HomeMy WebLinkAboutResolution - HRA 2016-01 - Amendment 3 to Housing Development Agreement - 06/14/2016HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF EDEN PRAIRIE
COUNTY OF HENNEPIN
STATE OF MINNESOTA
H.R.A. RESOLUTION NO. 2016-01
A RESOLUTION APPROVING AMENDMENT 3 TO THE HOUSING DEVELOPMENT
AGREEMENT AND AUTHORIZING ITS EXECUTION BY THE CHAIR AND
EXECUTIVE DIRECTOR
BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment
Authority ("HRA") in and for the City of Eden Prairie, Minnesota, as follows:
RECITALS
WHEREAS, the HRA established a housing development project ("Project") and set
moderate income limits for the Project by H.R.A. Resolution No. 2014-01;
WHEREAS, the HRA and Developer entered into that certain document entitled
"Housing Project Agreement" dated August 19, 2014, filed on October 2, 2014 as Document
Number A10123210 with the Office of the Co9unty Recorder, Hennepin County, Minnesota
("Agreement").
WHEREAS, the HRA and Developer entered into that certain document entitle
"Amendment 1 to Housing Project Agreement, dated April 21, 2015, filed on January?, 2016 as
Document Number A10275521 with the Office of the County Recorder, Hennepin County,
Minnesota.
WHEREAS, the HRA and Developer entered into that certain document entitle
"Amendment 2 to Housing Project Agreement, dated January 5, 2016, filed on January 8, 2016
as Document Number A140276218 with the Office of the County Recorder, Hennepin County,
Minnesota. The Agreement, Amendment 1 and Amendment 2 are referred to collectively herein
as the Amended Agreement.
WHEREAS, the Developer has sold seven (7) Moderate Income Units smce the
execution of the Housing Project Agreement.
WHEREAS, the HRA and Developer believe that it is reasonable to anticipate the sale of
an additional three (3) Moderate Income Units prior to the expiration of the obligation as set
forth in paragraph 12 of the Housing Project Agreement.
WHEREAS, the requirements of Paragraph 6 of the Housing Project Agreement
requiring the repayment of profits from a subsequent sale of a Moderate Income Unit has
discouraged the sale of Moderate Income Units.
WHEREAS, the HRA has determined that the sale of ten (10) Moderate Income Units
from this property is sufficient to help it achieve its goal of alleviating the shortage of decent,
safe, and sanitary housing for persons of moderate income and their families.
WHEREAS, all parcels no longer subject to the Moderate Income Units requirements
should be responsible for the payment of Park Dedication Fees.
NOW THEREFORE, THE HOUSING AND REDEVELOPMENT AUTHORITY IN
AND FOR THE CITY OF EDEN PRAIRIE HEREBY RESOLVES AS FOLLOWS:
1. The WHEREAS recitals set forth above are incorporated herein.
2. It is prudent and advisable in working to achieve its goal of alleviating the shortage of
decent, safe, and sanitary housing for persons of moderate income and their families
that Amendment 3 to the Housing Project Agreement be adopted.
3. Amendment 3 to the Housing Project Agreement is hereby approved and the Chair
and Executive Director are authorized to execute Amendment 3 and such other
documents and certificates that may be required to effectuate its purpose.
ADOPTED by the Housing and Redevelopment Authority in and for the City of Eden Prairie
this 14th day of June, 2016.
ATTEST:
Rick Getschow, Executive Director
CERTIFICATION
I, Rick Getschow, Executive Director of the Housing and Redevelopment Authority in and for
the City of Eden Prairie, County of Hennepin, Minnesota, hereby certify that the foregoing is a
true and correct copy of H.R.A. Resolution No. 2016-01 passed by the Authority on the 14th day
of June, 2016.
Executive Director