Termination of Regulatory & PILOT Agreement - Pres. Homes - 4501 Shoreline Drive - 12/3/2025 TERMINATION OF REGULATORY AGREEMENT
THIS TERMINATION OF REGULATORY AGREEMENT(the"Termination")is effective as of
,2025(the"Effective Date")by and between the CITY OF SPRING PARK,MINNESOTA,the
CITY OF CHANHASSEN, MINNESOTA and the CITY OF ST. BONIFACIUS, MINNESOTA, each a
municipal corporation duly organized and existing under the Constitution and laws of the State of Minnesota
(collectively,the"Cities"and each a"City"),NORTHEAST BANK,a Minnesota state banking corporation
(the"Purchaser"),and PHS/LAKE MINNETONKA,LLC,a Minnesota limited liability company,the sole
member of which is Presbyterian Homes Housing and Assisted Living, Inc., a Minnesota nonprofit
corporation and a 501(c)(3)organization(the"Owner").The Cities,Purchaser,and Owner may be referred to
herein as the"Parties."
RECITALS:
A. In 2014 the Cities each issued, sold and delivered their separate Housing and Health Care
Revenue Refunding Notes(PHS/Lake Minnetonka Campus Project),Series 2014A,201413,and 2014C(the
"Notes")in the aggregate amount of$27,900,000 pursuant to separate resolutions adopted by each City for
the purpose of making funds available to make a loan to the Owner for the purpose of refinancing the
acquisition of multiple multifamily rental housing developments,a portion which is located on real property
more fully described on the attached Exhibits A-1,A-2, and A-3 (the"Project").
B. At the time of the issuance of the Notes,the Cities, Purchaser, and Owner entered into that
certain First Amendment to Amended and Restated Regulatory Agreement(Park Hill, Park Hill North and
Shoreview Apartments)dated June 3,2014,filed June 4,2014 as Document No.T051575051 in the Office of
the Registrar of Titles, Hennepin County, Minnesota, which amended that certain Amended and Restated
Regulatory Agreement(Park Hill,Park Hill North and Shoreview Apartments)dated as of June 1,2010,filed
June 15, 2010, as Document No. T4762969 in the Office of the Registrar of Titles, Hennepin County,
Minnesota(collectively,the"Regulatory Agreement")to restrict the use of the proceeds of the Notes and the
use of the Project.
C. On ,2025,the Owner deposited with the Purchaser,cash and other obligations
in an amount that was sufficient,along with other amounts on deposit with the Purchaser,to pay the principal
of, interest to become due on, and premium, if any, on the that portion Notes related to the Project prior to
,2025 and to redeem and prepay such portion of Notes related to the Project maturing thereafter
on ,2025,(ii)such portion of the Notes were redeemed and paid in full on ,2025,
(iii)no other tax-exempt obligations used to finance or refinance the Project are currently outstanding, (iv)
there is no Housing Assistance Payments Contract relating to the Project under Section 8 of the United States
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Housing Act of 1937 currently in effect,and(v) 15 years have elapsed since the date on which at least 50%of
the units in the Project were first occupied by qualifying tenants.
D. The Owner has requested, and the Cities and the Purchaser have agreed, to terminate the
Regulatory Agreement.
AGREEMENT:
NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby
acknowledged,the Parties agree as follows:
The Regulatory Agreement,including all restrictions on the property set forth therein,is terminated
and has no further force or effect from and after the Effective Date.
(The remainder of this page is intentionally left blank.)
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IN WITNESS WHEREOF,the parties hereto have caused this Termination of Regulatory Agreement
to be executed effective as of the day and year first written above.
CITY OF SPRING PARK,MINNESOTA
By
Its Mayor
By
Its City Administrator
STATE OF MINNESOTA )
)ss.
COUNTY OF HENNEPINgt
)
h fore otng instrument was acknowledged before me this day of A0^2025,by
M41-K , the Mayor of the City of Spring Park, Minnesota, a municipal corporation duly
organized and existing under the Constitution and laws of the State of Minnesota, on behalf of the City.
JAMIE K HOFFMAN
Notary Public
State of Minnesota Not ublic
My Commission Expires
01/31/2026
STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this day of OCC /k+ c� ,2025,by
/her �*2 ,11 , the City Administrator of the City of Spring Park, Minnesota, a municipal
corporation duly organized and existing under the Constitution and laws of the State of Minnesota,on behalf
of the City.
BRIGGS T HAUGEN
Fo_- Notary PublicMinnesotaMy Commission Expires
Jan 31, 202!
