City Council Resolution 1995-42CITY OF MONTICELLO
RESOLUTION NO. 95-42
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT AMONG
THE AUTHORITY, THE CITY AND PRESBYTERIAN HOMES HOUSING AND
ASSISTED LIVING, INC. (PRESBYTERIAN HOMES HOUSING) AND
SUBORDINATION AGREEMENT AMONG THE AUTHORITY, THE CITY AND THE
BOND TRUSTEE
WHEREAS, the Housing and Redevelopment Authority in and for the City of
Monticello ( "Authority") is administering its Redevelopment Project No. 1
("Project"); and
WHEREAS, within the Project the Authority and the City have approved the
creation of Tax Increment Financing District No. 1-19 (the "TIF District") in order
to facilitate the development of a senior housing facility by Presbyterian Homes
Housing and Assisted Living, Inc . ( "Presbyterian Homes Housing") ; and
WHEREAS, Presbyterian Homes Housing expects that the facility will be
financed in part through issuance by the City of Monticello of housing revenue bonds
in the maximum principal amount of $3,500,000 (the "Bonds") ; and
WHEREAS, the City has reviewed a Contract for Private Redevelopment among
the Authority, the City and Presbyterian Homes Housing (the "Contract") specifying
the respective obligations of parties regarding development within the TIF District;
and
WHEREAS, the City has reviewed a Subordination Agreement among the
Authority, the City and the trustee for the Bonds, (the "Subordination Agreement")
providing for subordination of certain of the Authority's and City's interests in the
Contract to the trustee for the Bonds; and
WHEREAS, the City Council has determined that it is in the best interests of
the City to enter into the Contract and the Subordination Agreement;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Monticello as follows:
1. The Contract and the Subordination Agreement are hereby approved in
substantially the form presented to the City Council on this date, subject to
modifications to those documents that do not materially alter the nature of the
transaction, which are approved by the Mayor and City Administrator; provided that
execution of the documents by such officials shall be conclusive evidence of such
approval.
2. The proper City officials are authorized and directed to execute the
Contract and Subordination Agreement on behalf of the City, and to carry out on
behalf of the City the City's obligations thereunder.
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Resolution 95-42
Approved by the City Council of the the City of Monticello this 12th day of
June, 1995.
ATTEST:
City Administofitor
SJB89673
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