HomeMy WebLinkAboutCity Council Resolution 2021-087
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-087
R ESOLUTION A UTHORIZING THE M AKING OF A L OAN IN THE A MOUNT OF $500,000 FOR THE
E LEMENT P ROJECT, AND A PPROVING AND A UTHORIZING THE E XECUTION OF L OAN D OCUMENTS
RELATED THERETO
WHEREAS, the City of Plymouth, on behalf of Sand Companies and Plymouth Element, LLC, applied
for and received a grant in the amount of $500,000 under the Metropolitan Council’s Local Housing
Incentives Account; and
WHEREAS, the grant will assist with the construction of the Element apartment building at 11229
Highway 55; and
WHEREAS, the City Council accepted the grant and authorized the execution of grant documents
related thereto on February 23, 2021 via Resolution 2021-064; and
WHEREAS, the terms of the Local Housing Incentives Account requires municipalities receiving a
grant to issue a loan to developers of affordable housing; and
WHEREAS, the proposed loan documents between the City and Plymouth Element, LLC, are attached
hereto and include a (i) Loan Agreement Regarding Metropolitan Council Grant, (ii) Mortgage, Assignment of
Rents, Security Agreement and Fixture Financing Statement, and (iii) Note (collectively, the “Loan
Documents”) .
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA, that it approves the Loan Documents in substantially the form submitted, and the Mayor and
City Manager are hereby authorized and directed to execute the Loan Documents on behalf of the City.
BE IT FURTHER RESOLVED, that the approval hereby given to the Loan Documents includes approval
of such additional details therein as may be necessary and appropriate and such modifications thereof,
deletions therefrom and additions thereto as may be necessary and appropriate and approved by the City
officials authorized in this resolution to execute the Loan Documents. The execution of the Loan Documents
by the appropriate officer or officers of the City shall be conclusive evidence of the approval of the Loan
Documents in accordance with the terms hereof.
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APPROVED by the City Council on this 9 day of March, 2021.
Resolution No. 2021-087
Page 2 of 2
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS.
The undersigned, being the duly qualified and appointed City Clerk of the City of Plymouth,
Minnesota, certifies that I compared the foregoing resolution adopted at a meeting of the Plymouth City
Council on March 9, 2021 with the original thereof on file in my office, and the same is a correct transcription
thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the City this ___________day
of __________________, _____.
_____________________________________
City Clerk