HRA Resolution 1995-6HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF MONTICELLO
RESOLUTION NO -_q5=6
RESOLUTION APPROVING CONTRACT FOR PRIVATE REDEVELOPMENT AMONG
THE AUTHORITY, THE CITY AND PRESBYTERIAN HOMES HOUSING AND
ASSISTED LIVING, INC. (PRESBYTERIAN HOMES HOUSING); EXTENDED LOW -
INCOME HOUSING COMMITMENT AGREEMENT BETWEEN AUTHORITY AND
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 Authority 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 Authority has reviewed an Extended Low- Income Housing
Commitment Agreement between the Authority and Presbyterian Homes Housing, Inc.
(the "Low Income Agreement ") regarding certain low- income housing requirements
in connection with the housing facility; and
WHEREAS, the Authority has reviewed a Subordination Agreement among the
Authority, the City and the trustee for the Bonds, (the "Subordination Agreement")
providing for subordination of ticf the Authority's and City's interests in the
Contract and A to the trustee for the Bonds; and
WHEREAS, the Authority has determined that it is in the best interests of the
Authority and the City as a whole to enter into the Contract, the Low Income
Agreement and the Subordination Agreement;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Housing and Redevelopment Authority in and for the City of Monticello as follows:
1. The Contract, the Low Income Agreement and the Subordination
Agreement are hereby approved in substantially the form presented to the Authority
on this date, subject to modifications to those documents that do not materially alter
the nature of the transaction, which are approved by the Chair and Executive
Director; provided that execution of the documents by such officials shall be
conclusive evidence of such approval.
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2. The proper Authority officials are authorized and directed to execute
the Contract, the Low Income Agreement and Subordination Agreement on behalf of
the Authority, and to carry out on behalf of the Authority the Authority's
obligations thereunder.
Approved by the Board of Commissioners of the Housing and Redevelopment
Authority in and for the City of Monticello this 6th day of June, 1994.
Chai
ATTEST:
Secretary
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