HomeMy WebLinkAboutResolution No. 10-01 EDALINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
RESOLUTION NO. 10-01
RESOLUTION APPROVING A FIRST AMENDMENT TO CONTRACT FOR
PRIVATE DEVELOPMENT AND SUBORDINATION AGREEMENT
BETWEEN THE LINO LAKES ECONOMIC DEVELOPMENT AUTHORITY
AND LINO LAKES HOUSING LIMITED PARTNERSHIP
BE IT RESOLVED By the Board of Commissioners ("Board") of the Lino Lakes Economic
Development Authority ("Authority") as follows:
Section 1. Recitals.
1.01. The Authority administers Development District No. 1 (the "Project)" and Tax
Increment Financing District No. 1-5 (the "TIF District") pursuant to Minnesota Statutes, Sections
469.124 to 469.134 ("Development District Act") and Sections 469.174 to 469.179 (the "TIF Act").
1.02. The Authority and Cottage Homesteads of Willow Ponds (the "Original Developer")
entered into a into a Contract for Private Development dated October 3, 1995 (the "Contract"),
under which the Authority provided certain tax increment assistance to help develop a 48 -unit
housing facility known as the Cottage Homestead of Willow Ponds (the "Project").
1.03. Lino Lakes Housing Limited Partnership (the "Developer") proposes to acquire the
Project from the Original Developer, and in connection with that acquisition is obtaining a loan (the
"HUD Loan") insured by the Federal Housing Administration, a division of the United Stated
Department of Housing and Urban Development ("HUD").
1.04. HUD has required that the Authority subordinate its rights under the Contract and
related agreements, and to have end has requested that the Authority enter into a First Amendment
to Contract for Private Development and Subordination Agreement between the Authority and
Developer (the "First Amendment").
1.05. The Board has reviewed the First Amendment and determined that it is in the best
interests of the Authority to approve the same.
Section 2. Authority Approval; Further Proceedings.
2.01. The First Amendment as presented to the Board is hereby in all respects approved,
subject to modifications that do not alter the substance of the transaction and that are approved by
the President and Acting Executive Director, provided that execution of the documents by such
officials shall be conclusive evidence of approval.
2.02. The President and Acting Executive Director are hereby authorized to execute on
behalf of the Authority the First Amendment and any documents referenced therein requiring
execution by the Authority, and to carry out, on behalf of the Authority its obligations thereunder.
370939v1 SJB LN I40-25
Approved by the Board of Directors of the Lino Lakes Economic Development Authority,
this 12th day of July, 2010.
ATTEST:
370939v1 SJB L1\1140-25
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