Item Description:
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Neg Amd 1 to Agmt A2513027 with Maple Grove Economic Development Authority, extend end date to 12/12/55, amend and restate related documents, no change to NTE
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Resolution:
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BE IT RESOLVED, that the County Administrator be authorized to negotiate Amendment 1 to Agreement A2513027 with the Maple Grove Economic Development Authority (EDA), for continued affordable rental housing at 12083, 12091, 12057, 12061, 12025 and 12031 62nd Place North, Maple Grove, extending the contract end date from December 12, 2025 to December 12, 2055, with no change in the not to exceed amount of $450,000, and amending and restating related documents as necessary; that following review and approval by the County Attorney's Office, the Chair be authorized to sign the amendment and related documents on behalf of the county; and that the controller be authorized to disburse funds as directed.
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Background:
In 1994 and 1995 (Resolutions 94-8-625 and 95-6-329-R2), Hennepin County awarded $450,000 in U.S. Department of Housing and Urban Development (HUD) HOME Investment Partnerships Program (HOME) funding to the Maple Grove Economic Development Authority (formerly the Housing and Redevelopment Authority) for conversion of six single family homes to affordable rental housing for households at or below 50 percent of Area Median Income (AMI).
The HOME funds were structured as a 30-year deferred loan due and payable on December 12, 2025.
Maple Grove EDA has requested a 30-year extension of this agreement to continue the affordability of these units and safeguard the financial success of the project.
Current Request: This request is for authorization to negotiate Amendment 1 to Agreement A2513027 with Maple Grove EDA to extend the loan and compliance period to December 12, 2055, with no change to loan amount of $450,000.
Impact/Outcomes: Approval of this request will facilitate strategies for preservation of affordable rental housing units.
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