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CITY OF ST. ANTHONY RESOLUTION NO. 07-081 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 (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 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 this short term financing; and WHEREAS, the City subsequently entered into a $3,350,000 Credit Facility with Fatmie Mae on August 27, 2004 (the "Credit Facility"); and WHEREAS, on May 22, 2007 the Council adopted Resolution No. 07-042 authorizing an extension of the Credit Facility to August 27, 2009; and WHEREAS, subsequent negotiations with the Developer and Fannie Mae have resulted in a revised term sheet under which the Credit Facility will be extended for a 12 month period from the date the extension will be closed and the closing is currently estimated to occur on December 12, 2007 (the "Closing Date"); and WHEREAS, Fannie Mae has requested that the City clarify the authorization contained in Resolution No. 07-042 regarding the duration of the extension. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of St. Anthony as follows: That the City Manager and City Attorney are hereby authorized to proceed with negotiating with Fannie Mae the terms of an extension of the Credit Facility for 12 months following the Closing Date, and to prepare necessary documents which are hereby authorized to be executed by the Mayor and City Manager. Adopted this 11th day of December, 2007 ATTEST: City Clerk Reviewed for Administration: Mayor City Manager