2 Centennial Hills Joint PowersCITYOF
CHANHASSEN
7700 Marke~ [}oL~levad
PO Bgx 147
O ~anhassen MN 55317
Administration
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Building Inspections
PI ,,rie: 952 2271180
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Pilc/{: 952 227 1160
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Phorc 952227 1120
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Phone 952 2271400
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Natural Resources
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1591 Park Road
Phone: 952227 1300
Fax: 952 2271310
Senior Center
Web Site
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MEMORANDUM
TO:
FROM:
DATE:
SUB J:
Economic Development Authority (EDA) Members
Bruce DeJong, Finance Director
August 17, 2004
Resolution Regarding Modification of the Centennial Hills
Apartment Joint Powers Agreement
Staff has been working with Julie Frick, Carver County Housing &
Redevelopment Authority (HRA) Executive Director on refinancing the General
Obligation/Revenue Bonds for Centennial Hill Apartments. In August of 1995,
the City and Carver County HRA entered into a joint powers agreement for the
development of this 65-unit low and moderate income rental housing facility.
Through this agreement, the city agreed to give its full faith and credit and tax
power for the issuance of $705,000 in Housing Revenue Bonds and $4,131,000
in General Obligation Bonds for construction and equipping the apartments.
The city also agreed to create a debt service reserve fund in the amount of
$372,310 and to levy $32,000 each year for the city's share of the service charge
attributable to the project.
The resolution before the EDA is to authorize amendments to the joint powers
agreement releasing the EDA from its annual $32,000 tax levy commitment and
returning the $372,310 debt service reserve to the City.
Recommendation
Staff recommends that the EDA approves the attached resolution. This requires
a simple majority vote of those present.
The CJly of Chanhassen · A growing community with clean lakes, quality,.' schools a char, Tgrg dc¢,.nto',x~ tl,ri'J ,~ ix~sn;~sss~as '~'ars'i nc ~r.ii s ir.'.! bo~nti ~I parks t, areat
HOUSING AND REDEVELOPMENT AUTHORITY OF THE
CITY OF CHANHASSEN, MINNESOTA
Resolution No.
Resolution approving and authorizing the execution and delivery of an
Amendment to Joint Powers Agreement with the Carver County Housing
and Redevelopment Authority and the City of Chanhassen, Minnesota
WHEREAS, the Housing and Redevelopment Authority of the City of Chanhassen (the
"City HRA") has previously entered into that certain Joint Powers Agreement for a Multifamily
Housing Revenue Bond Program, dated as of August 1, 1995 (the "Joint Powers Agreement")
with the Carver County Housing and Redevelopment Authority (the "County HRA") and the City
of Chanhassen (the "City") in connection with the issuance by the County HRA of certain bonds
(the "Prior Bonds") to finance a qualified housing development project in the City (the
"Project"); and
WHEREAS, the City HRA, the County HRA and the City propose to amend the Joint
Powers Agreement in connection with the issuance by the County HRA of certain bonds to
refund the Prior Bonds;
NOW, THEREFORE, BE IT HEREBY RESOLVED by the Board of Commissioners of
The Housing and Redevelopment Authority of the City of Chanhassen, Minnesota:
1. That the Chair and Executive Director are hereby authorized and directed to
execute and deliver on behalf of the City HRA an Amendment to Joint Powers Agreement for a
Multifamily Housing Revenue Bond Program in substantially the form on file with the City HRA
on the date hereof, with such modifications as may be approved by the Chair and Executive
Director. Execution and delivery of such document shall constitute conclusive evidence of the
approval by the Chair and Executive Director of any such modifications.
Adopted on this __ day of ,2004.
Attest:
Chair
2509354vl