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Home My WebLink About1991-08-05 HRA Regular Meeting • MINUTES OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY AUGUST 5, 1991 ROLLCALL Answering rollcall were Commissioners Kelly, Paulus, Rice, Smith and Richards. CONSENT AGENDA ITEMS ADOPTED Motion was made by Commissioner Smith and was seconded by Commissioner Kelly to adopt the ERA Consent Agenda items as presented. Rollcall: Ayes: Kelly, Paulus, Rice, Smith and Richards Motion carried: *MINUTES OF THE MEETING OF JULY 15, 1991, APPROVED Motion was made by Commissioner Smith and was seconded by Commissioner Kelly to approve HRA Minutes of July 15, 1991. Motion carried on rollcall vote, five ayes. *BID AWARDED FOR CENTENNIAL LAKES SNOW REMOVAL EQUIPMENT Motion was made by Commissioner Smith and was seconded by Commissioner Kelly for award of bid for snow removal equipment for Centennial Lakes to recommended low bidder, M.T.I. Distributing Company, at $12,107.00. Motion carried on rollcall vote - five ayes. RESOLUTION ADOPTED AUTHORIZING EXECUTION AND DELIVERY OF AMENDMENT CORRECTING • AND CLARIFYING SUPPLEMENTAL RESTRICTIVE COVENANTS AND REGULATORY AGREEMENT FOR EDINA PARK PLAZA Commissioner Smith introduced the following resolution and moved its adoption: RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF AMENDMENT CORRECTING AND CLARIFYING SUPPLEMENTAL RESTRICTIVE COVENANTS AND REGULATORY AGREEMENT BE IT RESOLVED by the Board of Commissioners of the Housing and Redevelopment Authority of the City of Edina, Minnesota (the "HRA") as follows: 1. Recitals. The HRA has entered into a Supplemental Restrictive Covenants and Regulatory Agreement dated January 1, 1987 (the "Supplemental Restrictive Covenants"), with Edina Park Plaza Associates Limited Partnership (the "Partnership"), which encumbers the Edina Park Plaza rental housing development located in the City of Edina, Minnesota. Representatives of the Partnership have requested that in order to correct a scrivener's error in the Supplemental Restrictive Covenants, the BRA and Partnership execute and deliver an Amendment Correcting and Clarifying Supplemental Restrictive Covenants and Regulatory Agreement (the "Amendment"), a draft of which is attached hereto as Exhibit A. 2. Apvrovals. The form of the Amendment and the execution an delivery thereof by the HRA is hereby approved. The Chairman and Secretary are hereby authorized and directed to execute and deliver the Amendment on behalf of the HRA with such changes thereto and additions and deletions thereto as shall be approved by the Chairman and Secretary, such approval to be conclusively presumed by the execution and delivery of the Amendment by the Chairman and Secretary. • H.R.A. MINUTES - 8/5/91 Page 2 • =Atte � " L ec ive Direc r Chairman EXHIBIT A AMENDMENT CORRECTING AND CLARIFYING SUPPLEMENTAL RESTRICTIVE COVENANTS AND REGULATORY AGREEMENT THIS AMENDMENT CORRECTING AND CLARIFYING SUPPLEMENTAL RESTRICTIVE COVENANTS AND REGULATORY AGREEMENT is made and entered into as of January 1, 1991, effective as of January 1, 1987, by and between HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA, MINNESOTA, a body corporate and politic organized and existing under the constitution and laws of the state of Minnesota (together with any successors to its rights, duties and obligations, "HRA") and EDINA PARR PLAZA ASSOCIATES LIMITED PARTNERSHIP, an Illinois limited partnership ("Limited Distribution Entity"). WITNESSETH WHEREAS, pursuant to the provisions of Minnesota Statutes, Chapter 462C, which relate to Municipal Housing Programs (the "Act"), the HRA issued its Housing Development Revenue Bonds series 1985 (Edina Park Plaza), for the purpose of financing construction and development of a 203-unit congregate elderly rental housing development located on property in the City of Edina, Minnesota, known as "Edina Park Plaza" more particularly described on Exhibit "A" hereto (the "Project"); and WHEREAS, the Project is encumbered by certain Supplemental Restrictive • Covenants and Regulatory Agreement dated January 1, 1987, filed March 12, 1987, as Document No. 1812314, files of the Hennepin County Registrar of Titles (the "Supplemental Restrictive Covenants"); and WHEREAS, the Supplemental Restrictive Covenants have been determined to contain a scrivener's error which the BRA and the Limited Distribution Entity desire to correct; NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the HRA and the Limited Distribution Entity hereby amend the Amended Supplemental Restrictive Covenants to correct the aforesaid scrivener's error and, otherwise, as follows: 1. The recitals are hereby incorporated in this Amendment. 2. Unless a contrary intent is clearly manifested herein, all capitalized words and phrases shall have the same meaning as set forth in the Supplemental Restrictive Covenants. 3. The first sentence of Section 6 of the Supplemental Restrictive Covenants is hereby amended to correct the aforesaid scrivener's error by deleting the words "Bonds are no longer secured by the FHA insured Mortgage" found at the end of said sentence and by placing in their stead the words "Property" is no longer encumbered by a mortgage that is insured by or held by HUD of FHA." 4. At all times during the Qualified Project Period at least twenty percent (20%) of the units in the Project will be occupied by or available for occupancy by Lower-Income Tenants in full accordance with Section 103(b) (4) (A) of the Code so that no more than eighty percent (80%) of the units in the Project, as originally constructed, shall be used or • occupied for all other purposes. 5. The remaining terms and conditions of the Supplemental Restrictive H.R.A. MINUTES - 8/5/91 Page 3 • Covenants shall continue to apply despite any refinancing of the Project, including the repayment, refunding or defeasance of any notes, bonds, or other evidences of indebtedness in conjunction therewith. 6. The parties acknowledge that the Supplemental Restrictive Covenants were intended to contain the provisions set forth in the within Amendment when originally executed and that the effective date of this Amendment, therefore, is January 1, 1987. The within Amendment shall be effective as if contained in the original Supplemental Restrictive Covenants. 7. The Supplemental Restrictive Covenants, as amended hereby, shall be and remain in full force and effect. IN WITNESS WHEREOF, the BRA and the Limited Distribution Entity have executed this Amendment Correcting and Clarifying Supplemental Restrictive Covenants and Regulatory Agreement by their duly authorised representatives, as of the date set forth above. EXHIBIT A (the "Project") Lot 2, Block 1, Edinborough Addition, according to the plat thereof on file or of record in the office of the Registrar of Titles in and for Hennepin County, Minnesota. Commissioner Kelly seconded the motion. Rollcall: Ayes: Kelly, Paulus, Rice, Smith, Richards Resolution adopted. *CLAIMS PAID Motion was made by Commissioner Smith and was seconded by Commissioner Kelly to approve payment of the following HRA claims as shown in detail on Check Register dated 8/5/91, and consisting of 1 page totalling, $43,365.32; and for confirmation of payment of the following claims as shown in detail on the Check Register dated 6/30/91 and consisting of one page totalling, $2,447.63. Motion carried on rollcall vote, five ayes. Motion was made by Member Kelly and was seconded by Member Smit or adjournment of the HRA meeting. Motion carried unanimously. if Exe u ve it for •