HomeMy WebLinkAboutCity Council Resolution 2015-107EXTRACT OF MINUTES OF MEETING
OF THE CITY COUNCIL OF THE
CITY OF PLYMOUTH, MINNESOTA
HELD: April 14, 2015
Pursuant to due call and notice thereof, a regular meeting of the City Council of the City
of Plymouth, Hennepin County, Minnesota, was duly called and held at the City Hall in said City
on April 14, 2015, at 7:00 o'clock p.m.
The following members were present: Deputy Mayor Johnson, Councilmembers Wosje,
Beard, Prom, Willis, and Carroll.
and the following were absent: Mayor Slavik.
Member Carroll introduced the following resolution and moved its adoption:
RESOLUTION NO. 2015-107
APPROVING DOCUMENTS AND
AUTHORIZING EXECUTION OF DOCUMENTS
RELATED TO 169/55, LLC HOUSING PROJECT
A. WHEREAS, 169/55, LLC (the "Developer") has requested the City of Plymouth,
Minnesota (the "City") to assist with the financing of certain costs incurred in connection with the
construction of an approximately 157 unit residential housing project to be constructed by the
Developer (the "Project"); and
B. WHEREAS, the Developer and the City have determined to enter into a
Development Agreement providing for the City's tax increment financing assistance for the Project
(the "Development Agreement"); and
C. WHEREAS, the City has entered into a grant agreement with the Metropolitan
Council whereby grant funds will be made available to the City and loaned to the Developer for
costs of the Project, and the Developer and the City have determined to enter into a Loan
Agreement in connection with the grant (the "Loan Agreement"); and
D. WHEREAS, pursuant to the Loan Agreement, the Developer will execute a
Promissory Note, in an amount not to exceed $750,000 (the "Note") and will execute a Mortgage,
Security Agreement, Assignment Of Leases And Rents And Fixture Financing Statement (the
"Mortgage"), in favor of the City and mortgaging the property described therein as security for
repayment of the Note and the Developer's performance of its obligations under the Note and the
Loan Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Plymouth,
Minnesota, as follows:
1. The City Council hereby approves the Development Agreement, the Loan
Agreement, the Mortgage, and the Note in substantially the forms submitted, and the Mayor and
City Manager are hereby authorized and directed to execute the Development Agreement and the
Loan Agreement on behalf of the City.
2. The approval hereby given to the Development Agreement and the Loan
Agreement 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 Development Agreement and the Loan Agreement. The execution of the Development
Agreement and the Loan Agreement by the appropriate officer or officers of the City shall be
conclusive evidence of the approval of the Development Agreement and the Loan Agreement in
accordance with the terms hereof.
The motion for adoption of the foregoing resolution was duly seconded by member Wosje
and, after full discussion thereof, and upon a vote being taken thereof, the following voted in favor
thereof. All members
and the following voted against same:
Adopted by the City Council this 14th day of April, 2015.
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STATE OF MINNESOTA
COUNTY OF HENNEPIN
CITY OF PLYMOUTH
I, the undersigned, being the duly qualified and acting Clerk of the City Council of the City
of Plymouth, Minnesota, DO HEREBY CERTIFY that I have carefully compared the attached and
foregoing extract of minutes with the original minutes of a meeting of the City Council City held
on the date therein indicated, which are on file and of record in my office, and the same is a full,
true and complete transcript therefrom insofar as the same relates to a Resolution Approving
Documents and Authorizing Execution of Documents Related to 169/55, LLC Housing Project.
WITNESS my hand as such Clerk of the City Council of the City of Plymouth, Minnesota
this 14th day of April, 2015.
City Clerk
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