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7('.), POLICY OBJECTIVE <br />7 1 Partnering with Aeon is consistent with the housing goals and policies in the City's 2030 <br />"7 2 Comprehensive Plan, specifically partnering with government agencies and developers to provide <br />1 <br />"7 3 affordable housing (Ch. 6, Policy 1.5). <br />74 FINANCIAL IMPACTS <br />"7 The execution of all of these documents does not obligate the City to undertake any additional speding <br />"7 6 beyond what has already been committed to, namely the pass-through Met Council grant funds and TIF <br />"7 "7 Assistance. <br />"7 STAFF RECOMMENDATION <br />"79 Staff recommends that the City Council authorize the execution of the attached documents related to <br />the Sienna Green Phase 11 project, subject to the final changes approved by the City Manager and City <br />Attorney. <br />82 REQUESTED COUNCIL ACTION <br />3 <br />By motion, enter into a Memorandum of Understanding with Sienna Green 11 for disbursement of <br />84 LCD A grant funds and assign and amend the existing LHIA Memorandum of Understanding as <br />,i indicated in Attachments B and C; approve the Mortgage and Promissory Note with Sienna Green 11 <br />indicated <br />and assign the TIF and PUD Development Agreement to Sienna Green Limited Partnership; and <br />"7 <br />By motion, approve entering into the Master Subordination Agreements with U.S. Bank and MHFA; <br />9 <br />the Master Disbursement Agreement with U.S. Bank, and the agreements to assign the TIF <br />9�,,:-)� Development Agreement and TIF Note to U.S. Bank and MHFA; in substantially the form on file, <br />9'i subject to modification approved by the City Manager and the City's legal counsel. <br />Prepared by: Patrick Trudgeon., Community Development Director, (651) 792-7071 <br />Attachments: A: <br />B. <br />C. <br />D. <br />E. <br />Fl. <br />G. <br />H. <br />I. <br />J. <br />K. <br />L. <br />M. <br />N. <br />L A Memorandum of Understanding <br />LHIA Memorandum of Understanding Amendment <br />Assignment of LHIA M to Sienna Green 11 <br />Promissory Note given by Sienna Green 11 Limited Partnership to the City (PB to send) <br />Mortgage between the City and Sienna Green 11 Limited Partnership (PB to send) <br />Assignment of PUD Agreement to Sienna Green 11 (Have) <br />Assignment of TIF Development Agreement to Sienna Green 11 Limited Partnership <br />Master Subordination Agreement with U.S. Bank <br />Master Disbursement Agreement with U.S. Bank <br />Assignment of TIF Development Agreement and TIF Note with U.S. Bank <br />Along e Endorsement to TIF Note with IHF' <br />Assignment of TIF Development Agreement with IHF' <br />Assignment of TIF Note to IHF' <br />Master Subordination Agreement with IHF' <br />Page 3 of 3 <br />