HomeMy WebLinkAboutResolution No. 2025-94 Approving the Participation of the HCHRA in an Affordable Housing Project with Bond Financing176518843v2
RESOLUTION NO. 2025-94
RESOLUTION GRANTING APPROVAL TO
HENNEPIN COUNTY HOUSING AND REDEVELOPMENT AUTHORITY TO
UNDERTAKE A HOUSING OR REDEVELOPMENT PROJECT
PURSUANT TO MINNESOTA STATUTES, SECTION 383B.77, AS AMENDED
WHEREAS, at the request of CB South Haven Summit Point Limited Partnership, a
Minnesota limited partnership (together with its affiliates or assigns, the “Borrower”), the
Hennepin County Housing and Redevelopment Authority (the “Issuer”) is proposing to issue
one or more series of taxable or tax-exempt multifamily housing revenue bonds or other
obligations (the “Bonds”) and apply the proceeds derived from the sale of the Bonds to make a
loan (the “Loan”) to the Borrower; and
WHEREAS, the Borrower has represented that it intends to apply the proceeds of the
Loan to finance the acquisition, rehabilitation, and equipping of (i) a 100-unit multifamily rental
housing development and facilities functionally related and subordinate thereto, located at or
about 3400 Parklawn Avenue in the City of Edina (the “City”), known as South Haven, and (ii) a
29-unit multifamily rental housing development and facilities functionally related and subordinate
thereto, located at or about 5010 Summit Avenue in the City, known as Summit Point, each for
occupancy by persons and families of low and moderate income (the “Project”); and
WHEREAS, the Issuer has represented to the City that on June 24, 2025, the Board of
Commissioners of the Issuer (the “Board”) adopted a resolution granting preliminary approval
to the issuance of the Bonds, in an aggregate principal amount not to exceed $22,000,000, and
directing a public hearing be held on a housing program and the proposed issuance of the Bonds
thereunder to provide financing for the Project, and approving the submission of one or more
applications to the State of Minnesota Department of Management and Budget (“MMB”) for an
allocation of bonding authority under Minnesota Statutes, Chapter 474A, as amended; and
WHEREAS, the Issuer has represented that it submitted an application for an allocation
of bonding authority to MMB, and on July 7, 2025 received (i) Certificate of Allocation No. 507
from MMB allocating bonding authority of the State of Minnesota to the Issuer in the amount of
$15,772,903 for South Haven and (ii) Certificate of Allocation No. 508 from MMB allocating
bonding authority of the State of Minnesota to the Issuer in the amount of $4,773,601 for Summit
Point, both pursuant to Chapter 474A; and
WHEREAS, the Issuer has represented to the City that on September 25, 2025, the
Board of the Issuer held a public hearing on the proposed issuance of the Bonds to provide
financing for the Project; and
WHEREAS, the Issuer has requested that the City approve the Project pursuant to
Minnesota Statutes, Section 383B.77, as amended;
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NOW, THEREFORE, BE IT RESOLVED:
1. The Issuer’s work or undertakings to assist the Project within the meaning of Minnesota
Statutes, Section 383B.77, subdivision 3 is hereby approved.
2. The Bonds to be issued by the Issuer to finance the Project will not constitute a general
or moral obligation of the City or be secured by any taxing power of the City.
3. The City Manager and other officers of the City are authorized and directed to furnish
to Taft Stettinius & Hollister LLP, in its capacity as bond counsel to the Issuer with
respect to the Project (“Bond Counsel”), certified copies of all proceedings and records
of the City relating to this resolution and such other affidavits, certificates, and other
documents as may be required by Bond Counsel, and all such certificates, affidavits, and
other documents, including any heretofore furnished, shall constitute representations of
the City as to the truth of all statements contained therein.
4. Any and all costs incurred by the City in connection with the financing of the Project will
be paid by the Borrower. It is understood and agreed by the Borrower that the
Borrower shall indemnify the City against all liabilities, losses, damages, costs, and
expenses (including attorneys’ fees and expenses incurred by the City) arising with
respect to the Project or the Bonds.
Adopted this 7th day of October, 2025 by the City Council of the City of Edina, Minnesota
Attest: __________________________ ___________________________ Sharon Allison, City Clerk James B. Hovland, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN ) SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
I, the undersigned duly appointed and acting City Clerk for the City of Edina do hereby certify
that the attached and foregoing Resolution was duly adopted by the Edina City Council at its
Regular Meeting of October 7, 2025, and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this ________ day of _________, 2025.
___________________________________
Sharon Allison, City Clerk
Sharon Allison (Oct 8, 2025 13:50:47 CDT)