HomeMy WebLinkAboutResolution No. 2014-047 1st Amendment Edina Park Plaza Project Section 1999 J p
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RESOLUTION NO. 2014-47
RESOLUTION APPROVING EXECUTION AND
DELIVERY OF FIRST AMENDMENT TO
AMENDED AND RESTATED DECLARATION
OF RESTRICTIVE COVENANTS
BE IT RESOLVED by the City Council of the City of Edina, Minnesota, as follows:
1. The City has issued its Variable Rate Demand Multifamily Revenue Bonds(Edina
Park Plaza Project—Freddie Mac Credit Enhanced), Series 1999 (the "Bonds"),to refund bonds
previously issued by the City to finance the acquisition and construction of Edina Park Plaza, a
senior housing facility located in the City. In connection with the issuance of the Bonds the City,
U.S. Bank National Association, as trustee for the Bonds (the "Bond Trustee"), and Brookdale
Living Communities of Minnesota, LLC, a Delaware limited liability company and successor by
merger to Brookdale Living Communities of Minnesota, Inc. (the"Owner"), entered into that
certain Amended and Restated Declaration of Restrictive Covenants(the"Original Restrictive
Covenants"). The Owner has requested that the City execute and deliver an amendment to the
Original Restrictive Covenants entitled First Amendment to Amended and Restated Declaration
of Restrictive Covenants (the "First Amendment"), by and among the City, the Bond Trustee and
the Owner, a draft of which is on file with the City.
2. The amendment of the Original Restrictive Covenants by th First Amendment is
hereby approved, and the Mayor and City Manager are hereby aut o iz d and directed on behalf
of the City to execute and deliver the First Amendment.
Passed and adopted by the Edina City Council this 6t�' d y 2014.
Attest:
LQ XV7
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Debra Mangen, City Cork James . Hovland, Mayor
STATE OF MINNESOTA )
COUNTY OF HENNEPIN )SS
CITY OF EDINA )
CERTIFICATE OF CITY CLERK
1, 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
May 6,2014,and as recorded in the Minutes of said Regular Meeting.
WITNESS my hand and seal of said City this__day of ,20_
City Clerk
CITY OF EDINA
4801 West 50th Street•Edina,Minnesota 55424
www.EdinaMN.gov•952-927-8861 •Fax 952-826-0390