HomeMy WebLinkAboutCity Council Resolution 1996-442W
CITY OF PLYMOUTH
RESOLUTION 96- 442
AUTHORIZING THE AMENDMENT OF THE COMMUNITY DEVELOPMENT
BLOCK GRANT (CDBG) AGREEMENT WITH HEARTLAND -PLYMOUTH
LAKEVIEW COMMONS, LLC
WHEREAS, the City of Plymouth entered Leto an agreement with Heartland -Plymouth
Lakeview Commons, LLC dated May 26, 1995 to provide $60,950 as a grant of CDBG funds
in order to construct a storm water treatment pond that was necessary in order to proceed with
construction of the Lakeview Commons apartment complex at the southwest corner of ? Jagara
Lane and Eighteenth Avenue, North in Plymouth; and
WHEREAS, Heartland -Plymouth Lakeview Commons has proposed to convert the City's
grant to a loan accruing I % annual interest repayable to the City upon the earlier of either May
13, 2025 or the sale or transfer of the property; and
WHEREAS, conversion of the grant to a loan is advantageous to both the City and Heartland -
Plymouth Lakeview Commons; and
WHEREAS, the agreement also provides for occupancy of the apartments by clients from the
City's Section 8 program, without limitations; and
WHEREAS, in order to maintain a diverse resident population it is necessary to permit a limit
in the agreement of 25 % of the units to be occupied by Section 8 clients.
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA, that the appropriate City staff are authorized to enter
Into an amendment of the existing CDBG agreement with Heartland -Plymouth Lakeview
Commons, LLC for the purpose of converting the funds granted under the agreement to a loan
as indicated above and permitting a maximum of 25 percent of the apartments in the
development to be occupied by clients of the Section 8 Housing Assistance Program.
Adopted by the Plymouth City Council on August 21, 1996.
0