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City of Elk River City Council Resolution 22-4 A Resolution of the City Council of the City of Elk River authorizing an application to the Minnesota Housing Finance Agency under its workforce Housing Development Grant and Loan Program WHEREAS, the City of Elk River, Minnesota, a municipal corporation under the Constitution and laws of the State of Minnesota (the "City" or the "Recipient") has submitted an application (the "Application") for a project (the "Project") pursuant to the Workforce Housing Development Program ("Program') in order to obtain funding from the Minnesota Housing Finance Agency ("Minnesota Housing"); and WHEREAS, on this 3rd day of January, 2022, there has been presented to the meeting of the City Council of Recipient a proposal for Recipient, upon selection by Minnesota Housing, to enter in to a Grant Contract/Funding Agreement pursuant to the Program in order to obtain funding from Minnesota Housing. WHEREAS, on January 3, 2022, the City Council of the Recipient established Tax Increment Financing District (Housing) No. 28 Qackson Hills Apartments Phase II Housing Project) (the "TIF District") and adopted a Tax Increment Financing Plan (the "TIF Plan"); all pursuant to and in conformity with applicable law, including Minnesota Statutes, Sections 469.124 to 469:133 and Sections 469.174 to 469.1794, all inclusive, as amended (the "TIF Act"). WHEREAS, The Briggs Company (or an affiliate thereof, the "Developer") has proposed to construct an approximately 44-unit multifamily workforce apartment building in the Recipient (the "Development"). WHEREAS, in connection with its application to Minnesota Housing for the Grant, the Developer has requested that the Recipient indicate their support of the use of tax increment assistance for the Development. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Elk River, Minnesota, as follows: that Recipient is authorized to enter into a Grant Contract/Funding Agreement, substantially in the form as attached to these Resolutions as Exhibit A, pursuant to the Program in order to obtain funding from Minnesota Housing in an amount not to exceed $750,000 (the "Grant/Loan"). BE IT FURTHER RESOLVED, that Recipient is an Eligible Project Area, as defined in Minnesota Statute Section 462A.39, subdivision 2, has the legal authority to apply for financial assistance, and has the institutional, managerial and financial capability to ensure adequate construction, operation, maintenance and replacement of the Project for its design life. NA TURi