HomeMy WebLinkAbout1994-020 EDARCommissioner Barb Kalligher introduced the following
resolution and moved its adoption:
EDA RESOLUTION NO. 94 -20
RESOLUTION AUTHORIZING EXECUTION OF MORTGAGE REVENUE
BOND ALLOTMENT AGREEMENT FOR THE 1994 MINNESOTA HOUSING
FINANCE AGENCY'S MINNESOTA CITY PARTICIPATION PROGRAM
WHEREAS, the Brooklyn Center Economic Development
Authority has elected to participate in the 1994 Minnesota
Housing Finance Agency's Minnesota City Participation Program;
and
WHEREAS, the Allotment Agreement for the 1994 Minnesota
City Participation Program divides $38,156,000 in mortgage
revenue bonds among sixty (60) cities participating in the
Minnesota City Participation Program; and
WHEREAS, the Brooklyn Center Economic Development
Authority has been allocated $1,099,041 in mortgage revenue bonds
for mortgages qualifying under the Minnesota City Participation
Program; and
WHEREAS, participation in the Minnesota City
Participation Program requires the Brooklyn Center Economic
Development Authority to submit a deposit fee in the amount of
one percent (1 of the total allocation, which will be returned
to the Brooklyn Center Economic Development Authority upon
issuance of the mortgage bonds under the Minnesota City
Participation Program; and
WHEREAS, the Minnesota Department of Finance requires
jurisdictions participating in the Minnesota City Participation
Program to pay a processing fee amounting to $220.00 for the
Brooklyn Center Economic Development Authority.
NOW, THEREFORE, BE IT RESOLVED by the Brooklyn Center
Economic Development Authority as follows:
1. The Brooklyn Center Economic Development Authority
hereby authorizes its President and Executive
Director to execute the Mortgage Revenue Bond
Allotment Agreement for the 1994 Minnesota City
Participation Program.
2. The Brooklyn Center Economic Development Authority
authorizes payment of a deposit fee in the amount
of $10,990.41 to the Minnesota Department of
Finance.
3. The Brooklyn Center Economic Development Authority
authorizes payment of a processing fee in the
amount of $220.00 to the Minnesota Department of
EDA Resolution No. 94 -20
May 23, 1994 /C!� a-a•
Date Todd Paulson, President
The motion for the adoption of the foregoing resolution was duly
seconded by Commissioner Celia Scott 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.