Agenda Packets - 1997/10/06 - Laserfiche WebLink

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10/02/97 THU 17:04 FAX 16122889400 HOLMES&GALEY,LTD Q008 • October 2, 1997 INITIAL AGREEMENT THTS AGREEMENT, made this day of , 1997 by and between the Minneapolis Public Housing Authority in and for the City of Minneapolis, a public body corporate and politic (the "MPHA") and the City of Mounds View, a municipal corporation (the "City") is entered into pursuant to Minnesota Statutes, § 471.59, 469.012, subds. 1(11) and 3. WHEREAS, the MPHA has entered into an Annual Contributions Contract ("ACC") with the United States Department of Housing and Urban Development ("HUD") for funding the capital and operating costs of low rent public housing units and projects throughout the Minneapolis-St. Paul metropolitan area; and WHEREAS, the MPHA has established the Metropolitan Housing Opportunities Program ("MHOP") pursuant to which it will cooperate with suburban municipalities in the construction and operation of qualified housing units (the "MHOP Units"); and WHEREAS, the City is negotiating with MSP Real Estate, Inc. (the "Developer") for, • among other things, the development of 56-unit multifamily rental housing project to be known • as the Silver Lake Commons Development ("Silver Lake") and to be owned by the Mounds View Family Apartments Limited Partnership (the "Partnership"); and WHEREAS, the MPHA, the City and the Developer have agreed to cooperate in the location of 10 MHOP Units in Silver Lake; and WHEREAS, the purpose of this Agreement is to define the relationship of the MPHA and City with respect to the planning, construction, ownership and operation of the MHOP Units and as such shall constitute a joint powers agreement pursuant to Minnesota Statutes, §471.59. NOW, THEREFORE, it is agreed by the parties hereto as follows: T. PROPOSAL. The parties will jointly prepare and submit to HUD a proposal for development funds in the amount of $ and ongoing operating subsidy under the ACC for the construction and operation of 7 replacement units and 3 incentive units of MHOP housing. A. All required Silver Lake information, including financial pro formas and design and construction documents, will be gathered and assembled by the City and delivered to the MPHA. B. Final document preparation, including initial operating budgets, and conformity • with federal regulations and HUD requirements will be the responsibility of the MPHA. D:\MNN125\0I I\DOCS\INITIAI_DOC 1 INITIAL AGREEMENT MPHA/CITYOF MOUNDS VIEW SILVER LAKE DEVELOPMENT