HomeMy WebLinkAboutResolution 26-62 Approving LCDA Loan Documents with Fairway Commons, Limited PartnershipCITY OF FALCON HEIGHTS
COUNCIL RESOLUTION
1une22,2026
No. zojH Q|
A RESOLUTION APPROVING LCDA LOAN DOCUMENTS WITH
FAIRWAY COMMONS LIMITED PARTNERSHIP
WIIEREAS, Fairway Commons, Limited Partnership, ("Fairway") is proposing to construct
a 11O-units multi-family rental housing project ("Project") for mixed income senior housing, age-
restricted to residents aged 55 years and older, to be located on the property legally described in
Exhibit A ("Property");
WHEREAS, the City has previously applied for and received a LCDA grant from the
Metropolitan Council in the amount of $432,500.00 in connection with the Fairway's construction of
the Project, and approved execution of a grant agreement for the LCDA grant on June 10, 2026; and
WHEREAS, the Fairway has requested and the City has agreed to provide the LCDA grant
funding in the form of a loan, and the parties have negotiated a LCDA loan agreement, promissory
note, mortgage, subordination agreement and disbursement agreement (the "TBRA Loan
Documents") in the form attached as Exhibit B;
WHEREAS, the City has reviewed the LCDA Loan Documents and finds that the execution
of the same and the City's performance of its obligations thereunder are in the best interest ofthe City
and its residents;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Cify of Falcon
Heights, Minnesota, that the LCDA Loan documents are hereby in all respects approved, subject to
modifications that do not alter the substance of the transaction and that are approved by the Mayor,
City Administrator and City Attomey, provided that execution of the LCDA Loan Documents shall
be conclusive evidence of their approval.
FURTHE& be it resolved that the Mayor and City Administrator are hereby authorized to
execute the LCDA Loan Documents on behalf of the City and to carry out, on behalf of the city, the
C ity' s obligations thereunder.
ADOPTED this22"d day of June,2026 by the City Council of Falcon Heights, Minnesota.
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Moved by: Gr-ts\a$ss*, Approved
GUSTAFSON/ 5 t,Favor Attestedby:
C.
}1.AY \,/
MOGEN,,/
MIELKE /
WASSENBERG
C) Against City Administrator
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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
Parcel 1:
The East 250 feet of the North 500 feet except the West 150 feet of the East 160 feet of the North 283 feet
of the Northwest Quarter of the Northeast Quarter of the Northeast Quarter of Section 21 , Township 29,
Range 23.
Parcel2
The West 150 feet of the East 160 feet of the North 283 feet of the Northwest Quarter of the Northeast
Quarter of the Northeast Quarter of Section 21, Township 29, Range 23, West of the Fourth'Principal
Meridian.
(All Torrens Property, Certificate of Title No. 640336)
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EXHIBIT B
LCDA LOAN DOCUMENTS
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