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