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07/12/2010 Council Packet
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07/12/2010 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
07/12/2010
Council Meeting Type
Regular
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• <br />• <br />LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />RESOLUTION NO. 10 -01 <br />RESOLUTION APPROVING A FIRST AMENDMENT TO CONTRACT FOR <br />PRIVATE DEVELOPMENT AND SUBORDINATION AGREEMENT <br />BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY <br />AND LINO LAKES HOUSING LIMITED PARTNERSHIP <br />BE IT RESOLVED By the Board of Commissioners ( "Board ") of the Lino Lakes Economic <br />Development Authority ( "Authority ") as follows: <br />Section 1. Recitals. <br />1.01. The Authority administers Development District No. 1 (the "Project)" and Tax <br />Increment Financing District No. 1 -5 (the "TIF District ") pursuant to Minnesota Statutes, Sections <br />469.124 to 469.134 ( "Development District Act ") and Sections 469.174 to 469.179 (the "TIF Act "). <br />1.02. The Authority and Cottage Homesteads of Willow Ponds (the "Original Developer ") <br />entered into a into a Contract for Private Development dated October 3, 1995 (the "Contract "), <br />under which the Authority provided certain tax increment assistance to help develop a 48 -unit <br />housing facility known as the Cottage Homestead of Willow Ponds (the "Project "). <br />1.03. Lino Lakes Housing Limited Partnership (the "Developer ") proposes to acquire the <br />Project from the Original Developer, and in connection with that acquisition is obtaining a loan (the <br />"HUD Loan") insured by the Federal Housing Administration, a division of the United Stated <br />Department of Housing and Urban Development ( "HUD "). <br />1.04. HUD has required that the Authority subordinate its rights under the Contract and <br />related agreements, and to have end has requested that the Authority enter into a First Amendment <br />to Contract for Private Development and Subordination Agreement between the Authority and <br />Developer (the "First Amendment "). <br />1.05. The Board has reviewed the First Amendment and determined that it is in the best <br />interests of the Authority to approve the same. <br />Section 2. Authority Approval., Further Proceedings. <br />2.01. The First Amendment as presented to the Board is hereby in all respects approved, <br />subject to modifications that do not alter the substance of the transaction and that are approved by <br />the President and Acting Executive Director, provided that execution of the documents by such <br />officials shall be conclusive evidence of approval. <br />2.02. The President and Acting Executive Director are hereby authorized to execute on <br />behalf of the Authority the First Amendment and any documents referenced therein requiring <br />execution by the Authority, and to carry out, on behalf of the Authority its obligations thereunder. <br />370939v1 SJB LN140-25 <br />
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