07-16 HRA Resolution No. 1299 HRA RESOLUTION NO. 1299
RESOLUTION APPROVING A LOAN TO NHH COMPANIES L.L.C. AND THE EXECUTION
AND DELIVERY OF DOCUMENTS IN CONNECTION THEREWITH
WHEREAS, NHH Companies L.L.C., a Minnesota limited liability company (the
"Borrower"), proposes to acquire three parcels of real property (the "Property") located in the
City of Richfield, Minnesota (the "City"); and
WHEREAS, the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota (the "Authority") has proposed to make a loan to the Borrower in the principal amount of
$630,000 (the "Loan") in order to assist the Borrower in acquiring the Property for the purpose of
constructing housing in the City, including up to 80 affordable owner-occupied townhomes,
pursuant to the terms of a Loan Agreement (the "Loan Agreement") between the Authority and the
Borrower; and
WHEREAS, in exchange for the Loan, the Borrower will execute and deliver to the
Authority a Promissory Note (the "Note") and a Mortgage (the "Mortgage") to secure its repayment
obligations to the Authority; and
WHEREAS, there has been presented before this Board forms of the Loan Agreement, the
Note, and the Mortgage; and
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Housing
and Redevelopment Authority in and for the City of Richfield, Minnesota as follows:
1. The Loan is hereby approved and shall be a deferred loan, the repayment of which
shall be as provided by the terms of the Loan Agreement.
2. The Loan Agreement is hereby in all respects authorized, approved, and confirmed,
and the Chair and the Executive Director are hereby authorized and directed to execute
the Loan Agreement for and on behalf of the Authority in substantially the form now on
file with the Community Development Director but with such modifications as shall be
deemed necessary, desirable, or appropriate, the execution thereof to constitute
conclusive evidence of their approval of any and all modifications therein.
3. The Authority hereby approves the forms of the Note and the Mortgage in substantially
the forms on file.
4. The Chair and the Executive Director are hereby authorized to execute and deliver any
and all documents deemed necessary to carry out the intentions of this resolution.
Adopted by the Housing and Redevelopment Authority in and for the City of Richfield,
Minnesota this 16th day of July, 2018.
Mary Sup , Chair
ATTEST:
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Erin Vrieze aniels, Se r= ary
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