Agenda Packets - 1997/10/06 - Laserfiche WebLink

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10/02/97 THU 17:06 FAX 16122889400 HOLMES&GALEY,LTD fQ011 - The Manager, will have complete control over the selection of residents, so long as the MHOP priorities and all federal and state laws are followed. The MPHA will promptly and continuously refer all Minneapolis applicants for the replacement MHOP Units to the Manager. If the referral system results in no eligible and suitable tenant with Consent Decree priorities, the unit can be filled with other applicants on the waiting list. The City and the MPHA shall provide HUD a certification, in the form attached hereto as Exhibit A, certifying that its waiting list procedures will conform with applicable law and regulations. V. POST CONSTRUCTION DUTIES. As a part of the HUD close-out requirements with respect to the MHOP Units,the following responsibilities will be assigned: A. The MPHA shall designate the End of the Initial Operating Period ("EIOP") and shall coordinate the inclusion of the MHOP Units in the MPHA Annual Operating Budget. B. Within 12 months of EIOP, the MPHA shall gather information and provide HUD with the Actual Development Cost Certificate ("ADCC"). C. The MPHA shall be responsible for the preparation of an audit by an independent public accountant as a part of its submission of the ADCC. The City shall provide such information as is in its possession or can be reasonably obtained in order to assist the MPHA with such audit. D. The MPHA shall monitor the Partnership procedures and results in screening applicants provided from the waiting lists and report the results thereof to HUD as may be requested or required. VI. TAX CERTIFICATIONS The MPHA shall annually certify to the appropriate assessing officials the number of MHOP units located within Silver Lake, pursuant to Minnesota Statutes, Section 469.040, subdivision 4. VII. OPERATING SUBSIDY. Under the ACC, HUD contracts to provide an operating subsidy to the MPHA for all units subject to the ACC, which will include these MT-TOP Units. It is therefore necessary to establish a methodology by which the MPHA will pay operating subsidy to the Partnership, as owner of the MHOP Units. That system, to be described more fully in a Regulatory and Operating Agreement between the MPHA and the Partnership,will be generally as follows: A. As used in this Section VII, the following terms shall have the following meanings: 1. "Allowed Project Expenses" means all necessary and reasonable operating • expenses of Silver Lake for any period, including: D:\MNNI25\01 I\DOCS\INI IAI..DOC 4 INITIAL AGREEMENT MPHA/CITY OF MOUNDS VIEW SILVER LAKE DEVELOPMENT