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091090 EDAOFFICIAL FILE COPY ~:$~ #1o CITY oFNEWHOPE 4401 XYLO~A~NO~ HENNEPINOOUNTY, MINNESOTA55428 EDA P~gular Meeting #10 September 10, 1990 City Hal 1 2. 3. 4. Se President Edward J. Erickson O~Lm,~ssioner Gary L'Herault Ocm~issioner W. Peter Enck O~m~issioner Gerald Otten C~m~,~ssioner Marky Williamson Call to Order Roll Call Approve Minutesof~27, 1990 Resolution Approving Development Agreement for Winnetka West Barrier- Free Housing Complex and Authorizing the President and Executive Director to Sign Other Business Adj ou~ =ent CITY OF NEW HOPE 4401Xylon Avenue North Hennepin County, Minnesota 55428 Approved EDA Minutes Meeting #g August 27, 1990 CALL TO ORDER ROLL CALL APPROVE NINUTES OF JUNE 25, 1990 LICENSE AGREEMENT PARKING LOT IMP. PROJECT 453 Item 4 President Erickson called the meeting of the Economic Development Authority to order at 7:30 p.m. Present: Erickson, L'Herault, Otten, Enck, Williamson Motion by Commissioner Otten, seconded by Commissioner L'Herault to approve the EDA minutes of June 25, 1990. All present voted in favor. President Erickson introduced for discussion Item 4, Motion to Approve License Agreement Between New Hope/U.S. Swim Partnership and the EDA for New Hope Shopping Center Parking Lot; Authorizing the Mayor and City Manager to Sign. Mr. Donahue stated this item relates to the license agreement and addendum to the license agreement for construction and maintenance of the City Center parking lot located west of Applebee's. The agreement has been executed by the owners of the shopping center and Applebee's. He explained that the Council previously passed a resolution awarding the bid for the construction of the parking lot subject to reaching agreeable terms for parking lot maintenance. In the agreement, the tenant agrees to reimburse the EDA for the entire cost of the project and is responsible for all maintenance of the parking surface, including sweeping, striping, snow removal, resurfacing, and/or reconstruction. The partnership maintains liability insurance for personal and property damage. A motion is now needed to approve the license agreement. Commissioner Enck expressed concern regarding landscaping and that it may be inappropriate for such property. Mr. Donahue stated he will ask Dick Desplinter to review and that he will report back to the EDA before proceeding with any landscaping. Commissioner Williamson inquired whether the City will New Hope EDA Page I August 27, 1990 MOTION Item 4 PARO'S PUB Item 5 MOTION Item 5 ADJOURNMENT have any administrative or maintenance costs for upkeep of the property. Mr. Donahue stated he does not foresee any expenses to the City. City Attorney, Steve Sondrall, stated the license agreement will run for ten years and may be renewed for eight additional ten,year periods. Motion made by Commissioner Enck, seconded by Commissioner Williamson to approve the'license agreement between New Hope/U.S. Swim Partnership and the EDA for New Hope Shopping Center Parking Lot; Authorizing the Mayor and City Manager to Sign. All present voted in favor. President Erickson introduced for discussion Item 5, Motion Approving Payment - Paro's Condemnation - Dismissal of Total Take Eminent Domain Proceeding - $1,958.13. Mr. Donahue stated the City has received a billing statement for attorney's fees in connection with the City's dismissal of the Paro's Pub condemhation action. State law provides that a property owner is entitled to payment of reasonable costs including attorney's fees if a condemning authority dismisses or abandons an eminent domain proceeding. The City did that in connection with this property. The City Attorney has reviewed the statement and has determined the fee to be reasonable and recommends approval of the payment. Motion made bY Commissioner Enck, seconded by Commissioner Williamson to approve payment - Paro's Pub Condemnation - Dismissal of Total Take Eminent Domain Proceeding - $1,958.13. All present voted in favor. Motion made by Commissioner Enck, seconded by Commissioner Williamson to adjourn the EDA meeting as there was no further business to come before the Council. All present voted in favor. The New Hope EDA adjourned at 7:40 p.m. Sincerely, Valerie Leone City Clerk New Hope EDA Page 2 August 27, 1990 REQUF T FOR ACTION Orig~g Dep~£ment Approved ~ Agenda Agenda Se~ion City Manager By: Kirk McDonald, MA By: (// 4 RESOLUTION APPROVING DEVELOPMENT AGREEMENT FOR WINNETKA WEST BARRIER-FREE HOUSING COMPLEX AND AUTHORIZING THE PRESIDENT AND EXECUTIVE DIRECTOR TO SIGN The City Attorney has prepared the enclosed Development Agreement for the Winnetka West Barrier-Free Housing Complex. The agreement states that the EDA and the New Hope Community Revitalization Corporation desire to assist such development by providing Federal Community Development Block Grant Funds to the New Hope Non-Profit Housing Corporation. The agreement details the construction and operation of the project and the use of the CDBG funds. The enclosed resolution approves the agreement and authorizes the President and Executive Director of the EDA to execute the agreement. Staff recommends approval of the resolution. ? Renew: Admini~r~n: F~ce: RFA-O01 CORRII:K LAW O~I=ICE$. F~.A. WILLIAM J. CORRICK $?EVEN A. $ONORALI. P.A. STIrVI~N A: $ONDRALl MICHAEL. R. LAFLBUR MARTIN 9I. MALIrCHA WILLIAM C. STRAIT CORRICK R, SONDRALL LAWYERS 3~11 WEST BROAOWAY ROBBINSDALE. ~'~INNESOTA 554.22 TELEPHONE (B 12) $33-~".'