HomeMy WebLinkAboutResolution 8822 RESOLUTION NO. 8822
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
RESOLUTION APPROVING CONSENT TO PARTNERSHIP CHANGE IN
SILVER LAKE COMMONS PROJECT
WHEREAS,the city of Mounds View("City")previously entered into a development agreement
for real property located within the City, dated December 21St, 1998 (the "Agreement"); and
WHEREAS, the parties to the Agreement subsequently entered into a First Amendment to the
Agreement whereby the parties added an additional developer entity to the Agreement; and
WHEREAS,such additional developer was known as the Mounds View Family Housing Limited
Partnership,a Minnesota limited partnership(the"Partnership"),which consisted of the following general
and limited partners:
A. General Partner: MSP Housing—Minnesota, LLC
B. General Partner: Milo S. Pinkerton, an individual;
C. Limited Partner: MSP Housing—Minnesota, LLC
D. Milo Pinkerton
WHEREAS,the Partnership has changed its corporate structure,including changes to the roster of
general and limited partners and relative partnership interests,such proposed changes to the structure result
in the following roster of general and limited partners and respective interests:
A. Limited Partner: Virgil Taus—(0.01);
B. General Partner: MSP Housing—Minnesota, LLC (99.98); and
C. General Partner: Milo Pinkerton (0.01).
WHEREAS,the Partnership has requested that the City acknowledge and consent to the change in
the Partnership's structure and reallocation of interest by signing the acknowledgement and consent
attached hereto as Exhibit A.
NOW,THEREFORE,BE IT RESOLVED,that the above-referenced recitals are incorporated
herein to this Resolution.
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Resolution 8822
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NOW,THEREFORE,BE IT FURTHER RESOLVED,that the City does hereby acknowledge
and consent to the change in partnership structure and reallocation of partnership interest. Nothing herein
shall be interpreted or construed to alter, substitute,or abrogate any duty,obligation,or benefit belonging
to any party under the Agreement or any amendment thereto. The sole purpose and scope of the City's
acknowledgement and consent is to the change in internal structure of the Partnership, as it relates to the
Agreement, and therefore the City's approval shall have no relationship to any substantive term of the
Agreement, or any amendment thereto.
NOW,THEREFORE,BE IT FINALLY RESOLVED THAT,the City Administrator,Mayor,
and City's attorneys are hereby authorized and directed to take any and all additional steps and actions
necessary or convenient to file or record the appropriate documents to facilitate the directives of the City
Council as provided herein in order to accomplish the intent of this Resolution.
Adopted by the City Council of the City of Mounds View this 28th day of August, 2017.
CITY OF MOUNDS VIEW
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Carol A. Mueller, Mayor
ATTEST:
James Ericson, City Administrator
(seal)
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EXHIBIT A
Acknowledgment and Consent
To: Mr. Greg Russ, Executive Director c/o Janice Hughes
Minneapolis Public Housing Authority
1001 N. Washington Avenue
Minneapolis, MN 55401-1043
From: Jim Ericson
City Administrator
City of Mounds View—City Hall
2401 Mounds View Blvd
Mounds View, MN 55112
Re: Acknowledgment and Consent of Partnership change for Mounds View Family Limited
Partnership.
Date: August 8, 2017
This memo serves to provide notice to the Minneapolis Public Housing Authority (MPHA)that
we have been advised of the partnership changes that have occurred for the Mounds View
Family Limited Partnership that were completed in June 2017.
The City of Mounds View consents to these partnership changes with the understanding that
the Partnership will continue to own the Project and will continue to be obligated for any
remaining obligations that the Partnership has with respect to the MHOP units and Funds as
stipulated in the Regulatory and Operating Agreement and other Housing Covenants the Owner
has with Minneapolis Public Housing Authority (MPHA).
Acknowledgment and Consent of Partnership Change Mounds View Family Limited Partnership:
Jim Ericson
City Administrator
City of Mounds View, MN