HomeMy WebLinkAboutCC RES 07-081 RESOLUTION AUTHORIZING EXTENSION OF $3,350,000 CREDIT FACILITY FROM FANNIE MAE Meeting Sheet
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Box: 31
Folder: RES 2007
Document: CC RES 07-081 RESOLUTION AUTHORIZING EXTENSION Of
$3,350,000 CREDIT FACILITY FROM FANNIE MAE
® 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 Fannie 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:
1. 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 I Ith day of December,2007 \.
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ATTEST: �(
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Reviewed for Administration:
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