Item Description:
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Neg Agmts PR00006436 with Trellis Co. and PR00006435 with American Indian Community Development Corporation for 30-year forgivable acquisition loans, 07/10/24-12/31/59, total combined NTE $1,300,000
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Resolution:
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BE IT RESOLVED, that $1,300,000 in sales proceeds from 5719 Lyndale Avenue South and 143 East 19th Street (Resolution 24-HCHRA-0019, total estimated receivable $1,300,000) be retained by the Hennepin County Housing and Redevelopment Authority for the provision of affordable housing and creation of an inpatient substance use treatment center during a 30?year period between July 10, 2024 through December 31, 2059; and that the Controller be authorized to accept, transfer, and disburse funds as directed; and
BE IT FURTHER RESOLVED, that the Executive Director be authorized to negotiate 30-year Forgivable Loan Agreement PR00006436 with Trellis Co, or an affiliated entity, for the acquisition of 5719 Lyndale Avenue South in Minneapolis (PID 22-028-24-23-0202) for the creation of affordable housing, during the period July 10, 2024 through December 31, 2059, with a not to exceed amount of $500,000 (CP 1006848 Fund 37, DeptID 843500); that following review and approval by the County Attorney's Office, the Chair be authorized to sign the loan agreement and related documents on behalf of the Authority; and that the Controller be authorized to disburse funds as directed; and
BE IT FURTHER RESOLVED, that the Executive Director be authorized to negotiate 30-year Forgivable Loan Agreement PR00006435 with American Indian Community Development Corporation, or an affiliated entity, for the acquisition of 143 East 19th Street in Minneapolis (PID 27-029-24-43-0111) for the creation of an residential substance use treatment center, during the period July 10, 2024 through December 31, 2059, with a not to exceed amount of $800,000 (CP 1006848, Fund 37, DeptID 843500); that that following review and approval by the County Attorney's Office,...
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