HomeMy WebLinkAboutResolution No. 219-24 - Resolution - Third Amendment to Declaration of Restrictive Covenants Homestead Village
RESOLUTION
Authorizing the Execution of a Third Amendment to Declaration of Restrictive
Covenants – Homestead Village.
WHEREAS, Isanti Village Apartments, LLC, a Minnesota limited liability company (the
“Owner”) has heretofore executed and delivered for the benefit of the City of Rochester,
Minnesota (the “City”), a Declaration of Land Use Restrictive Covenants for Low-Income
Housing Credits, dated December 18, 1996 (as amended, the “Existing Declaration”), in
connection with low-income housing tax credits for the Developer’s construction of an
approximately 102-unit affordable residential apartment building (the “Project”); and
WHEREAS, the Existing Declaration required that 100% of the 102 of the residential units
in the Project be occupied by people or families whose income is 60% or less of area
median income, and the Owner has had difficulty finding renters who meet that income
level; and
WHEREAS, the Owner has requested that the City amend the Existing Declaration,
pursuant to a Third Amendment to Declaration of Restrictive Covenants (the
“Amendment”), to revise the affordability covenants related to 25% of those units.
NOW, THEREFORE, BE IT RESOLVED, by the Common Council (“Council”) of the City
of Rochester, MN, the following:
1. The Council hereby approves the Amendment in substantially the form presented to
the Council, together with any related documents necessary in connection therewith
(collectively, the “Development Documents”) and hereby authorizes execution of the
Development Documents (as prescribed by the City Charter, sec. 4.01 subd. 2) and
the associated rights and obligations maintained by the City thereafter and as a result
of this amendment and the execution of the related development documents; and
2. The approval hereby given to execute the Development Documents includes
approval of such additional details therein as may be necessary and appropriate and
such modifications thereof, deletions therefrom, and additions thereto as may be
necessary and appropriate and approved by the City’s legal counsel and by the
officers authorized herein to execute said documents prior to their execution; and
said officers are hereby authorized to approve said changes on behalf of the City.
The execution of any instrument by the appropriate officers of the City herein
authorized shall be conclusive evidence of the approval of such document in
accordance with the terms hereof. In the event of absence or disability of the officers,
any of the documents authorized by this Resolution to be executed may be executed
without further act or authorization of the Council by any duly designated acting
official, or by such other officer or officers of the Council as, in the opinion of the City
Attorney, may act in their behalf.
1
RC110-55-978328.v2
3. Upon execution and delivery of the Development Documents, the officers and
employees of the City are hereby authorized and directed to take or cause to be taken
such actions as may be necessary on behalf of the City to implement the
Development Documents.
4. The Council hereby determines that the execution and performance of the
Development Documents will help realize the public purposes of the Act.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
2
RC110-55-978328.v2