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Home My WebLink AboutResolution - 96-2 - Second Amendment to Elim Shores Development Plan - 03/12/1996 Resolution No. 96-2 Resolution Approving Second Amendment to Development Agreement and Authorizing the Execution Thereof WHEREAS, in connection with the issuance by the City of Eden Prairie, Minnesota (the "City") of its Multifamily Housing Revenue Bonds (Elim Shores Project), Series 1989, originally dated as of April 1, 1989 (the "Prior Bonds"), the City, the Housing and Redevelopment Authority in and for the City of Eden Prairie (the "Authority") and Elim Shores, Inc., a Minnesota nonprofit corporation (the "Corporation") entered into a Development Agreement, made as of April 1, 1989 (the "Development Agreement") setting forth certain rights and obligations of the parties with respect to the development, construction, financing and operation of a 64 unit senior housing facility in the City (the "Project") to be constructed by the Corporation with the proceeds of the Prior Bonds; and WHEREAS, said Development Agreement has been previously amended by the parties pursuant to the terms of a First Amendment to Development Agreement, effective as of January 1, 1993 (the "First Amendment"); and WHEREAS, the City, at the request of the Corporation, now proposes to issue its Elderly Housing Refunding Revenue Bonds (Elim Shores, Inc. Project), Series 1996, in the principal amount of $3,300,000 (the "Series 1996 Bonds"), and loan the proceeds to the Corporation to be used, along with certain additional funds to be contributed by the Corporation, to refund and retire the Prior Bonds on or about May 1, 1996, and in connection with the issuance of the Series 1996 Bonds, the parties desire to amend certain provisions of the Development Agreement, as heretofore amended by the First Amendment, to remove references therein to an Assessment Agreement; and WHEREAS, a draft of a Second Amendment to Development Agreement, to be effective as of March 12, 1996, has been presented to this Board. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EDEN PRAIRIE: 1. The form of Second Amendment to Development Agreement is approved. 2. The Executive Director of the Authority is authorized to execute the Second Amendment to Development Agreement in substantially the form on file, but with such changes therein as may be approved by counsel to the Authority and the officer executing the same, which approval shall be conclusively evidenced by the execution thereof. The Executive Director is also authorized and directed to execute such closing certificates and other documents as may be necessary to assist in the issuance and delivery of the Series 1996 Bonds upon approval thereof by counsel to the Authority, which approval shall be conclusively evidenced by the execution thereof. Adopted by The Housing and Redevelopment Authority in and for the City of Eden Prairie, Minnesota, this - tday of ar , 1996. Chair ATTEST: C�curl06 �1►2*L=GTOi� • S -2- 1 I • STATE OF MINNESOTA COUNTY OF HENNEPIN The undersigned, being the duly appointed, qualified and acting Secretary of The Housing and Redevelopment Authority in and for the City of Eden Prairie, Minnesota, hereby certifies that the foregoing is a full, true and correct copy of a resolution duly passed and adopted by the Board of Commissioners of the Authority at its meeting duly called and held on March L, 1996, by the following roll call vote: Ayes: Yf'i-S. Ca V) I YK-Z-kktn 5), 8d CO ck) -h"7 h SO? J -. Nays: Absent: and that said resolution has not subsequently been amended and is now in full force • and effect. IN WITNESS WHEREOF, I have hereunto set my hand as of this day of March, 1996. -3- H.R.A. RESOLUTI011 NO. 96-2 SECOND AMENDMENT i TO DEVELOPMENT AGREEMENT THIS SECOND AMENDMENT is made to that certain Development Agreement (the "Development Agreement") made as of April 1, 1989 by and among the Housing and Redevelopment Authority in and for the City of Eden Prairie, Minnesota (the "BRA"), the City of Eden Prairie, Minnesota (the "City"), a municipal corporation and political subdivision organized and existing under the Constitution and laws of the State of Minnesota, and Elim Shores, Inc., a Minnesota nonprofit corporation (the 'Developer") as amended by that certain First Amendment to Development Agreement effective as of January 1, 1993 between the City, HRA and Developer; and 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 Timerlake Drive, Eden Prairie, Minnesota (the "Project"); and WHEREAS, the parties hereto mutually desire to amend certain provisions of the Development Agreement for the purpose of removing references to an Assessment Agreement. NOW, THEREFORE, the parties hereto agree to amend the Development Agreement as follows: 1. All terms defined in the Loan Agreement, Mortgage and Indenture shall have the same meanings when used herein. • 1 2. The effective date of the amendments made herein shall be March 12, 1996. 3. Section 6.1 of the Development Agreement is hereby deleted in its entirety, and any references in the Development Agreement to an Assessment Agreement or a minimum assessed valuation are hereby declared to be null and void, effective from the date of the Development Agreement. 4. That certain second mortgage granted by the Developer to the HRA shall continue to remain subordinate to the Mortgage. 5. All references in the Development Agreement as amended by the First Amendment to Development Agreement and the Second Amendment to Development Agreement to the Prior Bonds Documentation shall, from and after the date of this Second Amendment, refer to the corresponding documents • authorized by the City as part of the City of Eden Prairie, Minnesota Elderly Housing Refunding Revenue Bonds (Elim Shores, Inc. Project) Series 1996. 6. All other terms and provisions of the Development Agreement as amended by the First Amendment to Development Agreement shall remain in full force and effect. I T WITNESS WHEREOF, the BRA and the City have each caused this Second Amendment to Development Agreement to be executed in their respective names by their duly authorized officers and sealed with their respective corporate seals and the Developer has executed this Second Amendment to Development Agreement, effective as March 12, 1996. • 2 . (SEAL) CI EDEN PRAIRIE SOTA B Jean L. Harris, Mayor r By: Caf ie, City-Manager (SEAL) THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY OF EDEN PRAIRIE .r- Its Executive Director (SEAL) ELIM SHORES, INC. • By William S. Myers, President State of Minnesota County of Hennepin This instrument N gas acknowledged before me on March 12, 1996, by Jean L. Harris and Carl Jullie as Mayor and City Manager respectively, of the City of Eden Prairie. 1 . KATHLEEN A PORTA NOTARY PUBLIC—MINNESOTA Mr commission expires 01 31 00 Notary Public 3 . State of Minnesota County of Hennepin This instrument was acknowledged before me on March 12, 1996, by Y as Executive Director of The Housing and Redevelopment Authority in and for the dity of Eden Prairie. KATHLEEN A PORTA eLI�CJ — NOTARY PUBLIC—MINNESOTA My commission expires 013100 x....,.,,.....,.,��....�..,..,._,.,.. Notary Public State of Minnesota County of Hennepin This instrument was acknowledged before me on March 12, 1996, by William S. Myers as President of Elim Shores, Inc.. Notary Public RMIMELMDEVAGM AMD ! 4