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HomeMy WebLinkAbout1995-015 EDAR1 1 May 22, 1995 Date Commissioner Kri sten Mann introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 95 15 RESOLUTION AUTHORIZING SUBMITTAL OF AN APPLICATION FOR FUNDING UNDER THE 1995 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 special operating fund. C A 440ARd- kt...#gad,0 President The motion for the adoption of the foregoing resolution was duly seconded by commissioner Debra Hilstrom and upon vote being taken thereon, the following voted in favor thereof: Myrna Kragness, Kristen Mann, Barb Kalligher, Debra Hilstrom, and Kathleen Carmody; and the following voted against the same: none, whereupon said resolution was declared duly passed and adopted.