HomeMy WebLinkAboutCity Council Resolution 2005-478CITY OF PLYMOUTH
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO. 2005-478
RESOLUTION APPROVING A SUBORDINATION AGREEMENT
FOR A LOAN BETWEEN THE CITY OF PLYMOUTH
AND PLYMOUTH LEASED HOUSING ASSOCIATES, LP
FOR STONE CREEK VILLAGE APARTMENTS
WHEREAS, the City of Plymouth received a grant in the amount of $200,000 from the
Metropolitan Council to facilitate the constriction of Stone Creels Village apartments, and;
WHEREAS, in April of 2003 the City issued a loan in the amount of $200,000 to Plymouth
Leased Housing Associates, LP, and;
WHEREAS, in return for the above loan, Plymouth Leased Housing Associates agrees to
maintain 34 out 130 units as affordable for at least 30 years, and;
WHEREAS, Plymouth Leased Housing Associates, LP has completed the constriction and
now desires to convert their constriction loan to a permanent loan.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF
THE CITY OF PLYMOUTH, MINNESOTA:
1. The City Council finds that the subordination of the $200,000 loan is appropriate to
facilitate the placement of a permanent financing for the Stone Creels Village
Apartments.
ADOPTED by the City Council on December 13, 2005.
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