HomeMy WebLinkAbout1992-014 EDAR1
Commissioner Philip Cohen
following resolution and moved its adoption:
EDA RESOLUTION NO. 92 -14
introduced the
RESOLUTION AUTHORIZING SUBMITTAL OF AN APPLICATION FOR
FUNDING UNDER THE 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 $40,000.00 (one percent
[1 of the requested allocation) with the
application 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 fund
reserve.
April 13, 1992
Date Todd Paulson, President
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, Dave Rosene, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.