06-15 EDA Resolution No. 23
EDA RESOLUTION NO. 23
RESOLUTION APPROVING A MASTER AMENDMENT AGREEMENT WITH AEON SEASONS
PARK LLC RELATED TO AN AFFORDABLE HOUSING PROJECT IN THE CITY OF
RICHFIELD AND TAKING OTHER ACTIONS IN CONNECTION THEREWITH
WHEREAS, the Richfield Economic Development Authority
loan to
amount of $98,512 October 30, 2019
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remodeling of the 701-729 77 Street East and 620-638 78
Street East in the City of Richfield, Minnesota, which contains eight buildings with seventeen
; and
WHEREAS
the Borrower executed and delivered to the Authority a Promissory Note, dated October 30, 2019
98,512, and the Borrower caused Aeon,
a Minnesota nonprofit corporation and the sole member of Seasons Park I LLC, the manager of
Seasons Park Preservation JV LLC, and the sole member of the Borrower, to execute and deliver
WHEREAS, the Loan Agreement provides that once a mortgage was
recorded against the Project, the Guaranty would be released; and
WHEREAS, the Borrower intends to refinance a loan provide to acquire the Project and
obtain additional loan funds to remodel the Project, with the proceeds of loans in the principal
g Finance Agency
WHEREAS, the Authority and the Borrower have determined the need to amend certain
provisions of the Loan Agreement and the Note to incorporate certain requirements of MHFA,
including but not limited to the extension of the maturity date of the Note, and MHFA requires that
the Authority subordinate its interest in the Mortgage and
obligations thereunder to MHFA; and
WHEREAS, in connection with the MHFA Loan, MHFA has requested that the Authority
with MHFA; and
WHEREAS, there has been presented before the Board of Commissioners of the Authority
forms of the MHFA Subordination Agreement and the Master
amendments to the Note and the Loan Agreement, including but not limited to the extension of the
maturity date of the Note, and a Release o; and
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Richfield
Economic Development Authority as follows:
1. The MHFA Subordination Agreement, the Master Amendment Agreement, and the
Guaranty Release are hereby in all respects authorized, approved, and confirmed, and
the President and the Executive Director are hereby authorized and directed to execute
the MHFA Subordination Agreement, the Master Amendment Agreement, and the
Guaranty Release for and on behalf of the Authority in substantially the forms now on
file with the Executive 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.
2.ThePresident 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.
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Adopted by the Richfield Economic Development Authority this 15 day of June, 2020.
Mary B. Supple,President
ATTEST:
John Stark, Executive Director
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