~4 I FAX {$'12) $33-2~'4.3 LAVONNle E. KESKIr SHARON O. DERBY September 5, 1990 Mr. Kirk McDonald Management Asst. City of New Hope 4401 Xylon Avenue North New Hope, MN 55428 RE: Development Agreement for Winnetka West Barrier-Free Housing Complex Our File No. 99.15026 Dear Kirk: Please find enclosed a proposed Development Agreement for the referenced project for discussion at the September 11, 1990 meeting with Westministe$. I trust you will provide copies to all concerned parties before the meeting. Also, we should get EDA approval of the agreement. Please place the enclosed Resolution on the EDA agenda for consideration at the September 9, 1990 meeting. Very truly yours, Steven A. Sondrall slw Enclosures cc: Daniel J. Donahue Valerie Leone EDA RESOLUTION NO. 90- RESOLUTION APPROVING DEVELOPMENT AGREEMENT FOR WINNETKA WEST BARRIER-FREE HOUSING COMPLEX AND AUTHORIZING THE PRESIDENT AND EXECUTIVE DIRECTOR TO SIGN BE IT RESOLVED by the Economic Development Authority in and for the City of New Hope as follows: That the Development Agreement for Winnetka West Barrier-Free Housing Complex is hereby approved and accepted. That staff may make whatever changes it deems appropriate without further approval from the EDA. That the President and Executive Director are hereby authorized to execute the agreement on behalf of the EDA. Dated this day of September, 1990. Edward J. Erickson, President Attest: Daniel J. Donahue, Executive Director DEVELOPMENT AGREEMENT FOR WINNETKA WEST BARRIER-FREE HOUSING COMPLEX THIS AGREEMENT, Made as of the day of , 1990, between THE ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF NEW HOPE, a body politic and corporate under the laws of the State of Minnesota, having its principal office at 4401 Xylon Avenue North, New Hope, Minnesota 55428 (the "EDA"), THE NEW HOPE COMMUNITY REVITALIZATION CORPORATION, a Minnesota non-profit corporation (the "Corporation"), and NEW HOPE NON-PROFIT HOUSING CORPORATION, a Minnesota non-profit corporation ("New Hope"). RECITALS: A. New Hope intends to construct an apartment building on the property (the "Property") in the City of New Hope (the "City"), described on Exhibit A attached hereto and hereby made a part hereof, to be leased to physically handicapped persons of low or moderate income. B. The EDA and the Corporation desire to assist such development by providing Federal Community Development Block Grant F~nds (the "CDBG Funds") to New Hope to assist with the purchase of the Property, and New Hope desires to receive the CDBG Funds, all on the terms and conditions herein set out. NOW, THEREFORE, for and in consideration of the mutual' covenants and agreements herein set out, the parties hereto agree as follows: Section 1. Definftions. The following words have the following meanings as~ used herein: "CDBG Funds" means the Federal Community Development Block Grant Funds received by the City or the EDA from Hennep~ County, Minnesota to assist the Project. "City" means the City of New Hope. / "Completi6n Date" means September 30, 1991, or if HUD or any other holder of a first mortgage lien on the Property requires that it determine the Completion Date, then the date shall be September 30, 1991, or the completion date determined by HUD or such first mortgage holder, whichever is later. "HUD" means the United States Department of Housing and Urban Development. 1 "Low and Moderate Income Apartments" means apartments in the Project leased or held for leasing to individuals who, on the date of initial occupancy, are physically handicapped persons (or if there be more than one occupant, at least one of which is then a physically handicapped person), and who are Low or Moderate Income Lessees. "Low or Moderate Income Lessees" means an individual who or family which is to be a lessee in the project and who or which has an adjusted gross income which is equal to or less than the precentage established from time to time by HUD (for low or moderate income lessees) of the median family income established from time to time by HUD for the Minneapolis-St. Paul Standard Metropolitan Statistical Area. "Plans" means the plans, specifications, drawings and related documents for the Project approved in writing by the City, and as the same may be changed by specific change approved in writing by the City. ~ "Project" means the Property, and the apartment building containing 12 one bedroom units and 14 two bedroom units, together with appurtenant enclosed and exposed parking spaces, landscaping, driveways and sidewalks, to be constructed on the Propert¥.'pursuant to the Plans. "Property' means the real estate in the City described on Exhibit A attached hereto and. hereby made a part hereof. "Substantial Completionw means when the Project shall have been issued an FHA Final HUD Representative's Trip Report (form HUD-5379) certifying that the Project is 100% complete. Section 2. Construction and Operation of the Pro~ect. 2.1 New Hope agrees to construct the Project on the Property in substantial compliance with the Plans. 2.2 New Hope agrees to fully and promptly comply with all applicable (i) provisions of Section 202 of the United States Housing Act of 3959, as amended, (ii) codes, ordinances, statutes, rulesg regulations and Executive Orders (local, state and federal) relating to the construction, use and maintenance of the Project, including, without limitation, Title 24, Code of Federal Regulations, Part 570, except as the same may have been properly and effectively waived or varied by the City, or its duly acting boards or commissions, and (iii) conditions imposed in connection with any such waivers or variances, all of which items referred to at (i), (ii) and (iii) above are hereby incorporated herein and made a part hereof as if fully set forth herein. 2 2.3 New Hope agrees to commence construction of the Project as soon as possible, but, in any event, not later than September 30, 1990, and thereafter to diligently pursue the same to completion, and, in any event, to substantially complete the same by nQt later than the Completion Date. 2.4 New Hope agrees not to make any changes in the Plans which require authorization by the City or action by the City Council pursuant to the zoning ordinance of the City, without first receiving, in each instance, the written approval of the Executive Director of the EDA; provided, however, and the EDA hereby agrees, that the EDA shall be deemed to have approved any requested changes if the EDA should fail to respond to any such request within thirty (30) days of New Hope's filing of a request with the EDA. 2.5 New Hope agrees to provide a one hundred (100%) percent payment and performance bond (which may also name other parties in interest, such as HUD) to insure that construction of the Project will be completed as-required and that all costs of construction will be paid. The EDA agrees to accept security given by New Hope or New Hope's general contractor to HUD, provided such security is acceptable to HUD as to amount and terms and conditions thereof. The security required by this paragraph shall be, and is hereby determined to be, the only guaranty or security necessary, in the public interest, in connection with the Project. 2.6 The EDA agrees to provide a certificate of completion on or within a reasonable time after Substantial Completion relating solely to the obligations of New Hope to construct the Project. Such cert'ificate shall be a conclusive determination of satisfaction and termination of the agreements and covenants in this Agreement with respect to the obligations of New Hope to construct the Project. If the EDA shall refuse or fail to provide any certificate in accordance with this ~ provision, the EPA shall, within thirty (30) days after Written request by New Hope, provide New Hope with a written statement showing in adequate detail in which respect New Hope has failed to complete the~Project in accordance with this Agreement, or is otherwise in default, and what measures or acts will be necessary, in the opinion of the EDA, for New Hope to take or perform in order to obtain such certificate. Each certificate provided for in this provision shall be in such form as will enable it to be recorded in the proper office for the giving of constructive notice thereof relative to the Property. 2.7 New Hope agrees not to assign, transfer, convey or pledge all or any part of its interest in this Agreement, the Property or the Project (other than in connection with a first mortgage insured or guaranteed by HUD or other financing approved by HUD) to any person, corporation or partnership, without first receiving the prior written consent of the EDA. 1.8 New-Hope shall fully comply with all applicable federal and sUate laws', rules and regulations relating to discrimination in the leasing of, or in the use or occupancy of, the Project, and such laws, rules and regulations shall control over any contrary provisions in this Agreement. 2.9 New Hope agrees that at all times during the term of this Agreement there shall be in the Project Low and Moderate Income Apartments totalling not less than (i) twenty-six (26) or (ii) such lesser number, but not less than fourteen (14), as HUD and the County of Hennepin shall have approved in writing. It is agreed that the requirements of this paragraph shall not be met by benefitting Moderate Income Lessees to the exclusion of Low Income Lessees. The HRA and the Corporation shall be ~iven-a copy of each and every such approval by HUD and the County of Hennepin. .. 