Item Description:
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Neg Amendment, Assignment and Assumption of Agreements A14354, A18627, and A15921, 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 County Administrator be authorized to negotiate the Amendment, Assignment and Assumption of Agreements A14354, A18627 and A15921, and related documents, transferring ownership of property located at 2753, 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 County Administrator be authorized to sign the Assignment and Assumption Agreements and other related documents on behalf of the County; and
BE IT FURTHER RESOLVED, that the County Administrator be authorized to negotiate Amendment 1 to Agreements A14354, A18627 and A15921with Trellis Co. or an affiliated entity, extending Agreement A14354 to December 31, 2027, and modifying other agreement terms as necessary to facilitate a change in property ownership and to subordinate county mortgages to newly incurred debt with no change in the contract term or the total combined loan principal amount of $710,000; that following review and approval by the County Attorney's Office, the Chair and County Administrator be authorized to sign the amendments and related documents on behalf of the County.
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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. Hennepin County awarded the project three, zero percent interest, deferred loans from the Home Investment Partnerships Program (HOME):
* $275,000 in 1994 to acquire and rehabilitate the 2753 Louisiana Court building, restricting 7 of the 12 units to families at or below 50 percent of the area median income (AMI), from 12/05/1994-12/05/2024 (A14354, ...
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