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® CITY OF ST. ANTHONY <br /> RESOLUTION NO. 07-081 <br /> RESOLUTION AUTHORIZING EXTENSION <br /> OF$3,350,000 CREDIT FACILITY <br /> FROM FANNIE MAE <br /> WHEREAS, on December 19, 2003, the City and the St. Anthony Housing and Redevelopment <br /> Authority("HRA")executed a Development Agreement with Apache Redevelopment LLC(the"Developer") <br /> for redevelopment of the area now known as Silver Lake Village;and <br /> WHEREAS, according to Section 12.11 of the Development Agreement, the City and HRA <br /> agreed to obtain short term financing from Fannie Mae for the purpose of acquiring certain <br /> commercial properties, relocating the tenants and demolishing those properties for redevelopment; <br /> and <br /> WHEREAS,by Resolution No. 04-047,adopted June 8,2004,the City approved entering into <br /> a loan with Fannie Mae to provide this short term financing; and <br /> WHEREAS, the City subsequently entered into a$3,350,000 Credit Facility with Fannie Mae <br /> on August 27,2004(the"Credit Facility"); and <br /> WHEREAS, on May 22, 2007 the Council adopted Resolution No. 07-042 authorizing an <br /> extension of the Credit Facility to August 27,2009; and <br /> ® WHEREAS, subsequent negotiations with the Developer and Fannie Mae have resulted in a <br /> revised term sheet under which the Credit Facility will be extended for a 12 month period from the <br /> date the extension will be closed and the closing is currently estimated to occur on December 12, <br /> 2007 (the"Closing Date");and <br /> WHEREAS, Fannie Mae has requested that the City clarify the authorization contained in <br /> Resolution No. 07-042 regarding the duration of the extension. <br /> NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Anthony as <br /> follows: <br /> 1. That the City Manager and City Attorney are hereby authorized to proceed with negotiating <br /> with Fannie Mae the terms of an extension of the Credit Facility for 12 months following the <br /> Closing Date,and to prepare necessary documents which are hereby authorized to be executed <br /> by the Mayor and City Manager. (� <br /> Adopted this I Ith day of December,2007 \. <br /> ayor <br /> ATTEST: �( <br /> City Clerk t <br /> Reviewed for Administration: <br /> CItf Ma er <br />