HomeMy WebLinkAboutCity Council Resolution 2021-096
C ITY OF P LYMOUTH
R ESOLUTION N O. 2021-096
R ESOLUTION A PPROVING CERTAIN A DDITIONAL F INANCING
D OCUMENTS RELATED TO THE C RANBERRY R IDGE P ROJECT,
AND A UTHORIZING THE E XECUTION THEREOF
WHEREAS, the City Council of the City of Plymouth, Minnesota (the "City"), has heretofore approved
the development of an approximately 45-unit affordable housing project, to be known as Cranberry Ridge
(the "Project"), to be developed by Cranberry Ridge Housing Limited Partnership (the "Developer"); and
WHEREAS, the Developer has requested financial assistance for the Project from the City, and the
City Council has heretofore approved a $527,000 loan and a $250,000 grant to the Developer, pursuant to
certain loan documents (the "Loan and Grant"); and
WHEREAS, the Developer has obtained additional financing for the Project from Wells Fargo Bank,
National Association, Hennepin County, Beacon Interfaith Housing Collaborative, and the Greater Minnesota
Housing Fund (collectively, with the City, the "Lenders"); and
WHEREAS, the Lenders must enter into a Master Disbursement Agreement, and a Master
Subordination Agreement and Estoppel Certificate, which have been submitted to the City Council for its
review and approval;
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA:
Section 1. Financing Documents.
1.01. The City Council approves the Master Disbursement Agreement, and the Master
Subordination Agreement and Estoppel Certificate, in substantially the form submitted, and any additional
or ancillary documents required for the financing of the Project and to carry out the intent of the City
Council in its approval and support of the Project, and the financing therefor (collectively, the "Financing
Documents"), and the Mayor and City Manager are authorized and directed to execute the same on behalf
of the City.
1.02. The approval given to the Financing 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 by this
resolution to execute the Financing Documents. The execution of the Financing Documents by the
appropriate officer or officers of the City shall be conclusive evidence of the approval of the Financing
Documents in accordance with the terms hereof.
APPROVED by the City Council on this 23rd day of March, 2021.
Resolution No. 2021-096
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 23, 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