CC RES 04-016 RESOLUTION RELATING TO THE NORTHWEST QUADRANT/APACHE PLAZA REDEVELOPMENT, APPROVING A LOAN FOR PROPERTY ACQUISITION

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• CITY OF ST. ANTHONY VILLAGE RESOLUTION 04 - 016 A RESOLUTION RELATING TO THE NORTHWEST QUADRANT/ APACHE PLAZA REDEVELOPMENT, APPROVING A LOAN FOR PROPERTY ACQUISITION WHEREAS, funds were sought to assist the developer for the Northwest Quadrant area to acquire commercial property; and WHEREAS, to that end, Fannie Mae has approved a$3,350,000 non-revolving line of credit(the "Loan")to the City of St. Anthony Village; and WHEREAS, the terms upon which Fannie Mae is prepared to make available the Loan are set forth on the Term Sheet attached hereto. NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of St. Anthony hereby approves an agreement with Fannie Mae for a loan to be used to assist in acquiring commercial property in the Northwest Quadrant area. BE IT FURTHER RESOLVED, that the City Council of the City of St. Anthony hereby approves the • terms regarding said loan, as set forth on the Term Sheet attached hereto. BE IT FURTHER RESOLVED, that the Mayor of the City is hereby authorized and empowered at any time and from time to time hereafter in the name and on behalf of the City to execute, deliver and furnish to Fannie Mae all promissory notes, assignments, loan agreements,pledge agreements, and any other instruments, documents, certificates or agreements to be executed, delivered and/or furnished under or in connection with the Loan or as may now or hereafter be required by Fannie Mae to evidence and/or secure the obligations of the City to Fannie Mae under or in connection with the Loan. BE IT FURTHER RESOLVED, that the City is authorized to establish a collateral account at a financial institution on the amount of$837,500 and grant to Fannie Mae a continuing first priority security interest in and to such collateral account. Adopted this day of Ja :tt , 2004. c ayor ATTEST: City Clerk • Reviewed for Administration: City Manager