II. 4. ITEM 2016-12 MHFA funding for plumbing project, adopt Resolution 516October 26, 2016HRA Report 2016-12
MHFA FUNDING FOR PLUMBING PROJECT
Proposed Action
Staff recommends adoption of the following motion: Adopt Resolution 516, approving
the MHFA Loan in anamountnot to exceed $535,327for the Plumbing, Handicapped
Accessible andBathroom Improvement Projectwork at Dow Towers.
With approval of this motion, staff will move forward with the final steps in the End-Loan
closing for the work at Dow Towerssubstantiallyfunded by the Minnesota Housing
Finance Agency and their Publicly Owned Housing Program.
Overview
In 2014, the HRA applied for special funding made available bythe State Legislature
through theMHFA for public housing capital projects. In 2015, we received confirmation
that they would assist us in the modernization of 72 bathrooms and one handicapped
accessible unitat Dow Towers. We opted to pursue the End-Loanfunding for this
project. Over the past months we have been working to complete the numerous
requirements prior to the loan closing. The loan is a twenty year, forgivable loan.
Several Minnesota HRAs have already completed this process,and the documents
have been reviewed and approved by both the local and Washington,D.C.,HUD
offices. We arerequired to pass a resolution within 90 days of the loan closing for this
project.
Supporting Information
HRA Resolution 516
Alternatives
The HRA has the following alternatives regarding this issue:
1. Approve the action as recommended by staff.
2.Continue for further information.
________________________________________
Stacy Unowsky, Executive Director
CERTIFIED COPY OF THE RESOLUTIONS ADOPTED BY ALL OF
THE MEMBERS OF THE HOUSING AND REDEVELOPMENT AUTHORITY
IN AND FOR THE CITY OF HOPKINS
HRA RESOLUTION 516
IHEREBYCERTIFYthatIamthedulyappointed Executive Director
andkeeperof the records ofthe Housing and Redevelopment Authority In and
For the City of Hopkins,a public body corporate and politic of the City of
Hopkins,whichisapoliticalsubdivisionoftheStateofMinnesota(the “HRA”),
thatthefollowingisatrueandcorrectcopyoftheResolutionsdulyand
unanimouslyadopted by all of the members of theHRA onNovember 1,2016,
allofthemembersoftheHRAbeingpresentandconstitutingaquorumforthe
transactionofbusiness;further,thatsuchmeeting wascalledincompliance
withallapplicablelawsoftheHRA;thatsuchResolutionsdonotconflictwith
anylawsoftheHRAnorhavesuchResolutionsbeeninanywayaltered,
amendedorrepealedandarein fullforceandeffect,unrevokedand
unrescindedasofthisday,andhavebeen enteredupontheregularMinute
BookoftheHRA,asoftheaforementioneddate,andthatallofthe
membersoftheHRAhaveandatthetimeofadoptionofsuchResolution,
hadfullpowerandlawful authoritytoadoptsuchResolutionsandtoconferthe
powerstherebygrantedto theofficerthereinnamedwhohasfullpowerand
lawfulauthorityto exercise the same.
WHEREAS,on this 1stday of November2016,there hasbeen
presentedtothemeetingoftheHRAaproposalforthe HRAtoborrowa
zero-interestforgivableloanfromtheMinnesotaHousingFinanceAgency,a
publicbodycorporateandpoliticoftheStateof Minnesota,400Sibley
Street,St.Paul,Minnesota55101,(the“Agency”)inanamount not to exceed
$535,327 (the “Loan”)that will beforgiven intwenty(20)years,
whichLoanwillbeevidencedbyaDeferredLoanRepaymentAgreement.
Further,aGeneralObligationsBondsDeclarationofCovenants,Conditions
andRestrictions(the“G.O.Declaration”)andaPubliclyOwnedHousing
ProgramDeclarationofCovenants,ConditionsandRestrictions(the“POHP
Declaration”)shallbeexecutedinconnectionwiththeLoan,thetermsofwhich
require that (i) the HRAretainownership of the Development located in the
1
Borrowing Resolution
(Revised Sept. 2016)
County of Hennepin, StateofMinnesota,and more fully described inExhibit A
attached hereto and made a part hereof,and(ii)providespublichousingfora
termofthirty-five(35)years.TheDeferredLoanRepaymentAgreement,the
G.O.DeclarationandthePOHPDeclarationare referredtocollectivelyas the
“LoanDocuments.”
NOW,THEREFORE,beitresolvedbyallmembers oftheHRAthat
Stacy Unowsky, the Executive Director oftheHRA,be,andherebyis,
authorizedonbehalfoftheHRA,at any time hereafter and without further
action by or authority ordirectionfromtheHRA,toexecuteanddelivertothe
AgencyinsuchformasmayberequiredbytheAgency,theLoan
Documentsevidencingtheindebtedness.
BE IT FURTHER RESOLVED, that the Executive Director of the HRA be,
and hereby is, authorized and directed on behalf of the HRA, at any time and
from timetotimehereafterandwithoutfurtheractionbyorauthorityor
directionfromthe HRA,toexecuteanddeliverorcausetobeexecutedand
delivered,allsuchotherfurtheragreements,assignments,statements,
instruments,certificatesanddocumentsandtodoorcausetobedoneall
such otherandfurtheractsandthingsastheymaydeterminetobe
necessaryoradvisableunderorinconnectionwithsuchborrowing,andthat
theirexecutionofanysuchagreement,assignment,statement,instrument,
certificateordocument, orthedoingofanysuchactorthing,shallbe
conclusiveevidenceortheir determination in that respect; and
BEITFURTHERRESOLVED,thattheAgencybeanditherebyis
authorizedtorelyonthecontinuingforceandeffectoftheseResolutions,
until receiptbytheCommissioneroftheAgencyatitsprincipalofficeof
noticein writingfromtheHRAofanyamendmentsoralterationsthereof.
ATTEST:
____________________________
Executive Director
Dated:November 1,2016
(SEAL, if applicable)
2
Borrowing Resolution
(Revised Sept. 2016)