HomeMy WebLinkAboutResolution - 2006-24 - Appointing WHAHLT as Administrator of Regulatory Agreements with Ryland Group, Inc. Regarding Affordable Housing within Hennepin Village - 02/07/2006 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2006-24
A RESOLUTION OF THE CITY OF EDEN PRAIRIE, MINNESOTA APPOINTING THE
WEST HENNEPIN AFFORDABLE HOUSING LAND TRUST ("WHAHLT") AS
ADMINISTRATOR UNDER THOSE CERTAIN REGULATORY AGREEMENTS BY AND
BETWEEN THE CITY OF EDEN PRAIRIE AND RYLAND GROUP, INC.
WHEREAS, on September 30, 2005, the City of Eden Prairie entered into eight (8) Regulatory
Agreements with Ryland Group, Inc. ("Agreements"); and
WHEREAS, under Section 1(A) of said Agreements, certain income, purchase and sale
restrictions have been placed upon the property, which is the subject of the Agreements, so that the
property may remain affordable for a period of not less than forty(40) years; and
WHEREAS, under Section 1(A) of said Agreements, the City of Eden Prairie at its discretion
may designate an administrator for the purposes of receiving conveyances of the property which is the
subject of said Agreements and to hold such property for subsequent conveyance to persons and or
entities meeting the income requirements stated in Section 1(A) of the Agreements; and
WHEREAS, the City of Eden Prairie desires to appoint WHAHLT to act as administrator
under said Agreements.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
EDEN PRAIRIE, THAT:
The City of Eden Prairie hereby appoints WHAHLT to act as administrator under those certain
Agreements by and between Ryland Group, Inc. and the City of Eden Prairie for the purposes
of receiving conveyances of the property which is the subject of said Agreements and to hold
such property for subsequent conveyance to persons and or entities meeting the income
requirements stated in said Agreements.
ADOPTED by the City of Eden Prairie City Council this 7th day of February, 2006.
anc • yra- ens, yor
(Seal)
ATTEST:
K leen Porta, City Clerk