City Council Resolution 2012-64CITY OF MONTICELLO
WRIGHT COUNTY, MINNESOTA
RESOLUTION NO. 2012-064
APPROVING A CONTINUING AFFORDABLE SENIOR HOUSING AGREEMENT
BETWEEN THE CITY OF MONTICELLO AND PHS/MONTICELLO, INC.
BE IT RESOLVED by the City Council ( "Council') of the City of Monticello ( "City ") as
follows:
Section 1. Recitals.
1.01. The City previously created Tax Increment Financing District No. 1 -19 (the "TIF
District") within Redevelopment Project No. 1 in the City, all pursuant to Minnesota Statutes,
Sections 469.001 to 469.047 and Sections 469.174 to 469.179.
1.02. The City and the Housing and Redevelopment Authority in and for the City of
Monticello (the "HRA ") entered into a Contract for Private Redevelopment with Presbyterian
Homes Housing and Assisted Living, Inc. (the "Redeveloper ") dated as of July 1, 1995 (the
"Contract "), pursuant to which the City and HRA offered certain tax increment financing assistance
to the Redeveloper to facilitate the construction of a 49 -unit rental housing facility for low- to
moderate - income seniors (the "Facility ").
1.03. The Redeveloper fulfilled its obligation to construct the Facility, which remains a
viable senior housing facility in the City, and the City and HRA have fulfilled their obligation to
make payments of Available Tax Increment under the Note (as such terms are defined in the
Contract). The Contract and Note terminated by their terms on February 1, 2012.
1.04. PHS /Monticello, Inc. ( "PHS "), as successor in interest to the Redeveloper, has
requested that the City cooperate with PHS in obtaining certification of certain units in the Facility
as low- income rental property under Minnesota Statutes, Sections 273.128 and 273.13, Subdivision
25(e), in order to ensure that such units remain affordable to persons of low to moderate income,
and has proposed that the City and PHS enter into a Continuing Affordable Senior Housing
Agreement (the "Agreement ").
1,05. On July 11, 2012, the City of Monticello Economic Development Authority, as
successor in interest to the HRA, reviewed the Agreement and recommended its execution by the
City.
1.06. The Council and City staff and consultants have reviewed the Agreement, and the
City finds that the execution of the Agreement by the City and performance of the City's obligations
thereunder are in the best interest of the City and its residents.
Section 2. City pproval; Further Proceedings.
2.01. The Council approves the Agreement as presented to the Council, subject to
modifications that do not alter the substance of the transaction and that are approved by the Mayor
and City Administrator, provided that execution of the documents by the those officials shall be
conclusive evidence of their approval.
2.02. City staff and officials are authorized to take all actions necessary to perform the
City's obligations under the Agreement.
APPROVED BYthe City Council of the City of Monticello this 23rd day of July, 2012.
CITY OF MONTICELLO
Clint Herbst, Mayor
ATTEST:
Jeff ty( d finis
CERTIFICATION
STATE OF MINNESOTA
COUNTY OF WRIGHT
I hereby certify that the foregoing is a true and correct copy of Resolution #2012 -064
duly passed, adopted and approved by the Monticello City Council at their scheduled meeting on
July 23, 2012, and recorded in minutes of said meeting.
JeffOXAI, City Administrator
Notary Public: --- I 4Z 'if
Date:
*
PATRICIA K. KOVICH
�.. NOTARY PUBLIC- MINNESOTA
,,,,k My Commisslon Expires Jan. 31,2015