HomeMy WebLinkAboutResolution 21-26 DOCS-#215515-v1-RESOLUTION_APPROVING_TBRA_LOAN_DOCUMENTS_BUHL_GTA__LPCITY OF FALCON HEIGHTS
COUNCIL RESOLUTION
May 26, 2021
No. 21-26
A RESOLUTION APPROVING LCDA LOAN DOCUMENTS WITH BUHL
GTA, LP, LIMITED PARTNERSHIP
WHEREAS, Buhl GTA, LP, limited partnership ("Buhl") is proposing to construct a 125-
unit multi -family rental housing project ("Project") to be located on the property legally described in
Exhibit A ("Property");
WHEREAS, the City has previously applied for and received a TBRA grant from the
Metropolitan Council in the amount of $962,000.00 in connection with the Developer's construction
of the Project, and approved execution of a grant agreement for the TBRA grant on May 26, 2021;
and
WHEREAS, the Developer has requested and the City has agreed to provide the TBRA grant
funding in the form of a loan, and the parties have negotiated a TBRA loan agreement, promissory
note, mortgage and subordination agreement (the "TBRA Loan Documents") in the form attached as
Exhibit B;
WHEREAS, the City has reviewed the LCDA Loan Documents and finds that the execution
of the same and the City's performance of its obligations thereunder are in the best interest of the City
and its residents;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Falcon
Heights, Minnesota, that the TBRA Loan documents are hereby in all respects approved, subject to
modifications that do not alter the substance of the transaction and that are approved by the Mayor,
City Administrator and City Attorney, provided that execution of the TBRA Loan Documents shall
be conclusive evidence of their approval.
FURTHER, be it resolved that the Mayor and City Administrator are hereby authorized to
execute the LCDA Loan Documents on behalf of the City and to carry out, on behalf of the city, the
City's obligations thereunder.
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ADOPTED this 26th day of May, 2021 by the City Council of Falcon Heights, Minnesota.
Moved by: Leehy Approved
Randall C/Ir"t a f son
Mayor
GUSTAFSON _4 In Favor Attested by:
, Ao� mc,
LEEHY Sack Thongvanh
MIAZGA 0_ Against City Administrator
ANDREWS
WEHYEE
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EXHIBIT A
LEGAL DESCRIPTION OF PROPERTY
Real property in the City of Falcon Heights, County of Ramsey, State of Minnesota, described as
follows:
That part of the West 133.00 feet of the Northeast quarter of the Northeast quarter of the
Northeast quarter of Section 21, Township 29, Range 23, which lies South of the North
318.00 feet thereof and which lies North of the South 330.00 feet.
and
The Westerly 133 feet of the Northerly 318 feet excepting therefrom that part taken for
Larpenteur Avenue, of the Northeast Quarter of the Northeast Quarter of the Northeast
Quarter, Section 21, Township 29, Range 23, Ramsey County, Minnesota.
and
The North Half of the Northeast Quarter of the Northeast Quarter of the Northeast
Quarter, except the West 133 feet thereof, in Section 21, Township 29, Range 23,
Ramsey County, Minnesota, except that part taken for Snelling and Larpenteur Avenues.
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EXHIBIT B
TBRA LOAN DOCUMENTS
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