
Minnsapotis, MN 55401
( tJ I 35{5-9648-l2. v2
FIRS't ANIENDNIENT TO C]ONTRACT FOR PRIvATE DEYELOPl\TENT
This First Anlendn)ent t()
rnadc irs ol tl',e Zf W Jay ,,1
C()ntract ate
Development Authority, a public body oorporate and politic under the laws of Minnesota, having
its principal office at 7700 Market Boulevard, Chanhassen, Minnesota 55317 (the "EDA"), and
Roers Chanhassen Bennett Apartments Owner LLC, a limited liability company under the laws of
Delaware, having its principal offices at Two Carlson Parkway North, Suite 400, Plymouth.
Miruresota 5 5447 (the "Developer").
Wilncssclh
WHEREAS, on March ll, 2024, the EDA modified the redevelopment plan (the
"Redevelopment Plan") for the Downtorvn (lhanhassen Rede,'elopment Project Area.
pursuant to Minnesota Statutes, sections 469.001 through 469.047 and approved a tax
incremenl linancing plan (the "TlF Plan") for 'fax lncrement Financing District No. 13, a
renewal and renovation district (1he "TIF Districr"). pursuanl to Minnesota Stalutes, sections
169.1'74 to .169.1 79: and
WHIIREAS, on March 1l, 2024. the city of Clhanhassen (1he "(lity") held a public
hearing and approved the modified Redeveloprrrent Plan and adopled the'l'lF Plan; and
WI{EREAS, on June 24, 2024, the tsDA approved a Clontracl lbr Private Developmenl
rvith the Developer for the development of a mixed use residential and commercial pro.iectl
and
WH EREAS. the EDA and the Developer desire to amend the Contract ftrr Private
Development.
NOW, TH EREFORE. in consideration of the foregoing premises and the mutual
obligations set forth in this First Amendment, the EDA and the Developer hereby agree as ftrllows:
l. ln this First Antendment, unless otherwise noted. underline and strike-through text
shall be used to indicate amendments to the Contract for Private Development. Underline text
shall indicate new language, and st+i&rr+hre4&-text shall indicate removed language.
2. Section l.l Definitions of the Contract for Private Development is amended as
follows:
"Cily Approvals" means, collectively, the Development Clontract.the Site Plan Agrcerncnt
and any other land use approvals required by the City prior to oonstruction the Minimum
Improvements.
"Developmenl Contract" means the Chanhassen Markel Street Addition Development
('()ntract rlatctl July 22. 2024 hetween the Cit y and the Developer and the developer ofthe Second
Builtling u'hich entitles the Minimum Improvements and the Second Building.
Developnrent (the "First Amendment"). is
2024, between the Chanhassen Economic
( H I -l5 '6 5 -99 8 -'12. ! 2
"Site I)lan As.recment'' means Site Plan A enl 2024-Ol between the Citv and the
Develoner resardins the Minimum lntn r()vemcltts
3. Section 4.6(a) of the Contract for Private Development is amended as follows:
(a) The extension of Laredo Drive from West 78th Street to the southern property line
o1' the of thc Development Properly ("Laredo Drive Norlh") is included in the Minirnum
lrnprovements. Laredo Drive North will be constructed by the Developer in accordance with plans
and specifications prepared by the Developer and approved by the City and completed no later
than Decernher 31.2026. Llpon completionof Laredo Drive North. theCity will inspect the project
for compliance u,ith the approved plans and specifications and will require the Developer to correct
any deficiencies. Upon cornpletion of Laredo Drive South. as defined below" the City will acoept
Larcdo Drive North for maintenance as a public improvement in accordance with the special
nr()\'isions and general conditions of the Development Contracl and Site Plan Asreement to be
entered inkr by the City and the Devoloper.
4. Sections 7.1(b) and (c) of the Contract for Private Development are amended as
firllorvs:
(b) Notu'ithstanding an)'lhing in this Agreernenl 10 the contrary, l)eveloper is
authorized, u,ithout the appror al ol'EDA. to obtain construclion and permanenl financing lor
thc Minimurn I nrproverrte'r.tts and to mortgage the Developrnent Propcrt) to provide securitt
lirr the construction and permanenl f-rnancing. and the EDA is authorized to subordinate this
Agreement to such morlgage. In thc evenl ol foreclosure, deed-in-lieu ot' foreclosure or other
transfer ()f llrc Minimum lmprovelnenls ()r the Develtlptrtent ProperlY as a resull ol default
under such mortgage (collectiveh. a "Mortsage 'l-ransfer"). such transler shall reciuire the prior
'*rittcn approval of theIlt)A. rvhich shall not be unreasonabll' u'ithheld. As a condition of
approval ol' an1' such +n+$sfisr Morteaee Transl'er. the IIDA shall require. at a nlinimum, that
the proposcd transferee shall have entered into an agreemenl rvhereby lhe transferee
expressly assumes all ol' the Developer's obligations under this Agreemenl I)evelopc'r has
sccured llnancing liom lhe morlgagc lender uhosc mort Iatc lien is llled tln the [)er elopntcttt
I)roperty ("Morl gagc I .crttlct " ) arrtl notTl itlrstandinr itttythin!r irt tltis Agre cttrcttl t() thc
contran , tltc llD A hcrclrr aDprovcs of' anr Mort gage J'ransl'er to Mortg,aa e Lender and/or
ils successors and assipns. so lone as such transferee exp resslv assumes all of the
[)eveloper's obligalions under this A ureenlcnt. In addition. anv trans f'eree ol a Morleags
'l-ransl'cr is pcrnritled 1o translcr thc Mirrinrunr Inrpr()\ crlrcr)ts to al)v sLrcccss()r tla ns lcrcc.
