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10/02/97 THU 17:01 FAX 16122889400 HOLMES&GALEY,LTD a003 1 M October 2, 1997 • COOPERATION AGREEMENT This Agreement made and entered into this day of , 199 , by and between the Minneapolis Public Housing Authority in and for the City of Minneapolis (the "Authority") and the City of Mounds View, State of Minnesota (the "Municipality"). WITNESSETH: In consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 1. Whenever used in this Agreement: (a) The term "MIIOP Units" means ten (10) units of low-rent housing hereafter to be developed with the financial assistance of the United States of America acting through the Secretary of Housing and Urban Development (the "Government") and located within a fifty-six (56) unit apartment development known as Silver Lake Commons (the "Development") to be owned by the Mounds View Family Apartments Limited Partnership ("Owner") and located in the City of Mounds View, County of Ramsey("County"), Minnesota. (b) The term "Taxing Body" or "Taxing Bodies" means the State of Minnesota and any and all political subdivisions or taxing units thereof in which the MHOP Units are situated and which would have authority to assess or levy real or personal property taxes, or to certify such taxes to a taxing body or public officer, to be levied for its use and benefit with respect to the MHOP Units if they was not exempt from such taxation. (c) The term "Shelter Rent" means the total of all charges to all MHOP Unit tenants for dwelling rents and nondwelling rents (excluding all other income of the MHOP Units) less the cost of all dwelling and nondwelling utilities. 2. The Authority shall endeavor: (a) to secure a contract with the Government for capital grants and annual contributions for the MHOP Units; and (b) to cause to be developed and provide for the administration of the MHOP Units. 3. (a) Pursuant to Minnesota Statutes, Section 469.040, the MHOP Units are exempt from all real and personal property taxes levied or imposed by any Taxing Body for so long as either (i) the MHOP Units are owned by a public body or governmental agency and are used for low-rent housing purposes, (ii) the MHOP Units are subject to the requirements of Section 5 of the United States Housing Act of 1937, (iii) the contract between the Authority and the Owner in connection with the MHOP Units • continues to obligate the Owner to operate the MHOP Units as a low income housing `\SERVER\DOCMNNI25\Ol I\DOCS\COOPAOC 1 COOPERATION AGREEMENT MPHA/CITY OF MOUNDS VIEW SILVER TAKE COMMONS DEVELOPMENT