HomeMy WebLinkAboutResolution - 92-257 - First Amendment to Development Agreement Relating to Elim Shores Multi-Family Revenue Bonds Series 1989 - 12/15/1992 Resolution No. 92=257
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A RESOLUTION OF THE CITY OF EDEN PRAIRIE,
HENNEPIN COUNTY, MINNESOTA, AUTHORIZING THE
EXECUTION OF THE FIRST AMENDMENT TO
DEVELOPMENT AGREEMENT RELATING TO THE CITY OF
EDEN PRAIRIE, MINNESOTA, MULTI-FAMILY HOUSING
REVENUE BONDS (SERIES 1989) ELIM SHORES PROJECT
WHEREAS, pursuant to Minnesota Statutes, Chapter 462C (the "Act"), the City issued
its Multi-Family Housing Revenue Bonds under an Indenture of Trust dated as of April 1, 1989,
between the City of Eden Prairie, and Marquette Bank Minneapolis, N.A.;
WHEREAS, as part of the issuance of the Multi-Family Housing Revenue Bonds the City
of Eden Prairie, the Housing and Redevelopment Authority for and on behalf of the City of Eden
Prairie and Elim Shores, Inc., entered into that certain Development Agreement dated as of April
1, 1989;
WHEREAS,the Development Agreement was entered into for the purpose of setting forth
the parties'respective rights and obligations concerning development,construction,financing,and
• financial assistance in connection with Elim Shores, a 64-unit rental apartment project for elderly
persons of moderate and low income, together with common recreation and support facilities,
located at 7900 Timberlake Drive, Eden prairie, Minnesota (the "Project");
WHEREAS, the Project has been successfully developed and is in operation by the
Developer in accordance with the Development Agreement;
WHEREAS, the parties hereto mutually desire to amend certain provisions of the
Development Agreement pursuant to Section 6.3 thereof,for the purpose of qualifying the Project
for classification as "4c property" under Minnesota Statutes, Sections 273.13, Subdivision 25 and
273.1317;
NOW, THEREFORE, be it resolved by the City of Eden Prairie, Minnesota, as follows:
1. The City hereby authorizes execution of the First Amendment to Development
Agreement in substantially the form attached hereto but with such variations, omissions, and
insertions as may be approved by the officers executing the same, which approval shall be
conclusively evidenced by such execution.
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2. This resolution shall be in full force and effect from and after its passage.
• Adopted by the City Council on December 15, 1992.
[SEAL] Lf2�
Acting Mayor, Richard Anderson
ATTEST:
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