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06-27-2018 Council Packet - final
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06-27-2018 Council Packet - final
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<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />TERMINATION OF TAX CREDIT USAGE AGREEMENT <br /> <br /> THIS TERMINATION OF TAX CREDIT USAGE AGREEMENT (this “Termination”), <br />dated as of June 14, 2018, is made by and between LITTLE CANADA LEASED HOUSING <br />ASSOCIATES, L.L.P., a Minnesota limited liability partnership (the “Partnership”), and the <br />CITY OF LITTLE CANADA, MINNESOTA (the “City”). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, the City has heretofore issued Multifamily Housing Revenue Bonds, Series <br />1996 (Provinces of Little Canada Project), on or about February 1, 1996, (the “Bonds”); <br /> <br />WHEREAS, in connection with the Bonds, the City and the Partnership are parties to that <br />certain Tax Credit Usage Agreement, dated as of September 23, 1998 recorded with the Ramsey <br />County, Minnesota Recorder as Document No. 3105783 (the “Agreement”) with respect to the <br />real property legally described in Exhibit A hereto (the “Property”); <br /> <br />WHEREAS, the Bonds were paid off as memorialized in that certain Satisfaction of <br />Mortgage dated September 13, 2017, recorded with the Ramsey County, Minnesota Recorder as <br />Document No. A04677864. <br /> <br />WHEREAS, the Partnership’s obligations under the Agreement have expired pursuant to <br />its terms. <br /> <br />WHEREAS, in connection with the sale of the Property and the prior redemption of the <br />Bonds in full, the City and the Partnership desire to terminate the Agreement in its entirety; <br /> <br />NOW, THEREFORE, the parties agree as follows: <br /> 1. Termination and Release of the Agreement. Effective as of the date hereof, the <br />City and the Partnership hereby terminate the Agreement in its entirety and all covenants, <br />conditions and restrictions set forth therein. The City and the Partnership hereby consent that <br />the Agreement be released of record.
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