HomeMy WebLinkAboutCC RES 12-054 RESOLUTION RELATING TO 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 THE ST. ANTHONY LEASED HOUSING ASSOC Meeting Sheet
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103739
Box: 31
Folder: RES 2012
Document: CC RES 12-054 RESOLUTION RELATING TO A SENIOR
RENTAL HOUSING DEVELOPMENT AGREEMENT BY AND AMONG THE
CIN OF SAINT ANTHONY, MINNESOTA, THE HOUSING AND
REDEVELOPMENT AUTHORITY OF THE CIN OF SAINT ANTHONY,
MINNESOTA, AND THE ST. ANTHONY LEASED HOUSING ASSOC
CITY OF ST.ANTHONY
RESOLUTION NO. 12-054
RESOLUTION RELATING TO 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 (THE "DEVELOPER").
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 "TIF
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 City of St. Anthony, Minnesota as follows:
That the Mayor and City Manager 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.
Adopted this 12th day of June, 2012
` ayor
ATTEST: &44C&A�) �
City Clerk---"
Reviewed for Administration:
City Manager