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RESOLUTION NO. 9053 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA RESOLUTION APPROVING LOAN DOCUMENTS, MASTER SUBORDINATION AGREEMENT, AND MASTER DISBURSEMENT AGREEMENT RELATED TO THE LOCAL HOUSING INCENTIVES ACCOUNT PROGRAM (LHIA) LOAN AND THE BOULEVARD APARTMENT PROJECT WHEREAS, the Mounds View Economic Development Authority (the "Authority") and Boulevard Apartments, Limited Partnership, a Minnesota limited partnership ("Boulevard"), have entered into that certain Contract for Private Development setting forth the terms and conditions regarding a 60 -unit affordable housing facility (the "Project") on certain real property within Ramsey County, Minnesota and platted as Boulevard (the "Property"); and WHEREAS, the City of Mounds View (the "City") has received grant funds in the amount of $500,000 from the Metropolitan Council under its Local Housing Incentives Account Program ("LHIA Grant"), in accordance with the terms of that certain Metropolitan Livable Communities Act Grant Agreement; and WHEREAS, the City desires to loan proceeds of the LHIA Grant in the amount of $500,000 to Boulevard to finance Boulevard's costs for acquisition of the Property and construction of the Project (the "LHIA Loan"); and WHEREAS, payment of the LHIA Loan will be secured via certain loan documents, including a loan agreement between the City and Boulevard and mortgage on the Property, and it has been requested that the City agree to subordinate the LHIA Loan, in accordance with a Master Subordination Agreement and Estoppel Certificate, and agree to a certain order of priority for disbursement of Project funds, in accordance with a Master Disbursement Agreement; and WHEREAS, there has been presented before the City Council a loan agreement, mortgage, and promissory note related to the LHIA Loan (collectively, the "Loan Documents"), a Master Subordination Agreement and Estoppel Certificate, and a Master Disbursement Agreement; and WHEREAS, the City Council has reviewed the Loan documents, the Master Subordination Agreement, and the Master Disbursement Agreement and finds the execution of the same are in the best interests of the City and of its residents. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Mounds View, Minnesota as follows: