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<br />EXTRACT OF MINUTES OF A MEETING OF THE <br />CITY COUNCIL OF THE CITY OF <br />ROSEVILLE, MINENSOTA <br /> <br />HELD: October 27, 1986 <br /> <br />Pursuant to due call and notice thereof, a regular <br />meeting of the City Council of the City of Roseville, Ramsey <br />County, Minnesota, was duly called and held at City Hall <br />in said City on the 27th day of October, 1986, at 7:30 P.M. <br /> <br />The following members were present: <br />Cushman, Kehr, Matson, and Johnson, <br /> <br />and the following were absent: <br /> <br />None. <br /> <br />Member Kehr introduced the <br />following resolution and moved its adoption: <br /> <br />Resolution 8038 <br /> <br />RESOLUTION AUTHORIZING THE EXECUTION OF <br />A DEVELOPMENT AGREEMENT WITH ROSEPOINTE HOUSING <br />LIMITED PARTNERSHIP AND SUBORDINATION AGREEMENTS <br />RELATING THERETO <br /> <br />WHEREAS: <br /> <br />A. The City has heretofore entered into a Development <br />Agreement with RosePointe Housing I Limited Partnership and <br />a Development Agreement with RosePointe Housing II Limited <br />Partnership (the "Existing Development Agreements") with <br />respect to a multifamily residential housing project (the <br />"Project"); <br /> <br />B. It has been proposed that that two Existing Development <br />Agreements be consolidated into one Development Agreement <br />with RosePointe Housing Limited Partnership as Developer <br />of the Project, a copy of which is on file with the City's <br />Director of Economic Development; <br /> <br />C. The Existing Development Agreements authorized <br />the City to enter into Subordination Agreements with the <br />holders of the first mortgages providing for the construction <br />financing for the Project. <br />