HomeMy WebLinkAbout1991-033 EDAR1
Commissioner introduced the following
resolution and moved its adoption:
EDA RESOLUTION NO. 91 -33
RESOLUTION ESTABLISHING ENDOWMENT ACCOUNT AND AUTHORIZING
CERTAIN HOUSING ACTIVITIES AND PROGRAMS TO BE UNDERTAKEN
BY THE ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY
OF BROOKLYN CENTER. MINNESOTA
WHEREAS, the Economic Development Authority in and for
the City of Brooklyn Center desires to undertake housing programs
and activities in order to preserve existing housing and
neighborhoods, to eliminate blighting influences and to redevelop
substandard property in the City; and
WHEREAS, the Brooklyn Center City Council has, by
Resolution No. 91 -277 transferred $1,000,000 in funds to the
Economic Development Authority to be deposited in an endowment
account and the interest earnings from this account are to be used
for the implementation of programs and activities in the City of
Brooklyn Center conducted pursuant to Minnesota Statutes Section
469.012 Subdivision 1, Clause (7) or such other projects as may
hereafter be approved by the City Council; and
WHEREAS, it is the intent of the Brooklyn Center Economic
Development Authority to specify the types of housing programs and
activities for which the above described funds are to be used.
NOW, THEREFORE, BE IT RESOLVED by the Economic
Development Authority, in and for the City of Brooklyn Center that
the funds received from the above described transfer of funds be
deposited in an endowment account and that only the interest
earnings be used by the EDA for the housing activities and programs
described in this Resolution.
BE IT FURTHER RESOLVED by the Economic Development
Authority in and for the City of Brooklyn Center that the
expenditure of the funds transferred to the EDA fund by Council
Resolution No. 91 -277 are hereby authorized for the following
housing programs and activities:
1. Activities authorized by Minnesota Statutes Section
469.012, Subdivision 1, Clause 7, including but not
limited to the following:
a. Acquire real property, demolish, rehabilitate or
reconstruct buildings or improvements where said
buildings or improvements thereon are
substandard.
b. Construct new buildings, and improvements on the
real property acquired or otherwise prepare the
site for improvements.
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EDA RESOLUTION NO. 91 -33
c. Sale of acquired properties, through advertised
sale for development or redevelopment of the
property or contract for development or
redevelopment for such uses as may be deemed to
be in the best interest of the City of Brooklyn
Center.
d. Expenditures authorized under Section 469.012,
Subdivision 1, Clause 7, may be undertaken by
the Brooklyn Center Economic Development
Authority without prior approval by the Brooklyn
Center City Council.
2. Activities and programs undertaken pursuant to
Minnesota Statutes, Chapter 469 including but not
limited to such activities and programs as the
following:
a. Develop and administer rehabilitation loan /grant
programs for housing redevelopment or
rehabilitation.
b. Develop and administer interest reduction or
down payment assistance programs for persons of
low and moderate income desiring to purchase
housing in the City of Brooklyn Center.
c. Except for activities and programs authorized by
Section 469.012, Subdivision 1, Clause 7,
expenditures for all activities and programs
undertaken by the Brooklyn Center Economic
Development Authority pursuant to Chapter 469
shall require prior approval by the Brooklyn
Center City Council.
December 16, 1991
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, Celia Scott, Jerry Pedlar, Dave Rosene, and Philip Cohen;
and the following voted against the same: none,
whereupon said resolution was declared duly passed and adopted.