2016-09H HRA ResolutionMOUND HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 16-09H
RESOLUTION AUTHORIZING THE BOARD CHAIR AND EXECUTIVE
DIRECTOR TO EXECUTE AN AMENDMENT TO THE PURCHASE
AGREEMENT WITH AEON
WHEREAS, the Mound Housing and Redevelopment Authority of Mound, Minnesota (the
"HRA") owns and operates a 50 -unit low rent public housing project known as Indian Knoll
Manor (the "Project") in the city of Mound; and
WHEREAS, the HRA has chosen Aeon as a development partner for Indian Knoll Manor Public
Housing because of Aeon's successful experience financing, developing, rehabilitating,
constructing, and owning similar projects; and
WHEREAS, the HRA approved a purchase agreement on June 9, 2015, to sell Indian Knoll
Manor to Aeon, with conditions; and
WHEREAS, the purchase agreement expires on September 30, 2016 and the actual closing is
expected to take place in November of 2016; and
WHEREAS, Aeon has requested to amend the purchase agreement to extend the expiration to
December 31, 2016, modify the purchase price based on the appraisal and to acknowledge the
assignment of the agreement by Aeon to the IKM Limited Partnership, of which Aeon is the
general partner;
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Mound Housing
and Redevelopment Authority, that the Chair and Executive Director of the HRA are authorized
and directed to execute and deliver, on behalf of the HRA, the amendment to the purchase
agreement as presented in Exhibit A and made a part herein. A copy of the original purchase
agreement is presented in Exhibit B and made a part herein.
Adopted by the HRA this 27th day of September, 2016
F
Chair Mark Wegscheid
Attest: Catherine Pausche, Clerk