HomeMy WebLinkAbout1996-006 EDAR1
Commissioner Debra Hilstrom introduced the following resolution and
moved its adoption:
EDA RESOLUTION NO. 96 -06
RESOLUTION AUTHORIZING SUBMITTAL OF A REQUEST FOR
PROPOSAL UNDER THE 1996 MINNESOTA CITY PARTICIPATION
PROGRAM (MCPP)
WHEREAS, the Minnesota City Participation Program (MCPP) provides
Minnesota cities with mortgage financing for first -time home buyers; and
WHEREAS, the housing plans of the City of Brooklyn Center recognize the need
for affordable housing opportunities for first -time home buyers of moderate and low income; and
WHEREAS, the Minnesota City Participation Program will provide needed
financing for first -time home buyers in the City of Brooklyn Center.
NOW, THEREFORE, BE IT RESOLVED by the Economic Development
Authority in and for the City of Brooklyn Center as follows:
1. Staff is hereby authorized to submit the application for funding under the
Minnesota City Participation Program.
2. The Brooklyn Center EDA authorizes the submission of a proposal deposit
of one percent (1 of the final allocation of mortgage funds for the City of
Brooklyn Center under the Minnesota City Participation Program with the
understanding the proposal deposit will be refunded upon the sale of the
mortgage revenue bonds. The source of funds for the proposal deposit shall
be from the EDA special operating fund.
3. The Brooklyn Center EDA authorizes the submission of a processing fee to
the Minnesota Department of Finance to cover costs involved with processing
the City's mortgage fund allocation under the Minnesota City Participation
Program with the understanding that the fee to be charged will be $20 for
each $100,000 in allotment provided and that the fee will be non refundable
and shall be appropriated from the EDA administration budget.
February 12, 1996
Date
President,
1
EDA RESOLUTION NO. 96 -06
The motion for the adoption of the foregoing resolution was duly seconded by commissioner
Kristen Mann and upon vote being taken thereon, the following voted in
favor thereof: Myrna Kragness, Kristen Mann, Debra Hilstrom, and Kathleen Carmody;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.