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HomeMy WebLinkAboutResolution 8892RESOLUTION NO. 8892_ CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA APPROVING CONSENT TO OWNERSHIP 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 2151, 1998 (the "Agreement"); and WHEREAS, the Agreement, along with the various other documents cited therein, included various ongoing obligations which would need to be satisfied by the Silver Lake Commons Project (the "Property"); and WHEREAS, the Property is currently owned by the Mounds View Family Limited Partnership (the "Partnership"); and WHEREAS, the City previously acknowledged and consented to a change in the form of the Partnership, as well as a modification to the Management Agreement entered into between the City and the Partnership; and WHEREAS, neither of the previous consents abridged or released any obligations with respect to the ongoing ownership or operation of the Property; and WHEREAS, the Partnership has entered into an agreement to sell the Property to Burnsville Parkway Estates, LLC, a limited liability company formed under the laws of the state of Minnesota (the "Buyer"); and WHEREAS, the Agreement requires that the City consent to any change in ownership related to the Property; and WHEREAS, the Partnership has requested that the City acknowledge and consent to the change in the ownership by signing the Acknowledgement and Consent attached hereto as Exhibit A, and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED, that the above -referenced recitals are incorporated herein to this Resolution. NOW, THEREFORE, BE IT FURTHER RESOLVED, that the City does hereby acknowledge and consent to the change in ownership, subject to the terms contained herein. 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. Further, the City's consent is hereby expressly condition on the Buyer's ongoing obligation to meet all of the requirements of the Agreement, and any other requirement which may otherwise be applicable to the Property or as would have applied to the current owner, had there not been a transfer in ownership. The sole purpose and scope of the City's acknowledgement and consent is to the change in ownership of the Property, as it relates to the Agreement, and therefore the City's approval shall have no relationship to any substantive term of the Agreement, any amendment thereto, or any other obligation as it exists with relation to the Property. Subject to the conditions contained in this Resolution, the City authorizes execution of the Acknowledgment and Consent attached hereto as Exhibit A by the Mayor and City Administrator. 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 81 day of January, 2018. CITY OF MOUNDS VIEW Carol A. Mueller, Mayor ATTEST: Nyle tmund rty AdministratoP 514562v2 MU210-17 ; i' EXHIBIT A ACKNOWLEDGMENT AND CONSENT OF OWNERSHIP CHANGE FOR SILVER LAKE COMMONS To: Mr. Greg Russ, Executive Director c/o Janice Hughes Minneapolis Public Housing Authority 1001 N. Washington Avenue Minneapolis, MN 55401-1043 From: Nyle Zikmund City Administrator City of Mounds View — City Hall 2401 Mounds View Blvd. Mounds View, MN 55112 Re: Acknowledgment and Consent of ownership change for Silver Lake Commons Date: January 8, 2018 This Acknowledgment and Consent serves to provide notice to the Minneapolis Public Housing Authority ("MPHA") that we have been advised of the change in ownership that is proposed to occur related to the Silver Lake Commons Property within the city of Mounds View. The city of Mounds View hereby consents to this ownership change with the understanding that the buyer will continue to be obligated for any and all outstanding obligations with respect to the MHOP units and Funds as stipulated in the Regulatory and Operating Agreement and other Housing Covenants the current Owner has with the MPHA. Acknowledgement and Consent of ownership change for Silver Lake Commons: Carol A. Mueller Mayor Ik , e?. "'/ Nyle ' cm 1d City/AdministraTor 514562v2 MU210-17