2017-04H HRA ResolutionMOUND HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO 17-04H
RESOLUTION AUTHORIZING THE CLOSE OUT OF FUND 680 (HRA - PUBLIC
HOUSING), TRANSFER OF THE REMAINING RESERVES TO
IKM LIMITED PARTNERSHIP, LLC, AND RECORDING OF REMAINING FINANCIAL
ACTIVITY IN FUND 285 (GOVERNMENTAL HRA SPECIAL REVENUE FUND)
WHEREAS, the Mound Housing and Redevelopment Authority of Mound, Minnesota
(the "HRA") transferred ownership of its 50 -unit low rent public housing project known as
Indian Knoll Manor (the "Project") in the city of Mound to Aeon, a non-profit developer
and operator of affordable housing and its tax credit limited partnership, IKM Limited
Partnership, LLC, on December 12, 2017; and
WHEREAS, per Resolution No. 16-12H approved on October 25, 2016, the HRA
dissolved its status as a Public Housing Authority (PHA) with regard to HUD programs
effective December 31, 2016; and
WHEREAS, the HRA committed any remaining reserves to be transferred to the project
to help fund improvements to the Project; and
WHEREAS, the HRA has executed a loan agreement with Aeon and its tax credit limited
partnership that will ensure that the agreed upon improvements to the Project will be
made and the Project will remain affordable;
NOW THEREFORE, BE IT RESOLVED, by the Board of the Mound Housing and
Redevelopment Authority to direct Staff to close Enterprise Fund 680 (HRA - Public
Housing), transfer any remaining reserves to the IKM Limited Partnership, LLC, and
close the Wells Fargo checking account related to this fund.
BE IT FURTHER RESOLVED that the Mound Housing and Redevelopment Authority
directs staff to record any financial activity related to the loan agreement or
miscellaneous close out expenses with Aeon and its tax credit limited partnership in the
Governmental HRA Special Revenue Fund (Fund 285).
Adopted this 28th day of February, 2017.
&TA44®wa"Ltol Chair Mark Wegscheid
Attest: Catherine Pausche, Clerk