2.10 New Hope hereby agrees, for the purpose of determining compliance with the requirements of paragraph 2.9 hereof, (i) to maintain.at the Project or at an office in the Minneapolis-St. Paul Standard Metropolitan Statistical Area, written notice of the address of which shall be given to the EDA and to the Corporation, all applications to lease, all leases and all correspondence and other records relating to actions taken on applications and leases, for a period of three (3) years from the dates of the respective documents, and to allow all such records to be reviewed and copi.ed by the EDA and the Corporation, and their agents or represen~catives, at all reasonable times, and (ii) to allow the EDA and the Corporation and their agents and representatives, to enter upon and inspect the Project and to speak with lessees thereof. 2.11 If, for any reason, New Hop~, at any time on ~r prior to the twelfth (12th) anniversary of the Completion Date, fails or refuses to have at least the minimum number of Low and Moderate Income/~partments in the Project as required by Paragraph 2.9 he~eof, and if such failure or refusal continues for ninety (90) days o= longer from and after the date the EDA or the Corporation gives notice to New Hope of such failure, then New Hope shall pay to the Corporation, promptly upon demand made by the EDA or the Corporation, all of the CDBG Funds paid to New Hope pursuant hereto in the amount of dollars, with interest thereon at eleven (11%) percent per annum from and including the date of payment of such funds to New Hope, until repaid. The Corporation shall pay to the EDA or City all such funds received from New Hope promptly upon receipt by the Corporation. If said funds, with interest, are not so paid to the Corporation, the City, the EPA and the Corporation may exercise any and all remedies then available to them at law and in equity to recover such sum, with interest, and New Hope agrees to pay all costs of collection, including, without limitation, reasonable attorneyts fees, whether suit be brought or not, incurred by the City, the EDA or the Corporation in recovering said funds and interest thereon, including interest on such costs of collection at the same Fate as is payable with respect to the CDBG Funds, from the dates such costs are incurred until paid by New Hope. 2.12 New Hope agrees to assume all obligations of the Corporation under the terms of the Third Party Agreement Urban Hennepin County Community Development Block Grant Program that the Corporation entered into with the City. New Hope acknowledges receiving a'copy of said Third Party Agreement and it shall be made a part of the herein Development Agreement as if it were fully set forth herein. New Hope further agrees to indemnify and hold harmless the Corporation, EDA and City, their respective officers, officials, directors, employees, agents or representatives of any kind for any and all damages or claims resulting from the failure of New Hope to comply with said Third Party Agreement. This indemnification and hold harmless provision shall include the payment of any and all costs including reasonable attorneyts fees incurred by the indemnified parties. Section 3. CDBG Funds. 3.1 New Hope reprpsents that it intends to acquire fee simple title to the Property and construct the Project as soon as possible hereafter, and that, for such purpose, and in order to make the Project financially feasible, it needs to receive from the Corporation the sum of Dollars. 3.2 Based on such representation.the Corporation agrees to pay to New Hope the sum of Dollars from the CDBG Funds made available to the Corporation by the City or the EDA. Such sum shall be paid to the Corporation, and to New Hope, on the date on which New Hope is to acquire fee ownership of the Property (provided notice of such date is given to the Corporation at least five (5) days before such date). It is understoo4 and agreed that such sum of Dollars shall be made available to New Hope only from CDBG Funds then available to the Corporation and useable for the Project. The EDA and the Corporation represent that said CDBG Funds are now available for the Project, and will be paid as herein provided; however, it is agreed by New Hope that the City, the EDA and the Corporation, and their respective officers, elected officers, employees and representatives, shall have no liability or obligation of any kind, for damages or otherwise, to New Hope or any other person, if, for any reason said CDSG Funds are not available to them, or for the Project, and New Hope hereby waives, and r~eases the City, the EDA and the Corp0=ation and their respective officers, elected officers, employees and representatives from, any and all claims for damages or otherwise, if, for any reason, said CDBG Funds are not available to them, or for the Project. " 3.3 New Hope agrees and represents that the CDBG Funds shall be used only for the Project and then only as allowed by applicable state and federal statutes, rules, regulations and Executive Orders, including, without limitation, Title 24, Code of Federal Regulations, Part 570. 3.4 Anything in this Agreement to the contrary notwithstanding'; if, for any reason, the CDBG Funds have not been paid ~ver to New Hope by 5~00 p.m. on September 30, 1990, then all obligations of every kind of the City, the EDA and the Corporation under this Agreement, to pay to New Hope any CDBG Funds, shall automatically cease and terminate. Section 4. Miscellaneous~.Running Covenants~ Binding. on Successors and Assigns. 