HomeMy WebLinkAbout3. Res. No. 2003-04 Approving the Execution and Delivery of an Indenture of Trust and Other Documents Related to the Northridge Apartments Project
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CITY OF SHAKOPEE
Memorandum
TO: City Council and Economic Development Authority
FROM: Paul Snook, Economic Development COOrdina~
SUBJECT: Resolutions giving final approval for financing documents related
to the Northridge Court Apartments project
MEETING DATE: August 19, 2003
Introduction
The Economic Development Authority and City Council are asked to pass resolutions
giving final approval to the financing documents related to the Northridge Court
Apartments development.
Background
At the June 3rd meeting, the City Council and EDA authorized execution and delivery of a
Development Agreement among the City of Shakopee, Minnesota, the Economic
Development Authority for the City of Shakopee and Scott County Housing and
Redevelopment Authority (the "Development Agreement"), pursuant to which the parties
will undertake a development known as the Northridge Apartments Project (the
"Project"). Pursuant to Section 4.1 of the Development Agreement, all parties are
required to give final approval to the financing documents related to the Project. The
resolutions under consideration would give final approval for the financing documents as
required by Section 4.1 of the Development Agreement. As part of final approval, the
resolutions authorize execution and delivery of an Indenture of Trust and authorize Scott
County Housing and Redevelopment Authority to pledge the full faith and credit of the
City of Shakopee to secure a portion of the bonds to be issued pursuant to the Indenture
of Trust.
Action Required
EDA
Offer Resolution No. 2003-04, Approving the Execution and Delivery
of an Indenture of Trust and Other Documents Related to Northridge
Apartments Proj ect
City Council
Offer Resolution No. 5933, Approving the Execution and Delivery of an Indenture of
Trust and Other Documents Related to Northridge Apartments Project
Memo on Res Approv Fincg Docs.doc
ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SHAKOPEE
Resolution No. 2003-04
Approving the Execution and Delivery of an Indenture of Trust and
Other Documents Related to Northridge Apartments Project
WHEREAS, the Economic Development Authority of the City of Shakopee (the "EDA") has
approved a Development Agreement (the "Development Agreement") to be entered into with the City of
Shakopee, Minnesota (the "City") and Scott County Housing and Redevelopment Authority (the "HRA")
pursuant to which the parties will jointly undertake to develop an approximately 58-unit multifamily
housing development project intended for seniors to be located in the City of Shakopee (the "Project");
and
WHEREAS, pursuant to the Development Agreement the HRA will issue bonds (the "Bonds"),
secured in part by a pledge of the full faith and credit of the City, to finance acquisition and construction
of the Project; and
WHEREAS, Section 4.1 of the Development Agreement requires each party thereto to give its
final approval of certain of the documents related to the issuance of the Bonds; and
WHEREAS, the Board of Commissioners of the EDA believes the Project is in the best interest
of the City and the EDA and now wishes to give final approval of the financing documents as required by
Section 4.1 of the Development Agreement;
NOW, THEREFORE, BE IT RESOLVED, by the Board of Commissioners of the Economic
Development Authority of the City of Shakopee:
1. The Indenture of Trust to be entered into by the HRA and U.S. Bank National Association and to be
accepted by Scott County, the City and the EDA, authorizing issuance of the Bonds (the "Indenture"),
is hereby approved in substantially the form on file with the City on the date hereof, with such
changes or modifications as are not materially adverse to the EDA and which are approved by the
President and Executive Director of the EDA.
2. The President and the Executive Director, or in their absence or unavailability, any other officers of
the EDA, are authorized to execute and deliver the Indenture on behalf ofthe EDA and to execute and
deliver on behalf of the EDA such other documents and certificates and take such other actions as are
necessary or desirable to consummate the transactions described in the Development Agreement or
Indenture.
Passed and adopted on this _ day of August, 2003.
President
ATTEST:
Secretary
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