Notary Public
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CITY OF CHANHASSEN,MINNESOTA
By
Its Mayor
By
Its City Manager
STATE OF MINNESOTA )
)ss.
COUNTY OF CARVER )
The foregoing instrument was acknowledged before me this day of ,2025,by
, the Mayor of the City of Chanhassen, Minnesota, a municipal corporation duly
organized and existing under the Constitution and laws of the State of Minnesota, on behalf of the City.
Notary Public
STATE OF MINNESOTA )
) SS.
COUNTY OF CARVER )
The foregoing instrument was acknowledged before me this day of ,2025,by
the City Manager of the City of Chanhassen,Minnesota,a municipal corporation
duly organized and existing under the Constitution and laws of the State of Minnesota,on behalf of the City.
Notary Public
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IN WITNESS WHEREOF, the parties hereto have caused this Termination of Agreement for
Payments in Lieu of Taxes to be executed effective as of the day and year first written above.
CITY OF SPRING PARK,MINNESOTA
By
Its Mayor
By L�
Its City Administrator
STATE OF MINNESOTA )
)ss.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this'"6ay of 25,by
Ma.+IZ— � , the Mayor of the City of Spring Park, Minnesota, a municipal corporation duly
organized and existing under the Constitution and laws of the State of Minnesota, on behalf of the City.
►dr+.n+
JAMIE K HOFFMAN
Notary Public 07n
state of Minnesota Not 6/1ublic
My Commission Expires
01/31/2026
STATE OF MINNESOTA )
)SS.
COUNTY OF HENNEPIN )
Vdayof
T e foregoing instrument was acknowledged before me this U e "`� 2025 b
t u e N4r5z�v\ , the City Administrator of the City of Spring Park, Minnesota, a municipal
corporation duly organized and existing under the Constitution and laws of the State of Minnesota,on behalf
of the City.
BRIGGS T HAUGEN
Notary Public Z I��
Minnesota l
t My commission Expires
Jan 31, 2029 Notary Public
(SIGNATURE PAGE TO TERMINATION OF AGREEMENT FOR PAYMENTS IN LIEU OF TAXES)
195365710v2
CITY OF ST. BONIFACIUS,MINNESOTA
By
Its Mayor
By
Its City Clerk-Treasurer
STATE OF MINNESOTA )
ss.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this day of ,2025,by
,the Mayor of the City of St. Bonifacius,Minnesota,a municipal corporation duly
organized and existing under the Constitution and laws of the State of Minnesota, on behalf of the City.
Notary Public
STATE OF MINNESOTA )
) SS.
COUNTY OF HENNEPIN )
The foregoing instrument was acknowledged before me this day of ,2025,by
, the City Clerk-Treasurer of the City of St. Bonifacius, Minnesota, a municipal
corporation duly organized and existing under the Constitution and laws of the State of Minnesota,on behalf
of the City.
Notary Public
S-3
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NORTHEAST BANK, a Minnesota state banking
corporation
By:
Name:
Its:
STATE OF MINNESOTA )
ss.
COUNTY OF )
The foregoing Termination of Regulatory Agreement was acknowledged before me on this day
of , 2025, by , the of Northeast
Bank, a Minnesota state banking corporation, on behalf of the Minnesota state banking corporation.
Notary Public
(SIGNATURE PAGE TO TERMINATION OF REGULA TOR YA GREEMENT)
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PHS/LAKE MINNETONKA,LLC,a Minnesota
limited liability company
By:
Name: Mark Meyer
Its: Chief Financial Manager
STATE OF MINNESOTA )
)ss.
COUNTY OF )
The foregoing Termination of Regulatory Agreement was acknowledged before me on this day
of ,2025,by Mark Meyer,the Chief Financial Manager of PHS/Lake Minnetonka,LLC,on
behalf of the limited liability company.