4.1 No director, officer', member, official or employee, of the EDA, the Corporation or the City shall have any personal interest, direct or indirect, in this Agreement, nor shall any such member, elected or appointed official or employee participate in any decision relating to this Agreement which affects his or her pers6nal interests or the interests of any corporation, partnership or association in which he or she is, direc=Iy or indirectly, interested. No director, officer, member, elected or appointed official, agent, employee or representative of the EDA, the City o= the Corporation s~all be personally liable under this Agreemen~ or any agreement or document executed and/o= delivered pursuant to this Agreement, for any reason or cause whatsoever, to any person or party whomsoever, exc.el)~ in the case of willful misconduct. 4.2 Any titlee of the Sections of this Agreement are inserted for convenience of reference only and shall be disregarded in construing or interpreting any of its provisions or the intent of any party hereto. Use in this Agreement of "herein", "hereto", "hereunder" and "hereof", or similar words, shall mean and refer to this Agreement, and not just the Section or paragraph in which such word appears, unless the contrary is clearly stated. 4.3 Except as otherwise~expresSi~ provided in this Agreement, a notice, demand, request or other communication required or permitted under this Agreement to be given by any party to the other shall be sufficiently given if in writing and, if delivered, when personally delivered to an officer of the party to whom it is addressed, or, if mailed, when deposited in the Un, ted states mail and sent by registered or certified mail, postage prepaid, return receipt requested, addressed as follows: In the case of the EDA: 4401 Xylon Avenue North New Hope, MN 55428 Attn: Executive Director In the Case of the Corporation: New Hope Community Revitalization Corp.. 4401 Xylon Avenue North New Hope, MN -55428 Attn: President In the Case of New Hope: c/o Westminister Corporation 328 West 6th Street St. Paul, MN 55102 or at such other address (or to the attention of such other person) with respect to any such party as that party may, from time to time, designate by notice given to the other parties as provided in this paragraph. 4.4 Wherever in 'this Agreement the consent or approval of the EDA or the Corporation or New Hope is expressly or impliedly required, or is requested, such consent or approval shalt not be unreasonably withheld. Whenver such donsent or approval~is withheld, and the person seeking such consent or approval claims that such withholding is unreasonble, the only remedy of the person seeking such consent or approval shall be specific performance or ~andatory injunction, but, in no event, shall money damages be claimed or paid. Consent or approval given by any party for any specific act or thing shall not be deemed to be a consent or approval to any subsequent act or thing of the same or any other kind. 4.5 New Hope hereby agrees to hold the EDA, the Corporation and the City and their respective officers, elected and appointed officials, employees, agents and representatives, harmless from 7 and indemnified against any and all loss, cost, damage and expenses, including, without limitation, reasonable attorneys' fees and expert witness fees, and travel associated therewith, and together with interest upon all such amounts to the extent suffered or incurred by the EDA, the Corporation, the City or any such other persons, due to claims or demands of any kind whatsoever arising out of the design, construction, operation, maintenance, repair, use marketing or leasing of all or any part of the Project. New Hopeshall defend all such claims and demands at its costs and with attorneys acceptable to the EDA and the Corporation. 4.6 This Agreement is the entire agreement between the EDA, the Corporation and New Hope relating to the Project, and there are no other covenants, terms, provisions or understandings, written or oral, between the EDA, the Corporation and New Hope relating to the Project. This Agreement may be amended and modified only by written agreement signed by the EDA, the Corporation and New Hope with the same formality as th%s Agreement, and no amendment or modification shall be binding on the parties or have any effect unless so made. 4.7 This Agreement is not intended to, and does not, create a partnership or a joint venture between the EDA, the Corporati0~ or New Hope, and no act or failure to act by any of said parties shall impose or result in any partnership liability or obligation on any of the other of said parties. 4.8 Ail exhibits and schedules referred'to herein or attached hereto are hereby made a part hereof as if fully set forth herein. 