Title
Resolution to Approve Permanent Loan from Cinnaire for Maple Tower Development ($1,600,000)
Memorandum
The Ann Arbor Housing Commission (AAHC) has been approved by HUD to convert its properties to project based vouchers under the Rental Assistance Demonstration (RAD) program. The AAHC has secured public and private funding to rehabilitate its properties at Miller Manor and Maple Meadows (Maple Towers).
The AAHC formed a Michigan limited liability company, Maple Tower Ann Arbor, LLC on July 9, 2013, and pursuant to its and pursuant to its amended Operating Agreement executed on August 27, 2014, the AAHDC is its sole Managing Member. This entity, Maple Tower Ann Arbor, LLC was formed for the sole purpose of becoming the General Partner in the Maple Tower Ann Arbor Limited Dividend Housing Association Limited Partnership (the "Maple Tower Partnership").
The AAHC formed a Michigan limited partnership, Maple Tower Partnership with Maple Tower Ann Arbor, LLC as the General Partner by execution of a Certificate of Limited Partnership dated July 10, 2013 and a Limited Partnership Agreement dated July 10, 2013 to acquire, develop, finance, own, maintain, operate or otherwise redevelop property located at 727 Miller Avenue and 800-890 S. Maple to provide 135 units of affordable housing to be known as the Maple Tower Development in Ann Arbor, Michigan ("the Maple Tower Development").
The Commission is the Management Agent for the Maple Tower Development and entered into a ground lease with the Maple Tower Partnership pursuant to the redevelopment of the properties.
On September 11, 2014 the Partnership received a forward commitment from the CFIC in the amount of One Million Six Hundred Thousand and 00/100 Dollars ($1,600,000.00) as a permanent loan ("CFIC Loan") and as of August 2016, that permanent loan shall be provided by Cinnaire. As a condition of the Cinnaire Loan, the Commission shall be required execute and deliver to Cinnaire an Assignment of Man...
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