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HomeMy WebLinkAbout2011-020 EDAR Commissioner Dan Ryan introduced the following resolution and moved its adoption: EDA RESOLUTION NO. 2011 -20 RESOLUTION APPROVING CONTINUATION OF CERTAIN HOUSING PROGRAMS AND REAUTHORIZING THE USE OF FUNDS FROM TAX INCREMENT DISTRICT NO. 3 HOUSING ACCOUNT WHEREAS, the Economic Development Authority of Brooklyn Center, Minnesota (EDA) approved Resolution 2009 -02, which established certain housing programs in the City of Brooklyn Center, including the Renew Loan Program, Renew Grant Program and Remove and Rebuild Program (the Housing Programs); and WHEREAS, Resolution 2009 -02 authorized the use of Tax Increment Finance District No. 3 Housing Account Funds to fund the Housing Programs; and WHEREAS, mortgage foreclosures and vacant properties continue to be significant problems in the City, resulting in neighborhood blight, deterioration, health and safety hazards, resulting in decreasing property values and disincentives to reinvestment in City neighborhoods, among others; and WHEREAS, the EDA has determined that it is in the public interest to address these problems by encouraging occupancy and home ownership of such vacant and foreclosed buildings; and WHEREAS, the EDA has reviewed the results of the performance of the Housing Programs established to promote home ownership of foreclosed and vacant properties and to remove blighted, distressed and unmarketable properties from the City; and WHEREAS, the EDA has determined that it is reasonable and appropriate to continue to operate the Housing Programs and fund their operation from available funds from the Tax Increment District No. 3 Housing Account; and WHEREAS, the EDA has determined that it is in the best interest of the public and the public health, safety and welfare of the residents of the City that the EDA continue operation of the Housing Programs and make funds available, therefore, all as hereinafter provided. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority of Brooklyn Center, Minnesota as follows: EDA RESOLUTION NO. 2011 -20 1. The EDA hereby approves the continuation of its loan assistance programs to promote homeownership of foreclosed and vacant properties. The loan assistance programs, including the Renew Loan Program to provide loans for down payment and closing cost assistance and the Renew Grant Program to provide grants for down payment and closing costs assistance, are hereby authorized for funding in the amount of $262,500 which includes administrative expenses. 2. The EDA hereby approves the continuation of its Remove and Rebuild program to acquire and demolish blighted and distressed and unmarketable properties and return the properties to an enhanced, compatible use with the neighborhood. 3. The EDA hereby approves the use of Tax Increment District No. 3 housing account funds to fund the continuation of the Renew Loan Program, the Renew Grant Program, and the Remove and Rebuild Program 4. The President and Executive Director of the Economic Development Authority of Brooklyn Center, Minnesota are hereby authorized and directed to take all such other further steps as are reasonable and necessary to effect the Housing Programs described by this resolution. September 12, 2011 Date President The motion for the adoption of the foregoing resolution was duly seconded by Commissioner Kay Lasman and upon vote being taken thereon, the following voted in favor thereof: Tim Willson, Carol Kleven, Kay Lasman, and Dan Ryan; and the following voted against the same: none; whereupon said resolution was declared duly passed and adopted.