AI Summary

Resolution 14-Hchra-0043 Authorized Acceptance Of Hennepin County Capital Funding And Various Agreements For The Acquisition And Development Of Property Located At The Southwest Corner Of East Lake Street And Hiawatha Avenue In Minneapolis (The Redevelopment Project). The Redevelopment Project Included Construction Of The South Minneapolis Regional Human Services Center And A Public Plaza. Additionally, Four Phases Of Privately Developed Multifamily Housing Were Planned For The Remainder Of The Site.redevelopment Agreement A142164(A) With L&H Station Development Llc (L&H) Assigned L&H Rights To Develop The Four Phases Of Multifamily Housing And To Purchase The Associated Parcels Of Land. L&H Has Completed The First Two Phases Of Multifamily Housing, Commonly Known As The “Southsider” And “B-Side” Apartments. The Remaining Two Phases (Phase Iii And Phase Iv) Have Not Been Completed And Remain As Vacant Land And Surface Parking.l&H Has Notified The Hennepin County Housing And Redevelopment Authority (Hchra) That It Wishes To Terminate Its Development And Purchase Rights For The Phase Iii And Phase Iv Sites. The Third Amendment And Termination Of Redevelopment Agreement A142164(A) And Associated Cancellations Of Purchase Agreements Will Terminate Those Future Development And Purchase Rights. Following Execution Of The Termination And Cancellation Agreements, The Phase Iii And Phase Iv Properties Will Be Re-Offered For Development Through A Request For Proposals (Rfp) Process. The Rfp Will Seek Development Options Which Include Affordable Housing And Other Uses Which Address Hchra Priorities. L&H Has Also Notified The Hchra That It Intends To Sell The Existing B-Side Apartments Property To A New Owner. Related To That Sale, L&H Has Requested That The Hchra Execute Estoppel Certificates Related To Redevelopment Agreement A142164(A) And Various Associated Secondary Agreements And Easements Which Were Implemented During The Course Of The Redevelopment Project. The Estoppel Certificates Will Certify The Status Of Those Existing Agreements And Acknowledge The Change In Ownership Of The B-Side Property.current Request This Request Is To Authorize The Negotiation And Execution Of A Third Amendment And Termination Of Redevelopment Agreement A142164(A), Cancellation Of Phase Iii And Phase Iv Purchase Agreements, And Estoppel Certificates With L&H Station Development Llc For The Lake And Hiawatha Redevelopment Project. Impact/Outcomes This Action Will Facilitate The Private Sale Of The B-Side Apartments Property And Allow The Reoffering Of The Lake And Hiawatha Redevelopment Project Phase Iii And Phase Iv Sites For Development Projects Which Address Hchra Priorities Through A Request For Proposals Process. Recommendation Recommendation From County Administrator Recommend Approval

• 8/13/2024: Hennepin County Housing And Redevelopment Authority