07-26-2023 Council Packet - Laserfiche WebLink

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CITY OF LITTLE CANADA COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION 2023-7- RESOLUTION GRANTING APPROVAL TO A PROJECT TO BE UNDERTAKEN BY RAMSEY COUNTY ACTING AS A HOUSING AND REDEVELOPMENT AUTHORITY PURSUANT TO MINNESOTA STATUTES, SECTION 469.004, SUBDIVISION 1A. WHEREAS, Ramsey County (the “County”), exercising the powers of a housing and redevelopment authority pursuant to Minnesota Statutes, Sections 469.001 through 469.068, as amended (the “Act”), including without limitation Sections 469.004, subd. 1a and 469.041 thereof, and Minnesota Statutes, Sections 383A.06 and 469.192 (collectively, the “Act”), has received a request from Provinces Preservation JV LLC, a Minnesota limited liability company (the “Borrower”), for a loan in the aggregate principal amount of $305,319 (the “Loan”) for (i) the rehabilitation of an existing two building, 118-unit affordable housing development, known as The Provinces Apartments and located at 155 Little Canada Road East, Little Canada, Minnesota (the “City”), including by not limited to the replacement of approximately 115 windows and approximately 40 patio doors in the 153 building; and (ii) the costs of issuance and other related costs in connection with the Loan (the “Project”), and the County and the Developer have caused to be prepared a Loan Agreement and other documents related to the Loan; and WHEREAS, the Act requires that prior to the commencement of a project by the County acting as a housing and redevelopment authority, the governing body of the municipality in which the project is to be located shall, by majority vote, approve the project, and the Project is presented here for approval by the City Council of the City. NOW, THEREFORE, be it resolved by the City Council of the City of Little Canada, Minnesota, that: 1. The City Council has had the opportunity to review and consider the Project, as recommended by the County, and hereby approves the Project in accordance with the Act 2. Notwithstanding Minnesota Statutes § 469.008, the County is authorized to exercise its powers, including without limitation making the Loan for the Project, within the City. 3. The authorization granted herein is given on condition that the County’s exercise of its powers will not alter, limit or impair the powers of the City’s or its economic development authority or housing and redevelopment authority. Adopted this 26th day of July, 2023. _____________________________________ Thomas Fischer, Mayor Attest: ____________________________________ Christopher Heineman, City Administrator