Item Description:
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Neg Agmts A2311816, PR00005351, and PR00005446 with Agate Housing and Services for the sale of property at 5637 Lyndale Ave S, Mpls (Metro Inn), corresponding forgivable acquisition loan, and affordability operating grant
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Resolution:
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BE IT RESOLVED, that the Executive Director be authorized to negotiate Purchase Agreement A2311816 with Agate Housing and Services, or an affiliated entity, for the sale of property located at 5637 Lyndale Avenue South, Minneapolis (PID 22-028-24-23-0036), for the provision of affordable housing, with an estimated receivable amount of $900,000, with normal and customary closing costs (estimated at $20,000) to be paid using funds from CP 1008593, Fund 37, DeptID 843400; that following review and approval by the County Attorney's Office, the Chair be authorized to sign the purchase agreement and associated documents on behalf of the Authority; and that the Controller be authorized to accept and disburse funds as directed; and

BE IT FURTHER RESOLVED, that $900,000 in sales proceeds be retained by the Hennepin County Housing and Redevelopment Authority for the provision of 38 units of rental housing restricted and affordable to households at or below 30 percent of Area Median Income (AMI), during the 30-year period July 12, 2023, through December 31, 2053; and that the Controller be authorized to accept and disburse funds as directed; and

BE IT FURTHER RESOLVED, that Executive Director be authorized to negotiate Forgivable Loan Agreement PR00005351 with Agate Housing and Services, or an affiliated entity, for 38 rental housing units located at 5637 Lyndale Avenue South, Minneapolis (PID 22-028-24-23-0036) to be restricted and affordable to households at or below 30 percent of AMI, during the period of July 12, 2023 through December 31, 2053, with a not to exceed amount of $900,000; that that following review and approval by the County Attorney's Office, the Chair be authorized to sign the loan agree...

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