Item Description:
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Neg Assignment, Assumption and Amendment of Agreements A15931 and A081848, approving the transfer of ownership of property to Trellis Co., no change to NTE
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Resolution:
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BE IT RESOLVED, that the Executive Director be authorized to negotiate the Assignment and Assumption of Agreements A15931 and A081848, and related documents, transferring ownership of property located at 2760, 2759, 2765 and 2768 Louisiana Court in St. Louis Park, from Perspectives, Inc., to Trellis Co. or an affiliated entity; that following review and approval by the County Attorney's Office, the Chair and Executive Director be authorized to sign the Assignment and Assumption Agreements and other related documents on behalf of the Authority; and
BE IT FURTHER RESOLVED, that the Executive Director be authorized to negotiate Amendment 1 to Agreements A15931 and A081848 with Trellis Co. or an affiliated entity, modifying agreement terms as necessary to facilitate a change in property ownership and to subordinate Hennepin County Housing and Redevelopment Authority mortgages to newly incurred debt with no change in the contract term or total combined loan principal amount of $710,000; that following review and approval by the County Attorney's Office, the Chair and Executive Director be authorized to sign the amendments and related documents on behalf of the Authority.
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Background:
Perspectives is a 56-unit affordable housing development located in five adjacent buildings with addresses of 2753, 2760, 2759, 2765 and 2768 Louisiana Court in St. Louis Park. The Hennepin County Housing and Redevelopment Authority (HCHRA) awarded the project one loan and one grant from the Affordable Housing Incentive Fund (AHIF) program:
* $450,000 deferred loan in 2001 to acquire and rehabilitate the 2759 and 2765 Louisiana Court buildings, requiring all 18 units to be affordable to low-income persons, from 12/27/2001 to 12/27/2031 (A15931, Resolution 12-HCHRA-00R1).
* $260,0...
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