HomeMy WebLinkAboutResolution - 93-114 - Making Findings Relating to the Treatment of Prairie Meadows Apartment as a Leasehold Cooperative (FKA Windslope) - 06/01/1993 0 PRAIRIE MEADOWS APARTMENTS
CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 9 3 1 4
RESOLUTION MAKING FINDINGS RELATING TO THE TREATMENT OF
PRAIRIE MEADOWS APARTMENT PROJECT AS A LEASEHOLD COOPERATIVE
WHEREAS, Community Housing Development Corporation, a
Minnesota non-profit corporation ( "Owner" ) , is owner of property
consisting of land and an apartment building located at 11345
Westwind Drive, Eden Prairie, Minnesota, legally described as
Tracts A and B, RLS 1437, Hennepin County, Minnesota, hereinafter
called "Prairie Meadows, " and
WHEREAS, the tenants apartment units of Prairie Meadows are
members ( "Cooperative Members" ) of a Minnesota cooperative
association known as "Prairie Meadows, a Cooperative Association"
(the "Cooperative" ) , and
WHEREAS, the Cooperative desires to qualify Prairie Meadows as
• a leasehold cooperative pursuant to Minn. Stat. §273 .124, Subd. 6,
so that homestead treatment may be claimed by the Cooperative for
dwelling units occupied by Cooperative Members, and
WHEREAS, the Council of the City of Eden Prairie has held a
public hearing pursuant to Minn. Stat. §273.124, Subd. 6.
BE IT RESOLVED, that the City Council of the City of Eden
Prairie makes the following findings:
1 ) The granting of homestead treatment of the Prairie
Meadows units will facilitate safe, clean, affordable
housing for the Cooperative Members that would otherwise
not be available absent the homestead designation.
2) The Owner has presented information satisfactory to the
Council showing that the savings garnered from the
homestead designation of the units will be used to reduce
tenant's rents or provide a level of furnishing or
maintenance not possible absent the designation.
3 ) The Cooperative has a lease for occupancy of Prairie
Meadows for a term of at least 20 years which permits the
Cooperative while not in default to participate
materially in the management of Prairie Meadows,
including material participation in establishing budgets,
setting rent levels and hiring and supervising a
management agent.
. 4 ) A minimum of 40 percent of the Cooperative Members must
have incomes at or less than 60 percent of area median
gross income as determined by the United States Secretary
of Housing and Urban Development under Section
142(d) (2) (B) of the Internal Revenue Code of 1986, as
amended through December 31, 1991 . For purposes of this
finding "member income" means the income of a member
existing at the time the member acquires cooperative
membership.
5) The Owner of Prairie Meadows has received public
financing from the City of Eden Prairie, which issued
multi-family housing revenue bonds on or about January 1,
1991 , which bonds are exempt from taxes under Section 103
of the Internal Revenue Code of 1986, as amended through
December 31, 1991, the proceeds of which were used for
the acquisition of Prairie Meadows. The Owner of Prairie
Meadows is receiving revenues pursuant to Section 8 of
the United States -Housing Act of 1937.
ADOPTED by the City Counci o June 1 1993.
. I iyL-�
Douglas Er. Tenpas, Mayor
ATTEST:
i k -
T
Frane, Clerk