4.9 The EDA, the ~orporation and New Hope recognize that although the covenants of this Agreement may burden New Hope's fee title to the Project, nonetheless the assistance given to New Hope in connection with construction of the Project con&titutes a significant social and financial benefit to New Hope. T~refore, New Hope specifically agrees that the burden upon New Hope and its title to the Project is reasonable, acceptable and not unconscionable ~r ag&inst public policy in any way, given the other benef£ts ~o New Hope. 410 In amplification, and not in restriction, of the provisions of the preceding paragraph, it is intended and agreed that the City, the EDA and the Corporation, their respective successors and assigns, shall be deemed beneficiaries of the agreements and covenants provided in this Agreement, both for and in their own right, and also for the purposes of protecting the interest of the City and the other parties, public or private, in whose favor or for whose benefit these agreements and covenants have been provided without regard to whether the City, the EDA or the Corporation has at any time been, remain or is an owner of any land or interest to which, or in favor of which, such agreements and covenants relate. Also, the City, the EDA or the Corporation, or their respective successors and assigns, shall have the right, in the event of any breach of any of the agreements or 'covenants in this Agreement, to exercise all rights and remedies, and to maintain any actions or suits at law or in equity or other proper proceedings, to abate, prevent or enjoin such breach, or to specifically enforce such covenants or agreements, or to take whatever action is required to cure the breach, including, without limitation, payments to others, or performance on behalf of the New Hope, or to recover monetary damages caused by such breach, and the breaching party shall pay all costs of such actions or suits, including reasonable attorneys' and witness fees, whether suit be brought or not. No delay in enforcing the provisions of this Agreement shall impair, damage or waive the right to enforce the same or to obtain relief against or recover for the continuation or repetition of such breach or any similar breach at any later time or times. 4.11 It is expressly intended and agreed ay the parties hereto that each of the foregoing agreements and covenants in this Agreement shall be construed to be, deemed, and are hereby declared to be, covenants running with the Property, and that they shall, in any event, and without regard to technical classification or designation, legal or otherwise, be binding, to the fullest extent permitted by law and equity, for the benefit and in favor of, and enforceable by, the city., the EDA and the Corporation and their respective successors and assigns, against New Hope, its successors and assigns, and every successor in interest to the Property or Project, or any part of either thereof, and any interest in either thereof, and any party in possession or occupancy of the Property or Project, or any part of either thereof. Each and every transferee in any contract, lease, conveyance or other instrument hereafter executed covering or conveying all or any part of the Property or Project ~hall conclusively be held to have acquLred such Lnterest sub]ect to the agreements and covenants of this Agreement, regardless of whether or not such agreements and covenants are set forth or referred to in, fOr specifically agreed to by, such transferee. 4.12 The obligation to repay the CDBG Funds as set out in paragraph 2.11 hereto shall be, and is, subordinate to the lien of the first mortgage (the 'HUD Mortgage') to be placed by New Hope on the Property in favor of HUD, and said obligation shall cease and terminate (i) upon expiration of the period of redemption, without redemption, after the sale of the Property pursuant to foreclosure of the HUD Mortgage and (ii) upon recording of a deed to HUD given in lieu of foreclosure of the HUD Mortgage. IN WITNESS WHEREOF, the 9arties hereto have caused this Agreement to be duly executed as of the day and year first above written. ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF NEW HOPE Edw. J. Erickson, Its President Daniel J. Donahue, Its Executive Director NEW HOPE COMMUNITY REVITALIZATION CORP. ~ By Its President By Its Secretary NEW HOPE NON-PROFIT HOUSING CORPORATION Its Its 10 STATE OF MINNESOTA ) ) ss COUNTY OF HENNEPIN ) The foregoing was acknowledged before me this day of ·, 1990, by Edw. J. Erickson and Daniel J. Donahue, the President and Executive Director, respectively, of The Economic Development Authority in and for the City of New Hope, a Minnesota municipal corporation, on behalf of said municipal corporation. Notary Public STATE OF MINNESOTA ) ) ss COUNTY OF HENNEPIN ) The foregoing was acknowledged before me this day of , 1990, by and the President and Secretary, respectively, of the New Hope Revitalization Corp., a Minnesota non-profit corporation, on. behalf of said non-profit corporation. Notary Public STATE OF MINNESOTA ) ) ss COUNT HEN E IN ) The foregoing was acknowledged before me this day of , 1990, by and , the and , respectively, of the New Hope Non-Profit Housing Corporation, a Minnesota non- profit corporation, on behalf of said non-profit corporation. Notary Public 11