Notary Public
This instrument was drafted by:
TAFT STETTINIUS &HOLLISTER LLP(CJC)
2200 IDS Center
80 South 8th Street
Minneapolis, MN 55402
(SIGNATURE PAGE TO TERMINATION OF REGULATORYAGREEMENT)
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EXHIBIT A-1
TO
TERMINATION OF REGULATORY AGREEMENT
Legal Description of Park Hill Project
Real property in the City of Spring Park, County of Hennepin, State of Minnesota, described as
follows:
Parcel A: (Torrens property; Certificate of Title No. 1322942)
That part of Government Lot 8,Section 18,Township 117,Range 23 described as beginning on the
South line of said Government Lot 8 distant 1326.9 feet West from the Southeast corner of said
Government Lot 8,thence West along said South line a distance of 278.3 feet;thence North parallel
with the East line of said Government Lot 8 to the North line of County Road No. 15; thence
Southeasterly along the North line of said County Road to its intersection with a line drawn parallel
with the East line of said Government Lot 8 from the point of beginning,thence South along said last
mentioned parallel line to the point of beginning,according to the Government Survey thereof which
lies North of a line drawn parallel with and 370.0 feet North, measured at right angles from the
South line of Government Lot 8, except the West 22 feet thereof.
Together with a non-exclusive easement for ingress and egress purposes including vehicular use,
utility use, pedestrian use and general driveway purposes over and across the West 22 feet of that
part of Government Lot 8, Section 18, Township 117, Range 23, described as beginning on the
South line of said Government Lot 8, distant 1326.9 feet West from the Southeast corner of said
Government Lot 8;thence West along said South line a distance of 278.3 feet;thence North parallel
with the East line of said Government Lot 8 to the North line of County Road No. 15; thence
Southeasterly along the North line of said County Road to its intersection with a line drawn parallel
with the East line of said Government Lot 8 from the point of beginning; thence South along said
last mentioned parallel line to the point of beginning,as contained in Document No. 1392121. (see
Order Document No. 1461150).
Parcel B: (Torrens property; Certificate of Title No. 1322942)
That part of Government Lot 8,Section 18,Township 117,Range 23,described as beginning on the
South line of said Government Lot 8 distant 1326.9 feet West from the Southeast corner of said
Government Lot 8;thence West along said South line a distance of 278.3 feet;thence North parallel
with the East line of said Government Lot 8 to the North line of County Road No. 15; thence
Southeasterly along the North line of said County Road to its intersection with a line drawn parallel
with the East line of said Government Lot 8 from the point of beginning; thence South along said
last mentioned parallel line to the point of beginning except therefrom that part lying North of a line
drawn parallel with the 370.0 feet North, measured at right angles from the South line of said
Government Lot 8, and except the West 22 feet of the above described property.
Together with a non-exclusive easement for ingress and egress purposes, including vehicular use,
utility use, pedestrian use and general driveway purposes over and across the West 22 feet of that
A-1-1
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part of Government Lot 8, Section 18, Township 117, Range 23, described as beginning on the
South line of said Government Lot 8, distant 1326.9 feet West from the Southeast corner of said
Government Lot 8;thence West along said South line a distance of 278.3 feet;thence North parallel
with the East line of said Government Lot 8 to the North line of County Road No. 15; thence
Southeasterly along the North line of said County Road to its intersection with a line drawn parallel
with the East line of said Government Lot 8 from the point of beginning; thence South along said
last mentioned parallel line to the point of beginning,as contained in Document No. 1392120; (See
Order Document No. 1461150).
Parcel C: (Easement)
A non-exclusive easement for roadway and utility purposes over part of the west 113.5 feet of the
east 1718.7 feet of Government Lot 8 lying south of County Road 15 in Section 18,Township 117,
Range 23, as contained in the Easement Agreement for Roadway and Utility Purposes, recorded
November 21, 2006 in the office of the Hennepin County Recorder as Document No. 8895214 and
in the office of the Hennepin County Registrar of Titles as Document No. 4329645.
A-1-2
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Exhibit A-2
Legal Description of Shoreview Project
That part of Lot 2, Block 1, Presbyterian Homes on Lake Minnetonka contained in:
That part of Government Lot 8, Section 18, Township 117, Range 23, Hennepin County, Minnesota,
described as follows: Beginning at a point on the South line of said Government Lot 8 distant 1326.90 feet
West from the Southeast corner of said Government Lot 8; thence East along said South line 174.50 feet;
thence North, parallel with the East line of said Government Lot 8, a distance of 200.00 feet; thence East
parallel with said South line, 120.00 feet;thence North,parallel with said East line, 180.00 feet;thence West,
parallel with said South line, 180.0 feet;thence North parallel with said East line,to the center line of County
Road No. 15;thence Westerly along said center line to a line drawn North,parallel with said East line,from
the point of beginning; thence South along the last-described parallel line to the point of beginning.
(Torrens property; Certificate of Title No. 1043963)
And as depicted on Exhibit A-3 attached hereto.
A-2-1
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Exhibit A-3
Depiction of Shoreview Project
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