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HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF ST. ANTHONY RESOLUTION NO. 12-06 RESOLUTION RELATING TO A SENIOR RENTAL HOUSING AGREEMENT BY AND AMONG THE CITY OF SAINT ANTHONY, HOUSING AND REDEVELOPMENT AUTHORITY OF THE CITY OF MINNESOTA, AND ST. ANTHONY LEASED HOUSING PARTNERSHIP (THE "DEVELOPER"). WE > DEVELOPMENT MINNESOTA, THE SAINT ANTHONY, ASSOCIATES II, LIMITED WHEREAS, the Developer is proposing to enter into a Senior Rental Housing Development Agreement (the "Development Agreement") with the City of St. Anthony (the "City") and the St. Anthony Housing and Redevelopment Authority (the "Authority"), under which the Developer will acquire approximately 2.65 acres in the Redevelopment Project Area No. 3 (respectively, the "Development Property" and the "Project Area") and construct approximately 152 senior rental housing units, including at least 20% low and moderate income units, and related parking improvements (the "Development"); and WHEREAS, the Development Property consists of three separate parcels of land and the Developer has entered into two purchase and sale agreements to acquire the parcels. To acquire the southern portion of the Development Property (the "Southern Parcel'), the Developer will enter into a purchase and sale agreement with Apache Redevelopment, LLC (the "Southern Parcel Purchase Agreement'). To acquire the two parcels of land which comprise the northern portion of the Development Property (the "Northern Parcels"), the Developer will simultaneously with the execution of the Development Agreement enter into a purchase and sale agreement with the Authority (the "Northern Parcels Purchase Agreement"); and WHEREAS, upon satisfaction of certain conditions set forth in the Development Agreement, the Authority will agree to issue a TIF Note to provide funds to pay for, or reimburse, the Developer for certain Qualified Redevelopment Activities to aid in the redevelopment of the Development Property (the "TIP Note"); and WHEREAS, the Authority believes that the Development Agreement is in the best interests of the residents of the City and the Development will provide environmental benefits, will increase available rental housing, including increased opportunities for new types of housing and low and moderate income housing, including new life cycle housing choices desirable for the community, will remove and prevent the emergence of blight, will increase the tax base of the City, and will otherwise benefit the health, safety, morals and welfare of the residents of the City, in accordance with the public purpose and provisions of the applicable State and local laws and requirements under the Redevelopment Plan. NOW, THEREFORE, BE IT RESOLVED, by the St. Anthony Housing and Redevelopment Authority as follows: That the Chair and Executive Director are authorized to enter into a Senior Rental Housing Development Agreement by and among the City of Saint Anthony, Minnesota, the Housing and Redevelopment Authority of the City of Saint Anthony, Minnesota, and St. Anthony Leased Housing Associates II, Limited Partnership.