2017-10H HRA ResolutionMOUND HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 17-10H
RESOLUTION APPROVING THE DECLARATION AMENDMENT BETWEEN
IKM LIMITED PARTNERSHIP, LLC AND MINNEHAHA CREEK WATERSHED
DISTRICT
WHEREAS, the Mound Housing and Redevelopment Authority of Mound, Minnesota (the
"HRA") entered into a purchase agreement and sold its 50 -unit low rent public housing project
formerly known as Indian Knoll Manor (the "Project") to Aeon, a non-profit developer and
operator of affordable housing and its tax credit limited partnership, IKM Limited Partnership;
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; and
WHEREAS, Aeon and its tax credit limited partnership have made changes to their approach for
storm water management on the site prompting the need to amend the agreement with the
Minnehaha Creek Watershed District (MCWD); and
WHEREAS, Staff has reviewed the changes and agrees with the revised approach;
NOW THEREFORE, BE IT RESOLVED, by the Board of the Mound Housing and
Redevelopment Authority that the Board Chair and Executive Director are hereby authorized to
approve the Declaration Amendment between the IKM Limited Partnership, LLC and the
Minnehaha Creek Watershed District as shown in Exhibit A and made a part herein.
Adopted by the HRA this 27th day of June 27, 2017.
tAv�to,_3
Chair Mark Wegscheid
Attest: Catherine Pausche, Clerk