HomeMy WebLinkAbout1994-013 EDAR1
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Commissioner Barb Kalligher introduced the following
resolution and moved its adoption:
EDA RESOLUTION NO. 94 -13
RESOLUTION AUTHORIZING SUBMITTAL OF AN APPLICATION FOR
FUNDING UNDER THE 1994 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.
April 11, 1994
Date
Todd Paulson, President
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EDA Resolution No. 94 13
The motion for the adoption of the foregoing resolution was duly
seconded by Commissioner Dave Rosene and upon vote being
taken thereon, the following voted in favor thereof:
Todd Paulson, Celia Scott, Dave Rosene, Barb Kalligher, and Kristen Mann;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.