2017-08H HRA ResolutionMOUND HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 17-08H
RESOLUTION APPROVING CONTRACT FOR PRIVATE
DEVELOPMENT WITH HARRISON BAY SENIOR LIVING, LLC
WHEREAS, the City of Mound, Minnesota (the "City) and the Housing and
Redevelopment Authority of and for the City of Mound, Minnesota (the "Authority") have
approved the creation of Harrison Bay Senior Housing Tax Increment Financing District
(the "TIF District"), a housing district, within the Mound Harbor Project Area (the
"Redevelopment Project") located in the City and have adopted a tax increment financing
plan for the purpose of financing certain improvements within the Redevelopment
Project; and
WHEREAS, Harrison Bay Senior Living, LLC, a Minnesota limited liability company
(the "Developer"), has proposed to construct a 72 -unit senior rental housing facility,
twenty percent (20%) of the units of which will be affordable to persons of low and
moderate income (the "Minimum Improvements"), on property within the TIF District
(the "Development Property"), and
WHEREAS, there has been presented before this Board of Commissioners of the
Authority a Contract for Private Development (the "Agreement") proposed to be entered
into between the Authority and the Developer, pursuant to which the Developer will agree
to construct the Minimum Improvements and the Authority will agree to reimburse the
Developer for a portion of public development costs related thereto with tax increment
generated from the Development Property.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners of the
Housing and Redevelopment Authority of and for the City of Mound, Minnesota that:
1. The Authority finds that the execution of the Agreement by the Authority
and performance of the Authority's obligations thereunder are in the best interest of the
City and its residents.
2. The Agreement is hereby authorized, approved, and confirmed in all
respects and the Chair and Executive Director are hereby authorized and directed to
execute and deliver the Agreement for and on behalf of the Authority in substantially the
form now on file with the Authority but with such modifications as shall be deemed
necessary, desirable or appropriate, their execution thereof to constitute such conclusive
evidence of their approval of any and all modifications therein.
3. The Chair and the Executive Director are authorized and directed to
execute and deliver any additional agreements, certificates or other documents that the
Authority determines are necessary to carry out the intentions of this resolution and the
Agreement.
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Adopted by the HRA this 23rd day of May, 2017.
Chair Mark Wegscheid
Attest: Catherine Pausche, Clerk
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