HomeMy WebLinkAboutEDA Resolution No. 2025-20COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTIIORITY
RESOLUTION NO.202*20
RESOLUTION APPRO}'ING LOAN TO TWIN CITIES HABITAT FORHUMANITY, INC. AND APPROVING A LOAN AGREEM;NT RELATINGTo A FoRGTvABLE LoAN AND RELATED LoAx obcunmNrs
WHEREAS. the corumbia Heights Economic Deveropment Authority (rhe..EDA,,) is an economicdevelopment authority established pu..u-t to Minn".otu st tui"., sections. 46g.0g0 to 469.10g, as amended("EDA Act"), and has all the powers under the EDA Act as.lvell as a[ the powers ofa housing andredevelopment authority under Minnesota Statutes, Sections ks.oot ,o 469.047 (.HRA Act,,). UnderMinnesota statutes, Section 469.192, the EDA also has the authority to mur." roun. ro.'uiy fu.por",i," Eoais authorized to carry out under the EDA ect ana Hne Act; anJ
WIIEREAS, Twin Cities t{ital for .Humanity, Inc., a Minnesora nonprofit corporarion (rhe"Bonowel'), has requested that the EDA roan the Bonoiver funds to finance th" d;u"lop,n;;i;f a single-family residential home (the "Project"),located at 4243 sth street in the City of cotumuia ti"i-gt o, lr,ti*".oo(the "Property"); and
WHEREAS, the Board of Commissioners (the "Board") of the EDA has received and reviewed a formofloan Agreement' to b€ entered into between the EDA and the Borrower (the ..Loan Agreement,,), providingfor a forgivable loan in the amount of$35,000.00 to the Bonower (the ..Loan,,y from ava-ilabl" tax in".em"rtsin the fund or account for the City-Wide Scattered Site Housing Tax Increment Financing District, whichincrements are proposed to be transferred from the fund or account for the Tax Incre'ment FinancingUniversity Avenue Redevelopment District (No. cg), to provide gap financing for the project; and
WHEREAS' the Board has also received and reviewed (i) a form of Promissory Note, to be given by
the Borrower to the EDA as evidence ofthe Loan (the "promissory Note,,), and (ii) a Mortgage, to b€ given by
the Borrower, as mortgagor, to the EDA, as mortgage€, to secure the Loan, as further deiclribed therein lthe"Mortgage").
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Columbia Heights
Economic Development Authority, that:
_ l. The [,oan Agreement, the promissory Note, and the Mortgage (collectively, the ,.Loan
Documents") are all approved in accordance with their terms, subject to modifications that do not alter the
substance ofthe transaction and that are approved by the Preside;t and the Secretary ofthe EDA, provided
that execution ofthe Loan Documents by such officials shall be conclusive evidence ofapprovai.
2. The President and the Secretary ofthe EDA are authorized to execute on behalfofthe EDA
the Loan Documents and any documents referenced therein requiring execution by the EDA, and to carry
out, on behalf of the EDA, its obligations thereunder. In the iveniof absence or disability of any such
officers, any ofthe documents authorized by this resolution to be ex€cuted may be executed without further
act or authorization ofthe Board by any duly designated acting official, or by such other o{ficer or officersofthe Board as, in the opinion oflegal counsel to the EDA, may act in their behalf.
3. The authority to approve, execute and deliver future amendments to the Loan Documents
or consents is hereby delegated to the Executive Director, subject to the following conditions: (a) such
amendments or consents to not materially adversely affect the interests ofthe EDA; (b) such amendments
or consents do not contravene or violate any policy of the EDA, the City or applicable provision of law,
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and (c) such amendments or consents are acceptable in form and substance to the counsel retained by theEDA to review such amendments. The authorization hereby given shall be further construed as
authorization for the execution and delivery of such certificates'and related items as may be required to
demonstrate compliance with the ageements being amended and the terms of this resolution. The executionof any instrument by the Executive Director shall be conclusive evidence of the approval of such
instruments in accordance with the terms hereof. In the absence of the Executive Directoi any instrument
authorized by this paragraph to be executed and delivered may be executed by the officer of the EDA
authorized to act in the Executive Director's place and stead.
ORDER OF ECONOMIC DEVELOPMENT AUTHORITY
ta
Passed this 4th day of August 2025
P res id ent
Attest:
Se
Offered by:
Seconded by:
Roll Call:
2
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