CC RES 08-80 RESOLUTION AUTHORIZING EXTENSION OF $3,350,000 CREDIT FACILITY FROM FANNIE MAE

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• ST. ANTHONY VILLAGE RESOLUTION NO. 08-080 RESOLUTION AUTHORIZING EXTENSION OF $3,350,000 CREDIT FACILITY FROM FANNIE MAE WHEREAS, on December 19, 2003, the City and the St. Anthony Housing and Redevelopment Authority ("HRA")executed a Development Agreement with Apache Redevelopment LLC, with assignment of portions of the Development Agreement to Silver Lake Homes, LLC (together, the "Developer") for redevelopment of the area now known as Silver Lake Village; and WHEREAS, according to Section 12.11 of the Development Agreement, the City and HRA agreed to obtain short term financing from Fannie Mae (the "Authority Loan") for the purpose of acquiring certain commercial properties, relocating the tenants and demolishing those properties for redevelopment; and WHEREAS, by Resolution No. 04-047, adopted June 8, 2004, the City approved entering into a loan with Fannie Mae to provide the Authority Loan; and WHEREAS, the City subsequently entered into a$3,350,000 Credit Facility with Fannie Mae on August 27, 2004 (the "Credit Facility"); and WHEREAS, on December 11, 2007 the Council adopted Resolution No. 07-081 authorizing an extension of the Credit Facility to December 12, 2008, due to delays in construction of the Phase IB Development (as defined in the Development Agreement); and WHEREAS, the Developer has granted a mortgage in favor of the HRA securing the Authority Loan (the "Mortgage"); and WHEREAS, Fannie Mae has agreed to extend the Credit Facility with principal and interest payments on the Credit Facility as follows: January 1, 2009 Interest Only April 1, 2009 Interest Only July 1, 2009 $175,000 Plus Interest October 1, 2009 200,000 Plus Interest January 1, 2010 200,000 Plus Interest April 1, 2010 200,000 Plus Interest July 1, 2010 200,000 Plus Interest October 1, 2010 200,000 Plus Interest December 1, 2010 Balance • ; and