HomeMy WebLinkAboutResolution - HRA 99-1 - Sterling Ponds Project, Senior Series 1999A and 1999B - 03/16/1999 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY,MINNESOTA
RESOLUTION NO.HRA 99-1
RESOLUTION RELATING TO MULTIFAMILY HOUSING DEVELOPMENT
REVENUE REFUNDING BONDS (STERLING PONDS PROJECT), SENIOR SERIES
1999A,AND MULTIFAMILY HOUSING DEVELOPMENT REVENUE REFUNDING
BONDS (STERLING PONDS PROJECT), SUBORDINATE SERIES 199911;
AUTHORIZING THE EXECUTION OF DOCUMENTS
BE IT RESOLVED by the Board of the Housing and Redevelopment Authority of the
City of Eden Prairie,Minnesota(the"Authority"), as follows:
Section 1. Recitals.
1.01. Pursuant to Minnesota Statutes, Chapter 462C, as amended(the"Act"), the City
of Eden Prairie(the "City")has agreed to issue and sell its Multifamily Housing Development
Revenue Refunding Bonds(Sterling Ponds Project), Senior Series 1999A, and its Multifamily
Housing Development Revenue Refunding Bonds (Sterling Ponds Project), Subordinate Series
1999B in the aggregate principal amount of$6,665,000 (collectively, the"Bonds"), to provide
funds to refund its Multifamily Housing Development Revenue Bonds(Sterling Ponds Project),
Series 1989A and Series 1989B, dated, as originally issued, as of October 1, 1989, of which
approximately$6,735,000 is now outstanding(the "Refunded Bonds"), the proceeds of which
were used to finance a multifamily housing development described in Section 462C.05 of the Act
comprising the construction and equipping on land within the City of an approximately 112-unit
multifamily rental housing development(the"Project") owned and operated by Prairie Village
Limited Partnership (the"Developer").
1.02. The Developer has granted a mortgage on the Project to the Authority, pursuant
to a mortgage dated November 15, 1985, and by a Subordination Agreement dated October 24,
1989, the Authority has subordinated its mortgage lien on the Project to the lien of the mortgage
securing the Refunded Bonds. The Authority and the Developer have also entered into a First
Amended and Restated Project Management Agreement, dated as of October 1, 1989 (the
"Development Agreement"), relating to the Project. In connection with the issuance of the Bonds
and the refunding and prepayment of the Refunded Bonds, it is necessary for the Authority to
subordinate its mortgage lien on the Project to the mortgage securing the Bonds, and to amend
the Development Agreement.
1.03. Draft forms of the following documents have been prepared and submitted to this
Board and are hereby directed to be filed with the Secretary:
(a) a Subordination Agreement(the "Mortgage Subordination"), to be executed
and delivered by the Authority; and
(b)an Amendment No. 1 to First Amended and Restated Regulatory Agreement
• (the"Development Agreement Amendment"), proposed to be entered into between the
Authority and the Company.
Section 2. Authorization and Approval of Documents. The forms of the Mortgage
Subordination and the Development Agreement Amendment referred to in Section 1.03 are
approved, subject to such modifications as are deemed appropriate and approved by the City
Attorney and the Chair. The documents as so approved are directed to be executed in the name
and on behalf of the Authority by the Chair and Secretary. The Chair and the Secretary are also
authorized and directed to execute such other instruments as may be required to give effect to the
transactions herein contemplated.
Section 3. Modifications. Absence of Officers. The approval hereby given to the
various documents referred to above includes an approval of such modifications thereto, deletions
therefrom and additions thereto as may be necessary and appropriate and approved by the City
Attorney and the Chair prior to the execution of the documents. The execution of any instrument
by the appropriate officer or officers of the Authority herein authorized shall be conclusive
evidence of the approval of such documents in accordance with the terms hereof. In the absence
or disability of the Chair, any of the documents authorized by this resolution to be executed, may
be executed by the acting Chair and in the absence or disability of the Secretary by such officer of
the Authority who, in the opinion of the City Attorney, may execute such documents.
Passed this 16th day of March, 1999.
Chair
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a CERTIFICATE AS TO RESOLUTION AND ADOPTING VOTE
I,the undersigned,being the duly qualified and acting recording officer of the Housing
and Redevelopment Authority of the City of Eden Prairie,Minnesota(the"Authority"),hereby
certify that the attached resolution is a true copy of Resolution No. HRA 99-1, entitled:
"RESOLUTION RELATING TO MULTIFAMILY HOUSING DEVELOPMENT REVENUE
REFUNDING BONDS (STERLING PONDS PROJECT), SENIOR SERIES 1999A,AND
MULTIFAMILY HOUSING DEVELOPMENT REVENUE REFUNDING BONDS
(STERLING PONDS PROJECT), SUBORDINATE SERIES 1999B;AUTHORIZING THE
EXECUTION OF DOCUMENTS"(the"Resolution"), on file in the original records of the
Authority in my legal custody; that the Resolution was duly adopted by the Board of the
Authority at a meeting on March 16, 1999, and that the meeting was duly held by the Board and
was attended throughout by a quorum,pursuant to call and notice of such meeting given as
required by law; and that the Resolution has not as of the date hereof been amended or repealed.
I further certify that upon vote being taken on the Resolution at said meeting,the
following Board Members voted in favor thereof. Mayor Jean Harris, Sherry Butcher-
Youn hans, Ronald Case. Nancy1yra-Lukens ;
. voted against the same: ;
abstained from voting thereon: ;
or were absent: Ross Thorfinnson
WITNESS my hand officially this 16th day of March, 1999.
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