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3. HRSR 05-16-2005
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3. HRSR 05-16-2005
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4/10/2009 4:23:17 PM
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City Government
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HRSR
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5/16/2005
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Consider Small Cities Development Program Loan Agreement <br />May 2, 2005 HRA Mccting <br />Page 2 of 2 <br />the U.S. Housing & Urban Development's Minneapolis/St. Paul Median Family <br />Income limit, which is currently $77,000 per year and is subject to change each year. <br />• The loan is secured by a subordinate mortgage. <br />• The loan will be disbursed on a drawdown basis during the construction of the <br />project. MetroPlains will request the draw, which must be approved by DEED prior <br />to the disbursement. <br />• The agreement includes management and operations requirements, i.e. that <br />MetroPlains must provide a property manager and that the property will be <br />sufficiently maintained. <br />• The agreement includes Federal requirements, in addition to State requirements, to <br />be monitored by Short, Elliot, Hendrickson (SEH) per the Grant Administration <br />Contract the City has with SEH. <br />Action Requested <br />Since minor revisions may be made to the loan agreement upon DEED's final review, staff <br />requests that the HRA consider approval of the terms of the loan agreement with MDI <br />Limited Partnership #70 in the amount of $400,000 to be repaid in full at 1% interest at the <br />end of 30 years. <br />
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