Laserfiche WebLink
C-1 <br />518333v9 DTA MU205-47 <br />EXHIBIT C <br /> <br />FORM OF MEMORANDUM OF UNDERSTANDING <br /> <br />Memorandum of Understanding <br /> <br /> <br />This Memorandum of Understanding (“Memorandum”) is made and entered by and <br />between the Economic Development Authority of the City of Mounds View, Minnesota (the <br />“EDA”), and the County of Ramsey (“County” or “Ramsey County”). <br /> <br />Recitals <br /> <br />WHEREAS, the EDA wishes to purchase two tax-forfeited properties located in the <br />city of Mounds View, PINs: 06-30-23-31-0031 and 06-30-23-31-0241 (the “Property”), for <br />less than its market value for the purpose of developing multi-family affordable rental <br />housing of four or more units in partnership with Boulevard Apartments, Limited <br />Partnership; and <br /> <br />WHEREAS, the EDA can purchase the Property for less than market value only if <br />the Property will be used for the development of affordable housing; and <br /> <br />WHEREAS, the County is willing to accommodate the City’s request to purchase the <br />Property on the terms and conditions contained in this Memorandum. <br /> <br />NOW THEREFORE, in consideration of the recitals, and other good and valuable <br />consideration, and intending to be legally bound, the EDA and County agree as follows: <br /> <br />1. The EDA has provided to the County its specific plans for developing <br />affordable housing on the Property and the specific law or laws that empower it <br />to acquire the Property in furtherance of those plans. <br /> <br />2. Identity of the Developer. The EDA identifies Boulevard Apartments, Limited <br />Partnership as the developer (the “Developer”) of the Property. The EDA <br />agrees that the Developer meets the requirements for developers set forth in <br />Section 4.57.60.b.1. of the Ramsey County Administrative Code. <br /> <br />3. The County Assessor has determined that the Property has a market value of <br />$204,700. In consideration of the Property’s use for affordable housing the <br />County will sell the Property to the EDA for 25% of its market value, which is <br />$51,175, plus maintenance costs and recording fees. <br /> <br />4. The EDA agrees to sell or otherwise convey the property for affordable housing <br />only to a Party who agrees: (1) to rent at least 20% of the Property’s units to <br />persons or families whose household incomes at the time of their written <br />application to lease any unit does not exceed 60% of the area median income as