$'ill'rout thc anDroval ol' the EDA nrovided lhal the transferor has gi ven the EDA 30 days'
nrior \\ ritleri n()tlce . and such successor transl'eree has tlre Ilnanc ial rvhereq,ilhal lo con'lDletc
tlrc Mininrurn I rnDrtt\ clncr)ts and has cx lv assumed all o[ the De'l'e loner'sl)rcs s
obli[ations under this Aurcctncnl
(c) After a Certificate of Completion lras been issued. Develop and an ess()l'S
ou ner uf the Mini lnr r()\ cnrents and or thc vclo l)ment Pro ll crt may. r.vithout ther l't trll l-)
approval of thc EDA but with 30 days prior written notice to the EDA, sell or transt'er all or any
portion of the Minimum Improvements or the Developrnent Property to another party exccpt
thal
-)
( ll I .r5-(,SfX.,1Nll r l
5. Section 8.'l(d) of the Contract for Private Development is amended as follows:
(d) If there is an Event of Default by the Developer regarding any requirement
under the Development Contract or the Site Plan Aqreement of the Developer or related to the
Development Property.
6. Except as amended in thrs First Amendment, all ofthe provisions, covenants, terms
and oonditions of the Contract for Privatc Development shall remain unaltered and in full tirroe
and eff'ect.
7. This First Amendment may be execuled in any number of counterparts. All such
counterparts will be deemed to be originals and will together constitute but one and the satne
instrument.
[The remainder ofthis page is intentionally left blank.]
( lll.t5-()5-()1)ls rl !l
lN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be
executed as of the date first above written.
THE CHANHASSEN ECONOMIC
DEVELOPMENT AUTHORITY
By
.lts sitlcnt
By V0r^Pial+{V.Farun
STATE OF MINNESOTA
JENNIFER ANN POTTER
Notary Public-Min
My Commi$lon Expir.r Jrn 31. 2027
. Its Executive Director
Notary Public
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SS
COUNTY OF
The foregoing instrument was acknowledged before me on this 2L. aay of
, the President ofthe Chanhassen Economic
Deielopmefu Authoriti,. a public bod y corpora te and politic under the laws of Minnesota, on
behalf of the Authority.
IN WITNESS WHEREOF, I have set my hand and my official seal this ?Z- day of
11r rJq ,2024.
1N*^ ,2024,by
\
STATE OF MINNESOTA
COUNTY OF Cat"ntdz
I
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SS
The fo
1ta.,Iq
regorng rnstrument was ac kl owledged before me on thts L'?-. day of
.2021, by [o-i-r,rr t tto [6rrir-]1. rhe Erecutivc Dircctor of the ChanhassenL
E";;;[ d"*lopment Authority, a public hody corporate and politic under the laws of
Minnesota, on behalf of the Authority.
IN WITNESS WHEREOF, I have set my hand and my official seal this -@day of
AUL\a ,202q.-\
*v
JENNIFER ANN POTTER
Not6ry Public-Minnosota
My Commta.lon 41.2027
('H Il5-65-9648-12.v2
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ROERS CHAN}IASSEN BENNETT
A}ARTMENT OWNER LLC
Bv €
Tom Cronin, Authorized Signatory
cor rrYoF lLnh?Pih
The foregoing instnrment was acknowledged before me on this lth day of h Ptembef ,
2024,by Tom Cronin, the Authorized Signatory ofRoers Chanhassen Bennett Apartrnent Owner
LLC, a Delaware limited liability company, on behalf of the company.
IN WITNESS
lktwtbev ,zozq.
WHEREOF, I have set my hand and my official seal this &f, day of
Public
OLIVIA PROPP
IIOTARY PUETIC. f If, I{ESOIA
fry Cofidsb EpfEs,}'r 3t,2(4S
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CH 135-65-964832.v2
s-2
STATE OF M(NNfSOIA
EXHIBIT A
The property subject to the foregoing First Amendment to Contract for Private
Development is as follows:
Lot l, Block 1 Chanhassen Market Street Addition, Carver County, Minnesota.
Orror! Unknown document property nanle.
A-1