HomeMy WebLinkAbout18-EDA-317EDA RESOLUTION 18 -EDA -317
CITY OF MOUNDS VIEW
COUNTY OF RAMSEY
STATE OF MINNESOTA
A RESOLUTION APPROVING SUBORDINATION AGREEMENT AND ASSIGNMENT
OF CONTRACT FOR PRIVATE DEVELOPMENT AND TAX INCREMENT FINANCING
WHEREAS, the Mounds View Economic Development Authority (the "Authority")
and Boulevard Apartments, Limited Partnership, a Minnesota limited partnership (the
"Developer"), have entered into that certain Contract for Private Development (the
"Contract") setting forth the terms and conditions regarding a 60 -unit affordable housing
facility (the "Minimum Improvements") on certain real property within Ramsey County,
Minnesota platted as Boulevard (the "Property'); and
WHEREAS, the Contract further sets forth the Authority's agreement to provide tax
increment financing to the Developer in the form of reimbursements to the Developer out
of tax increments derived from the Property (the "Tax Increment Financing") as
consideration for constructing the Minimum Improvements and maintaining certain low
income housing rental units; and
WHEREAS, Pursuant to the terms of the Contract, the Authority will issue its Tax
Increment Revenue Note, Series 20_ (the "TIF Note") to the Developer; and
WHEREAS, the Authority and the Developer have also entered into that certain
Minimum Assessment Agreement and that certain Purchase and Development
Agreement, and the Developer, for the benefit of the EDA, further executed a Declaration
of Restrictive Covenants, all of which relate to the project (collectively, the "Additional
Project Documents"); and
WHEREAS, the Developer and Minnesota Housing Finance Agency (the "Lender")
have negotiated the terms of financing for (among other things) construction of the
Minimum Improvements, and have requested that the Authority consent to the assignment
of the Contract and the Tax Increment Financing, including the TIF Note, to the Lender
(the "Assignment"); and
WHEREAS, there has been presented before this Authority an Assignment of
Development Agreement and an Assignment of Tax Increment Financing (collectively, the
"Assignment Documents"), which are each proposed to be entered into between the
Developer and the Lender; and
WHEREAS, there has also been presented before this Authority a Subordination
Agreement, through which the Contract and the Additional Project Documents are to be
subordinated to the loans made by the Lender to the Developer (the "Subordination
Agreement"); and
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WHEREAS, the Authority is satisfied that the terms of the Assignment, as provided
in the Assignment Documents, and the Subordination Agreement carry out the intentions
of the parties and are necessary, appropriate, and in the best interests of the City of
Mounds View.
NOW THEREFORE, BE IT RESOLVED, by the Mounds View Economic
Development Authority, as follows:
1. The recitals set forth in the preamble to this Resolution are incorporated into this
Resolution as if fully set forth herein.
2. The Assignment of Development Agreement is hereby approved in all respects.
3. The Assignment of Tax Increment Financing is hereby approved in all respects.
4. The Subordination Agreement is hereby approved in all respects.
5. The President and Executive Director of the Authority are hereby authorized
and directed to execute the aforementioned documents for and on behalf of the
Authority in substantially the forms now on file with the Authority, but with such
modifications as shall be deemed necessary, desirable, or appropriate, and
otherwise approved by the Authority's attorney, the execution thereof to
constitute conclusive evidence of their approval of any and all modifications
therein.
6. The President, Executive Director, staff and consultants of the Authority are
hereby authorized to execute and deliver any and all documents deemed
necessary to carry out the intentions of this resolution and the Assignment.
Adopted on the /O day of :]�o oof, 2018 .
Attest:
N Yemui d. Executive Director
(SEAL) i
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Carol A. Mueller, President